This marks a significant strategic move for the company as it positions itself as a fully-fledged insurance service entity, boosting its ability to cater for its customers needs
Mal Bazaar was founded in 2019 and provides an array of insurance products which leverage technology for use. To date, insurtech’s portfolio includes medical, motor, property, and inland cargo insurance, catering to over 60,000 employees across various sectors such as fast-moving consumer goods (FMCGs), pharmaceuticals, and startups.
In acquiring approval from the Egyptian Financial Regulatory Authority (FRA), Mal Bazaar will now function as a licensed insurance brokerage. The startup is currently in the process of trialling its B2B2C insurance platform with a select group of clients. The platform provides a comprehensive set of insurance solutions with a bespoke customer experience at the centre of the technology.
Abbas Jammal, Founder and CEO of Mal Bazaar, commented on the news: “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,” Jammal added.
Source: Innovation Village
