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<p>This study investigates the drivers of digital technology and InsurTech adoption in the Saudi Arabian insurance sector within the context of Saudi Vision 2030. Using a balanced panel of 25 insurance companies observed from 2015 to 2024, the analysis incorporates firm-level digital variables alongside major policy shocks. To address unobserved heterogeneity and endogeneity, fixed-effects and dynamic System GMM estimators are employed. Vision 2030 and COVID-19 are used as exogenous shocks to identify causal relationships. Results indicate that digital budgeting, cloud computing, and data analytics maturity significantly drive InsurTech adoption. Vision 2030 exerts an independent positive effect, while COVID-19 accelerated digital transformation as a technology-forcing shock. Findings provide regulators and insurers with actionable insights into the impact of policy and national digitization efforts on firm-level digital adoption.</p>

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Digital transformation and InsurTech adoption in Saudi Arabia’s insurance sector: evidence from firm-level panel data

  • 期刊论文

  • 发表日期：

    2026年7月24日

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  • Slah Benyoussef

摘要

This study investigates the drivers of digital technology and InsurTech adoption in the Saudi Arabian insurance sector within the context of Saudi Vision 2030. Using a balanced panel of 25 insurance companies observed from 2015 to 2024, the analysis incorporates firm-level digital variables alongside major policy shocks. To address unobserved heterogeneity and endogeneity, fixed-effects and dynamic System GMM estimators are employed. Vision 2030 and COVID-19 are used as exogenous shocks to identify causal relationships. Results indicate that digital budgeting, cloud computing, and data analytics maturity significantly drive InsurTech adoption. Vision 2030 exerts an independent positive effect, while COVID-19 accelerated digital transformation as a technology-forcing shock. Findings provide regulators and insurers with actionable insights into the impact of policy and national digitization efforts on firm-level digital adoption.