Founded in 1999, Trust Insurance Brokers (TIB) is an independent insurance broker and one of the first in Saudi Arabia to have received SAMA (Saudi Arabian Monetary Agency) licensing under the new cooperative insurance laws and regulations of 2008.
Currently TIB manages a large reputable client base across various industries with a substantial collective insurance portfolio. TIB conducts business with all the leading insurance companies in Saudi Arabia, and operates through offices in both Jeddah and Riyadh. Our goal is to expand our presence throughout the kingdom with plans currently underway to open additional offices in cities overseeing economic momentum.
TIB employs 35 professionally qualified insurance personnel who provide our clients with the required expertise and knowledge to support them in making informed decisions on comprehensive insurance solutions that best meet their organizational needs.
At Trust Insurance Brokers, we strive to deliver the highest levels of customer service and product excellence. We pride ourselves on having a solid track record in delivering value to our clients throughout Saudi Arabia. Not only do we save our clients money, but we also help them in making better and faster decisions about their insurance requirements due to our in-depth product knowledge, customized insurance programs, strong affiliations with all leading insurance companies within KSA, and experience in negotiating with the local insurance community.
History
Trust Insurance Brokers was founded in 1999 as an independent insurance broker and was one of the first in Saudi Arabia to have received SAMA licensing under the new cooperative insurance laws and regulations of 2008. TIB headquarters is based in Jeddah and also operates through a branch office in Riyadh.
The founder of TIB, Mr. Tamer Asaad boasts 16 years of experience within the Saudi Insurance Industry. After completing his Master’s degree in Healthcare administration from the prestigious Sol Price School of Public Policy at the University of Southern California and gaining valuable experience at Harbor UCLA Medical Center in Los Angeles, Tamer Asaad returned to Saudi Arabia with the ambition of contributing to the insurance and healthcare industry in the kingdom. He began his career by managing insurance business development at local hospitals, and quickly realized the rapid growth of Saudi insurance market within the health sector. Executives and decision makers at companies across the market did not have the necessary resources to invest in handling medical insurance matters and were seeking expertise of others to assist them with their insurance needs. As a result, he established Trust Insurance Consulting, a private establishment specialized in providing insurance advisory services in 1999. When Trust Insurance Consulting began, it was one of the first insurance advisory companies in Saudi Arabia, and assisted many corporations to introduce health insurance programs to their staff for the first time. With the success of the business, along with the fast paced growth within the Saudi insurance sector, the company soon began expanding operations into various insurance lines beyond health segment, and attracted customers across many different industries. Today, Trust Insurance Brokers proudly employs 35 insurance personnel who are dedicated to achieving the highest levels of customer service by offering a wide variety of insurance products to corporate clients.
Since its establishment, there have been numerous milestones that have been achieved by TIB over the years. For instance, the following has been achieved over a 5 years span between the year 2009 and 2013:
• Our corporate client base grew by 26%.
• Our company portfolio increased by 44%.
• Number of written policies grew by 42%.
The Saudi market is a highly dynamic and well diversified market and is considered one of the leading economies in the MENA Region.
Incontestably, the insurance industry is a key sector in any developed economy and because of that, the Saudi Government has provided it with significant support by drafting and implementing the new Cooperative Insurance Act under the supervision of The Saudi Arabian Monetary Agency (SAMA). In addition, several other regulations were drafted to propel the industry's growth such as the introduction of the Mandatory Cooperative Health Insurance Law and the Mandatory Third Party Cooperative Motor Insurance Liability policy.
We at Trust Insurance Brokers (TIB) are excited about the speedy development in the Saudi Insurance market and are well positioned to be one of the leaders in such industry through our affiliation and strong relations with key insurance suppliers and our dedicated professional staff.
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Dr. Tamer M Asaad
Founder and General Manager
Doctorate of Business Administration – Grenoble Management School (France)-2015
Masters of Health Administration - University of Southern California (USA)
Bachelor of Science – University of South Carolina (USA)
17 years of insurance experience
16 years with Trust Insurance Brokers
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Ahmad M Asaad, CERT. CII
Partner and Asst. General Manager
CII certified, The Chartered Insurance Institute.
Bachelor of Business Administration – University of South Carolina
Technical in all insurance lines.
14 Years of insurance experience
14 years with Trust Insurance Brokers
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Mohammed Mousa
Senior Client Relations Manager-Riyadh
Bachelors of Accounting
IFCE Certification – Institute of Banking
Technical in all insurance lines.
17 years of insurance experience
3 years with Trust Insurance Brokers.
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Muhammad Kashan Noor, CERT. CII
Senior Claims-General-Jeddah
MBA, Virtual University of Pakistan
CII certified, The Charted Insurance institute
Bachelors of Business Administration
Technical in all General Insurance lines
4 years of insurance experience
1 year with Trust Insurance Broker
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Hasan Khan
Senior Claims-General-Jeddah
Bachelors of Science
Technical in all General Insurance lines
11 years of insurance experience
10 years with Trust Insurance Brokers. |
Dr. Ameera Gamal
Senior Client Relations-Medical-Jeddah
Bachelors of Science in Pharmacy
Technical in Medical Insurance
4 years of insurance experience
2 years with Trust Insurance Broker |
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Our Mission
To provide the highest level of insurance brokerage services across the Kingdom, and contribute to insurance awareness and development within the local community.
Our Vision
To become the leading Insurance Brokerage firm in the Kingdom by leveraging our strong relationships with our clients and affiliates, expanding our operations and reach throughout the country, and continuously developing our product and service.
Our Values
Relationships: Building long lasting relationships with our clients based on mutual respect and TRUST.
Integrity: Cultivating a culture of integrity by ensuring the highest levels of product excellence and service quality.
Reliability: Developing strong and reliable relations with insurance providers, while maintaining the necessary levels of neutrality.
Service Excellence: Exercising Promptness, Sensitivity and Precision when responding to clients needs.
Leadership: Maintaining a clear vision of what we want to achieve, and focusing our resources to attain our company objectives and strategies.
Social Responsibility: Contributing to the local community by increasing awareness about insurance sector in Saudi Arabia, and creating a learning environment for young Saudi talents who join TIB team.
Reasons to Choose Trust Insurance Brokers
At Trust Insurance Brokers, we acknowledge that our customers do not have the luxury of time and resources to meet and negotiate with multiple insurance companies for different products. Therefore at TIB we guarantee to handle the relationship with the insurance companies on our client’s behalf in order to provide them with the most appropriate coverage, competitive pricing, and quality claims service.
As part of our commitment to provide our clients with the best possible service, TIB offers the following benefits via our dedicated and highly experienced team of professionals:
• TIB works diligently to provide customized insurance programs that best meet a client’s individual needs.
• In terms of Health Insurance, TIB has direct links with numerous key medical providers across the Kingdom enabling it to swiftly resolve any service related issues on behalf of clients.
• TIB assigns a dedicated “Account Executive” for each new client to handle their day-to-day requests professionally and promptly. Account executive serves as a primary contact while other team members are dedicated to specific supportive duties.
• TIB sets up educational seminars to highlight policy benefits and coverage and provide answers to common issues and problems.
• In Health, Marine, and in Motor Insurance TIB conducts regular claims reviews and highlights practical solutions to reduce unnecessary claims, resulting in better policy outcomes and ensuring high business retention rates .
• In partnership with valued insurance partners, TIB conducts regular site visits to key client locations evaluating probable risks and hazardous situations, and providing practical recommendations to reduce risks and ensuring proper claim settlement in case an accident occurs.
• In Health Insurance, a quarterly review is conducted with key Hospitals around the Kingdom to evaluate service quality of the major Health Insurance providers. Twenty key performance indicators are used during the evaluation process.
• In Health Insurance, TIB conducts surveys with clients evaluating their satisfaction level with their insurance coverage and focusing on problem areas to resolve. The survey focuses on the following five aspects:
1. Pre-authorization requirements.
2. Cash claims reimbursement process.
3. Response time to inquiries and problems.
4. Provider network satisfaction.
5. Understanding policy conditions and exclusions.
We at TIB are proud to conduct business with all the leading insurance firms in Saudi Arabia, with a total of 24 affiliations within the national insurance community, some of which include the following:

Over the years we have focused our efforts to build a strong relationship with many businesses at various industries. Today, we are proud to boast a diverse client base with a total of 171 corporate clients across a wide range of industries, some of which include the following recognizable names in the market:
"We are pleased to express our appreciation of the services provided by your organization to our company during the last couple of years in your capacity as medical insurance brokers and we would specially note Dr. Najlaa Bahrawi, Medical Client Relations Manager, whose efficient and sincere assistance has served us a great deal."
Joseph P. Mathew
Regional Insurance Officer
Saudi Archirodon Ltd.

“We would like to extend our appreciation to the entire Trust Insurance Team. As you know, we are approaching the closing of the 2nd year with your services. We want to commend you all for your outstanding efforts in coordinating and preparing our Medical Insurance Services and following up on all the claims process. Your work was thorough and concise and your collective efforts revealed the care and commitment in delivering the service. We know your dedication to get things done was the key to delivering quality service.”
Salah R. Mahmoud
Group HR Director
Sela Trading Company Ltd.

“We would like to thank all employees of Trust Insurance Brokers for their hard work, dedication and their excellent and superior services. Also we look forward to working with your company further and further.”
Monther Alharthi
General Manager
Al Rabie Saudi Foods Co.

“Middle East Airlines would like to thank Trust Insurance through its dedicated personnel for the continued support and assistance it has been extending to all of its employees in Riyadh. Middle East Airlines and its entire staff along with their dependants do really appreciate the kind of service you have been giving them by providing them with a sense of security and peace of mind. In this regard, we would like to thank Trust Insurance once again for their dedication, special services, and medical guidance for MEA employees.”
Mokdad A. Mokdad
Manager – Riyadh & Central Region
Middle East Airlines.

“We would like to thank all TRUST Insurance Brokers management and staff for their dedication in delivering quality services in Medical and General Insurance to our mutual clients. Throughout the years, Trust Insurance consulting demonstrated professional attitude and continuous improvement in its service delivery. We wish Trust Insurance Consulting the best of luck and look forward to continuing our prosperous business relationship.”
Omar Bilani
General Manager
Wataniya Insurance Company.

“This is to certify that Trust Insurance Brokers has been referring business to our company for many years now and is considered by us to be one of the best brokers in the Kingdom with enough know-how, professionalism, and financial strength to provide our mutual clients with quality advice coupled with dynamic and ethical service in all lines of insurance.
In view of the above, we express our delight to keep teaming up with TIC in the future to provide quality service and security in the Saudi market.”
Wadih Baroudy
Acting General Manager
The Mediterranean and Gulf Insurance & Reinsurance Company.

We would like to thank Trust Insurance Brokers staff for their dedication for providing quality services in medical and general insurance to our mutual clients. Throughout the years they demonstrated professional attitude and continuous improvement in its service delivery. Also, our special thanks to Mr. Tamer Asaad and Mr. Ahmad Asaad for their dedication, hard work, and success. We wish them best of luck and look forward to continue our prosperous business relationship.
Saad Khabbaz
General Manager
Arabia Cooperative Insurance Co.
"إنه من دواعي سرورنا أن نتقدم لكم بوافر الشكر والتقدير على الجهود التي تبذلونها مع منسوبي شركتنا والتي تعكس سمو أخلاقكم ونقاء معدنكم وحرصكم على المحافظة على عملاء شركتكم الموقرة وغرس صورة مشرفة عنها لدى كافة أطياف المجتمع والتي هي من مميزات الموظف المثالي الذي يعمل بكل جد وإخلاص وإنتماء لمؤسسته"
إدارة الموارد البشرية
شركة الخبير المالية
يطيب لنا أن نعرب عن تقديرنا لما لمسناه من خدمات متميزة من قبل السادة موظفي شركة الثقة لوساطة التأمين لما يقدمونه لنا دوماً من مساعدات جاوزت كل حد بمدنا بالاستشارات اللازمة، وتنويرنا بكافة المستجدات في مجال التأمين مما جعلنا نفضل التعامل عبر وسطاء التأمين بدلاً من شركات التأمين مباشرةً حيث وجدنا منهم كل العناية والمتابعة، ونرى لزاماً علينا أن نعبر عن خالص تقديرنا وعظيم امتناننا لهم"
سائد حامد الهندي
المدير التنفيذي
شركة سمير لمعدات التصوير المحدودة
يسرنا أن نتقدم لكم بالشكر والامتنان على ما تقومون به من جهد وتفاني في إنجاز العمل وتيسير خدمات التأمين لموظفي شركة العمودي لصناعة المرطبات على أكمل وجه - كما نشكركم على اهتمامكم بمستوى الخدمة المتميز الذي تقدموه لنا في المتابعة للتأكد على راحتنا"
عبدالله العمودي
المدير العام
شركة العمودي لصناعة المرطبات
"يسر شركة الحصيني التجارية وبعد مرور أكثر من أربع سنوات على التعامل معكم إن نتقدم لكم بأسمى آيات الشكر والتقدير على الخدمات الراقية التي تقومون بها والدقة وسرعة الانجاز والاهتمام البالغ والمتابعة الدائمة معنا والوقوف على احتياجاتنا وتذليل الصعوبات التي نواجهها"
محمد بن عثمان الحصيني
المدير العام
شركة الحصيني التجارية
Market Overview
• Insurance regulations propelled the overall growth in the insurance sector, for one the introduction of the mandatory Cooperative Health Insurance on all expatriates effective July 1, 2006 (Royal decree no. 9/10 dated 01/05/1420 H), And second, the introduction of the mandatory Third Party Cooperative Motor Insurance Policy that followed RUKHSA Insurance. Now mandatory medical insurance has extended to include Saudi private sector workforce and their dependents.
• As of 2014, there are 35 licensed insurance companies operating in the Saudi market, 80 licensed insurance brokers, 82 insurance agents, and 8 insurance consulting firms. Leading medical insurance companies are BUPA, Tawuniya, and MEDGULF.
• According to The Saudi Insurance Market Survey Report published by SAMA, Gross written premiums in 2014 reached SAR 30.4 Billion, up from SAR 25.2 Billion in 2013. This represents an increase of 20.8%, compared to 19.2% in 2013.
• Strong growth in Health insurance is apparent with written premiums of SAR 15.7 Billion in 2014 compared to SAR 12.9 Billion in 2013, an increase of 21.9%. Health insurance in 2014 represented 51.6% of total insurance market. Motor insurance is second largest with gross written premiums of SAR 8.02 Billion in 2014 compared to SAR 6.35 Billion in 2013.
• The Council of Cooperative Health Insurance (CCHI) has recently amended the unified medical insurance policy, increasing the annual coverage limit to SAR 500,000 and including a number of additional benefits such as heart valve replacement surgeries, autism, and alzheimer disease treatment.
• SAMA now requires all insurance companies to release current policy claims summary using standard formats with policy renewal slips. Furthermore, no insurance company is allowed to release a quotation for a new client without carefully considering previous claims history, where certain approved actuarial tables are followed for pricing.
Distribution by Insurance Line
Source: The Saudi Insurance Market Survey Report by SAMA During 2013
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