Insurtech is a rapidly developing segment of financial technologies. In Egypt, this sector is still in its early stages. However, that gives local insurtech providers even more opportunities to excel in the emerging market.
Insurance field is often facing challenges and inefficiencies due to numerous existing legacy systems. The implementation of innovative technologies makes the insurance-related processes faster, efficient, and more convenient for all stakeholders.
One of the primary challenges for insurance providers in Egypt is the low penetration rate. Many people in the country lack awareness and understanding about insurance products and their benefits. Excessive paperwork, regulatory hurdles, and scarce distribution networks further discourage the target audience from dealing with insurance. These are all the typical bottlenecks technology aims to eliminate.
The emergence of insurtech as a subtype of fintech in the country has prompted traditional insurance companies in Egypt to embrace digitalization, streamline their processes and offer better customer services. At the same time, there’s a growing number of insurtech players in Egypt that aim to compete with established legacy companies.
Amenli
Amenli is the first licensed online insurance broker in Egypt. It offers medical, automotive, home, and business insurance products to individuals, families, and SMEs. In addition, Amenli handles client claims with insurance companies on their behalf. Founded in 2020, the startup raised $1M equity funding last year to fuel its growth, expand the team, strengthen existing and introduce new product offerings, and build a robust brand presence.
Estafsar
Estafsar’s vision to build a digital insurance company focused on the MENA region has started with an online insurance marketplace in Egypt. In 2022, the startup launched a transparent and scalable online platform that can potentially integrate all stakeholders in Egypt’s insurance industry into one digital network. Estafsar aims to leverage its cloud-based technology to increase insurance penetration levels in Egypt above its current level of below 1% and enable insurance companies to reach new retail and business consumers.
BIMA
BIMA operates in seven countries across South Asia, Southeast Asia and Africa, including Egypt. The company offers digital health and insurtech services in emerging markets, including micro-insurance products to underserved populations provided through mobile technology. BIMA’s products include life, health, and personal accident insurance, as well as tele-doctor consultations and health wallet for funding medication-based expenses. Typically, most of its services are accessible via mobile phone subscriptions. In 2020, the company raised $30 million to expand its product offering and scale its capabilities. In 2023, it was acquired by CapitalG.
Helpoo
Helpoo provides 24/7 roadside assistance services, including towing, jump-starts, flat tire changes, AI-enabled car inspection and full claim cooperation, through its mobile app and 24/7 call center. If a customer has an accident, they can seamlessly report it through the app by capturing photos and adding a voice or text description of the accident. Helpoo’s AI system analyzes the photos to create a report for damage detection and sends information to your insurance company in real-time to assist with the claims process.
Digified
Digified is a fintech company that enables FRA-regulated companies, including those in BNPL, insurance, and wealth management, to onboard clients online, without physical visits and paperwork. The startup was recently approved by the Egyptian Financial Regulatory Authority as a Digital Identity Verification Technology Provider. Digified offers digital identity solutions, including Fraud detection, Arabic data extraction, face matching, anti-spoofing and authentication with government databases. The verification and data extraction are instant and secure due to the use of machine learning technology and Optical character recognition.
VLens
Vlens is a fintech enabler, automating online customer onboarding by capturing and extracting data from the identification documents and biometrics of the user. The company uses AI to catch and deter identity fraudsters for e-commerce marketplaces, banking, insurtech and fintech providers, and transportation companies. VLens helps companies deal with national ID verification, data autofill, face matching, anti spoofing, advanced governmental checks, mobile number ownership check, monitoring transactions and verification trends, and more.
bringy
Bringy is a digital insurance brokerage licensed by Egypt’s Financial Regulatory Authority (FRA). Its digital insurance services enable customers to choose the digital insurance service they need, get a price quote, pay securely through debit and credit cards or mobile wallet, and access their insurance policies – all within a single app. The company offers hassle-free claims reporting, tracking, and assistance in various insurance types, including car insurance.
Estshara
Estshara is a telehealth provider that gives both insured and uninsured patients 24/7 access to doctors’ consultations and telepharmacy services. For small businesses and startups who cannot afford medical insurance for employees, Estshara provides the solution to have their medical insurance setup with minimal cost. Founded in 2018, the startup raised $500,000 in a Seed funding round in 2021. At that time, it already served two million users. Estshara has gained popularity in Egypt due to its user-friendly interface, wide range of available experts, and convenient access to professional advice.
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