Egypt's Mal Bazaar gets brokerage license to expand insurtech platform
TLDR
- Egyptian insurtech startup Mal Bazaar acquired a licensed insurance brokerage to expand its services and enhance customer experience.
- Mal Bazaar offers tech-enabled insurance products, serving over 60,000 employees with coverage including medical, motor, property, and inland cargo insurance.
- The startup is piloting a B2B2C insurance platform to provide clients with a wide range of financial products, emphasizing holistic solutions and service enhancements.
Egyptian insurtech startup Mal Bazaar has acquired a licensed insurance brokerage, in line with efforts to become a comprehensive insurance service intermediary.
Founded in 2019, Mal Bazaar offers a wide array of tech-enabled insurance products, from medical and motor insurance to property and inland cargo coverage. It caters to over 60,000 employees across various sectors, including FMCGs, pharmaceuticals, and startups.
The startup is piloting its B2B2C insurance platform with selected clients, to enhance service offerings and the overall customer experience. Through this platform, employees gain access to an extensive range of financial products, reinforcing Mal Bazaar's commitment to delivering holistic solutions.
Key Takeaways
The insurance sector in Africa is ripe for digital disruption. With a penetration rate of less than 3%, the majority of Africans are unreached by mainstream insurance, all while being the most vulnerable to financial shocks caused by illness, accidents, and death. This trend highlights an ever-growing need for innovative solutions to address the significant lack of coverage on the continent. Many startups have emerged in recent years to address this, riding on the increasing adoption of mobile devices, but funding remains few and far between. That makes significant news like Mal Bazaar's critical to bolstering investor confidence and helping players tap into a market valued at $68 billion and expected to grow 7% annually till 2025.
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