Introduction
Mal Bazaar, an Egyptian insurtech startup, has made significant strides in the insurance industry by acquiring a licensed insurance brokerage and receiving approval from the Egyptian Financial Regulatory Authority (FRA). This strategic move is complemented by the launch of their innovative digital platform, "My Policy," aimed at streamlining corporate insurance management.
Expanding Services and Client Base
Mal Bazaar caters to over 60,000 employees across various sectors, offering an extensive range of insurance products, including medical, motor, property, and inland cargo coverage. Their robust portfolio includes property insurance worth over EGP 20 billion, medical insurance for more than 10,000 members, and motor fleet insurance with a cumulative value exceeding EGP 700 million.
Founder and CEO Abbas Jammal expressed pride in the company's recent achievements, stating, “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.”
Digital Transformation
The newly launched "My Policy" platform is designed to eliminate manual work by enabling clients to fully digitize operations related to tracking utilization, usage, and more. This digital approach empowers real-time data visibility and enhances decision-making on policy matters.
Currently in testing with select clients, the B2B2C insurance platform aims to provide employees with access to a diverse range of financial products, thus elevating the overall customer experience. This platform is a testament to Mal Bazaar's commitment to leveraging technology for improved service delivery.
Strategic Backing and Market Impact
Mal Bazaar's growth is supported by investors such as DisrupTech Ventures and Sunny Side Venture Partners. With this backing, the startup is well-positioned 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 is the fastest-growing globally, projected to reach $4 billion by 2030. Mal Bazaar is poised to capitalize on this growth, driving innovation and expanding its footprint in the insurance industry.
