A single platform for protecting people and protecting the loans they carry.
LifeX runs the full life cycle of life insurance and credit-life cover — quotation through claim — for Saudi individual policyholders and for entire employer or bank portfolios enrolled as one scheme, with real fund selection for savings and investment-linked plans built in, priced end to end in Saudi Riyal.
Executive Summary
One platform, two lines of business, sold to an individual or an entire portfolio, with fund selection and authorized-change governance built in from day one.
Two lines, one engine
Life and Credit Life share the same policy, claims and finance machinery.
Individual & Group
A single policyholder or an entire enrolled portfolio, priced the same way.
Governed change
Product, rating, and finance changes are proposed, approved, versioned, reversible.
Real fund engine
Savings, investment-linked and retirement plans price against a real, protected NAV.
Built for this market, not adapted to it
LifeX isn't a global platform with Saudi Arabia bolted on. The regulator it answers to, the way funds are screened, and the currency every policy is priced in are the same ones this market actually runs on.
One regulator, one rulebook
Since November 2023, the Insurance Authority has been the Kingdom's sole insurance regulator, consolidating functions previously split across SAMA and the Council of Health Insurance. LifeX's own maker-checker governance is built around exactly that authorized-change discipline, not a generic audit log.
Sharia-compliant fund governance
LifeX's fund model is built around real Saudi practice: certification lives at the individual fund, screened by the institution's own Sharia committee through the standard two-part review this market uses — qualitative and quantitative — not a single blanket label over the whole catalog.
Priced in SAR, built for the growth ahead
Every premium, coverage amount, and fund unit runs in Saudi Riyal. Life insurance penetration in the Kingdom still sits well under 1% even as Vision 2030 pushes the sector's overall share of the non-oil economy toward triple its current size.
Two lines of business. Two ways to sell them.
Every plan belongs to one line of business — Life or Credit Life — and is sold either to an individual or to a group. The split isn't cosmetic: the catalog itself enforces which product shapes each line is allowed to carry.
| Individual | Group | |
|---|---|---|
| Life | Term cover, protection-and-savings plans, and pension/retirement plans, bought directly by a single policyholder. | An employer's workforce enrolled under one scheme, sharing the same term and protection plans priced across the whole group. |
| Credit Life | Cover tied to a single loan — home, personal, auto, consumer, or credit-card finance — that tracks the outstanding balance. | A bank's entire loan portfolio enrolled as one scheme, with every borrower on a facility covered under a single group policy. |
Eight core plans, built from real product requirements
The catalog spans pure protection, protection-with-savings, and retirement income on the Life side, and a single flexible credit-life line configured per loan type on the other.
| Code | Plan | Description |
|---|---|---|
| TERM | Term Insurance Plan | Pure protection cover for a fixed term, with no cash value component. |
| SAVINGS | Personal Protection & Savings Plan | Protection paired with a savings element, in standard and level-loaded charging structures. |
| SAVINGS | Kids Protection & Savings Plan | A savings vehicle built around a child's future, also offered standard or level-loaded. |
| RETIREMENT | Pension (Retirement) Plan | Regular-contribution retirement savings, paid in over the working years. |
| RETIREMENT | Single Premium Pension Plan | The same retirement outcome, funded with a single lump-sum contribution. |
| GROUP·TERM | Group Term Life Plan | Employer-sponsored term cover, priced and administered across an enrolled workforce. |
| Code | Credit Life Cover | Description |
|---|---|---|
| CL_HOME | Home Finance Cover | Decreasing or level term cover tracking a home-finance facility's outstanding balance. |
| CL_PERSONAL | Personal Finance Cover | The same loan-linked protection, configured for personal finance facilities. |
| CL_AUTO | Auto Finance Cover | Cover sized to an auto-finance balance, reducing in step with the loan. |
| CL_CONSUMER | Consumer Finance Cover | The consumer-finance variant of the same credit-life structure. |
| CL_CREDITCARD | Credit Card Cover | Protection against an outstanding credit-card balance, the revolving-facility variant. |
Six product shapes — governed, not just labeled
Underneath every plan is one of six actuarial shapes. Three are protection-only; three are fund-linked. Life can be built from any of the six — Credit Life is deliberately locked to just Term and Group, and the system enforces that, not a style guide.
Group Life and Group Credit Life, built for real portfolios
A group scheme is a bank's or employer's entire portfolio — staff or borrowers — enrolled once and priced together, reusing the exact same policy, claims, and finance machinery as an individual plan rather than running on a separate system.
Fund selection, priced on a real, protected NAV
Savings, Investment-Linked, and Retirement plans carry a genuine fund-selection engine — the policyholder allocates across approved funds, and every unit is bought and sold at a real, published net asset value.
Accounting that posts itself, correctly, every time
Premiums and commissions don't just get collected — they post to the right ledger accounts automatically, per product, under the same authorized-change governance as every other critical configuration in the platform.
Automated, product-specific GL posting
Any product can define its own debit and credit account for premium and commission, separately for inception and renewal. A product with no override still posts correctly against the platform's generic mapping.
Maker-checker governed, fully auditable
Changing how a product posts to the ledger is proposed, approved, versioned, and reversible — the same authorized-change workflow used for rating, charges, and underwriting rules.
Real-time premium collection
Online premium payment runs through PayFort, collected in SAR and including installment-style options at the point of purchase.
One ledger, every product line
Individual, group, Life, and Credit Life business all post through the same governed finance layer.
Everything a policy needs, in one platform
Fund selection and group pricing sit inside a full insurance operating platform — quotation, underwriting, claims, reinsurance, distribution, and governance, all connected to the same policy record.
Claims CLM
FNOL intake, automatic eligibility checks, and calculation across death, accidental death, disability, critical illness, and a dedicated credit-life outstanding-balance path.
Underwriting UW
Medical underwriting with its own authorized-change governance, from question set to decision.
Reinsurance RI
Facultative and treaty cession — quota share, surplus, and excess of loss — with automatic claim recovery.
Agency & Commission AGY
Distribution and incentive management running alongside the core policy lifecycle.
Self-service SVC
Policyholders and schemes raise requests directly — fund switches, top-ups, beneficiary changes, and more.
Governance & workflow GOV
Every critical configuration change is proposed, approved, versioned, and reversible, in step with the Insurance Authority's expectations for authorized change.
Dashboard & analytics DSH
Live portfolio KPIs, quotation and policy trends, coverage and premium by product, and claims performance.
Built for this market MKT
Individual and group, Life and Credit Life, priced and administered the way this market actually sells cover.
Built for how Saudi Arabia insures its people — and their loans.
From a single term policy to a bank's entire loan portfolio, LifeX runs the full life cycle — quotation, underwriting, funds, claims, and governance — in Saudi Riyal, under the Insurance Authority's single regulatory roof, for a life-insurance market Vision 2030 is pushing to grow well beyond where it stands today.