Insurance comparison website Souqalmal.com has operated in the UAE since 2012
Souqalmal.com is set to expand into Bahrain after the insurance comparison website received an e-broker license to operate in the kingdom.
Founder and CEO, Ambareen Musa, said: “Boasting one of the highest online and mobile penetration rates in the world, and a rapidly transforming digital landscape, Bahrain was the ideal market for us to expand into.
“We pride ourselves on bringing an unmatched level of transparency in the insurance marketplace and transforming the way UAE residents buy insurance. Our aim is to bring the same set of technologies and efficiencies to the Bahrain insurance sector.”
The Central Bank of Bahrain (CBB) and Bahrain Economic Development Board (Bahrain EDB) have made sweeping regulatory and economic changes to support the introduction of insurance aggregators in Bahrain.
Dalal Buhejji, senior manager, business development – financial services of the Bahrain EBD, said: “Bahrain has undoubtedly made significant progress in its regulatory reforms and we are now reaping the benefits. We are delighted to welcome Souqalmal and we look forward to the transformation it will bring to the insurance sector. Their expansion to the kingdom is a clear indication of the opportunities available for companies with innovative digital solutions.”
Bahrain FinTech Bay’s Insurance Digitalisation report 2019 underlines significant scope for digitalisation in Bahrain’s insurance sector. The report shows that nearly 45 percent of the surveyed insurers in Bahrain do not provide detailed product descriptions of insurance products online, while 34 percent do not provide any online product informational at all.
Khalid Saad, CEO of Bahrain FinTech Bay, said: “The insurance industry in Bahrain will undergo a fundamental transformation over the next few years and I am confident that Souqalmal will play a key role in that transformation and the provision of digital insurance services in Bahrain.”
Credited with being the first-ever personal finance comparison website in the UAE launching operations in 2012, Souqalmal.com has now become the fastest-growing insurance aggregator in the country.
Last year Souqalmal.com raised $10 million in its Series B round of funding. Its high-profile mix of regional and global investors included Saudi Arabia-based Riyad TAQNIA Fund (RTF), the UK’s leading comparison website GoCompare, and the UAE’s homegrown global remittance and foreign exchange brand UAE Exchange.