Insurtech platform Aqeed is set to officially launch in the United Arab Emirates (UAE), having secured $18 million in Series A funding. The firm will be putting the money towards penetrating the insurance markets in the UAE and Saudi Arabia, hiring staff and investing in technology.
The startup’s platform is intended to enable users ‘to understand, manage and buy insurance in an easy and transparent manner’. It currently offers motor insurance but has plans to expand into the travel insurance segment; additionally, it has further expansion plans for the Middle East.
“Our aim is to go beyond the traditional and online distribution model and invest heavily in bringing the latest insurtech innovation, [including] artificial intelligence, machine learning, internet of things, telematics, as well as business process enhancement and automation,” commented CEO Rachid Abi Nader. “As an insurtech veteran myself, [our firm] not only directly addresses problems common to the insurance market, but the concept goes over and beyond insurance aggregators currently in place.”
Philip Bahoshy, Chief Executive of online startup community platform Magnitt, said that Aqeed’s launch represented ‘the emergence of a player specialising in insurance provision as opposed to financial product comparison’, making it a significant event.
“It’s another sign of the growing interest in the fintech space by entrepreneurs and investors alike,” he added.