Egyptian Insurtech Mal Bazaar Expands With Brokerage License, Digital Platform

2024-06-03 04:21:00

(MENAFN- Daily News Egypt) Mal Bazaar, an Egyptian insurtech startup, has strengthened its market position after acquiring a licensed insurance brokerage and securing approval from the Egyptian Financial Regulatory Authority (FRA).

The company has also launched“My Policy”, a digital platform designed to streamline the management of corporate insurance policies, it announced on Sunday.

With a client base of over 60,000 employees across various sectors, Mal Bazaar offers a wide range of insurance products, including medical, motor, property, and inland cargo coverage. The company's portfolio includes property insurance worth over EGP 20bn, medical insurance for more than 10,000 members, and motor fleet insurance with a cumulative value exceeding EGP 700m.

Abbas Jammal, Founder and CEO of Mal Bazaar, said:“We are immensely proud of this breakthrough as it not only signals our highest level of compliance but also deepens the strength of our offerings to the Egyptian market. We are excited to scale our innovative“My Policy” management platform, offering clients a seamless and user-friendly experience while managing their corporate insurance policies. This marks yet another step forward towards disrupting the insurance space through digital transformation.”

The“My Policy” platform eliminates manual work by enabling clients to fully digitize operations related to tracking utilization, usage, and more. This empowers real-time data visibility and decision-making on policy matters.

Mal Bazaar is currently testing its B2B2C insurance platform with select clients, aiming to enhance service offerings and elevate the overall customer experience. This platform will provide employees with access to a diverse range of financial products.

Backed by investors such as DisrupTech Ventures and Sunny Side Venture Partners, Mal Bazaar is poised to play a significant role in the digital transformation of insurance and finance product distribution in Egypt and the wider Middle East Africa market. According to a BMI Fitch Report, the African insurance market, the fastest-growing globally, is projected to reach $4bn by 2030.

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