Complex Made Simple

Why is this InsureTech company putting the insured in control?

Fintech firms in the Middle East are increasing, luring investors and pushing companies to digitize and innovate their operations.

Aqeed, a Dubai-based InsureTech startup, recently hopped on the UAE tech train.

This InsureTech company has officially launched in the UAE after securing about $18 million in Series A funding.

The investment came from its corporate founders, who are the shareholders behind Barents, an A-rated international Reinsurance group, and Choueiri Group, a leading media, and marketing group of the region, according to MENAbytes, a platform covering tech and startups from MENA.

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Not like any insurance company

Between all the players in insuretech, Aqeed thinks it’s one of a kind.

It isn’t like any other company, especially in the region, it claims.

MENAbytes reported Aqeed’s Chief Product Officer Hadi Radwan saying that Aqeed is the first digital insurance platform in the region that allows customers to not only buy their insurance online but manage and service it as well.

 “Our technology aims at making the interaction simpler,” Radwan said.

“It has been conceived as a platform where customers can easily access and manage all their insurance documents in one place, and will soon include a mobile App that will facilitate the process even further,” he added.

Forbes Middle East reported Rachid Abi Nader, CEO of Aqeed, as saying, “Our aim is to go beyond the traditional and online distribution model and invest heavily in bringing the latest InsureTech innovation.”

“The range is artificial intelligence, machine learning, Internet of Things, telematics, as well as business process enhancement and automation.”

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Across the MENA

Even though Aqeed currently only covers car insurance, its goal is to cover all lines of business that exist in the market, and according to MENAbyte, it will start covering health insurance by year-end, followed by home and travel.

Unfortunately, Aqeed is only available in the UAE for now, but it plans to expand to Saudi and Lebanon very soon, MENAbytes reported.

According to Forbes Middle East, the funding, which was one of the largest amounts raised by an insurance tech firm, will help penetrate the U.A.E. and Saudi markets, hire the right staff and invest in the latest insurance technology.

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Competitors maybe?

Forbes Middle East reported that Aqeed is not the first company to target the growing insurance market in the region., for example, a part of price comparison website Souqalmal, allows users to compare and purchase the suitable insurance policies.

In addition, last year, Souqalmal raised $10 million in Series B funding from a group of investors in order to expand its regional presence and expand its product offerings, Forbes reported.