3 InsurTech companies in the Middle East making insurance more accessible

By Leandra Monteiro

The Middle East and Africa region holds a strong potential for the InsurTech industry. Insurance offerings in the region are vast, with options for both consumers and businesses spanning property, health, life and non-life insurances, as well as other financial services, including pensions and asset management.

Here are 3 InsurTech companies in the Middle East to watch out for in 2023:

• Bayzat

Bayzat is the work-life platform that benefits every company. The company aims to redefine the way work works for the better, making automated HR, payroll, employee benefits, and insurance a possibility for all businesses.

It is an all-in-one HR and employee benefits platform that enables companies to run payroll in minutes and pay their employees faster. Users can access their innovative benefits and health insurance solutions directly from the app. From analytics to automation to the latest InsurTech; Bayzat will equip you with the tools and technology needed to transform your business.

• Policybazaar UAE

Launched with the aim to make insurance accessible and comprehensible for all, Policybazaar.com is among the top in the Indian insurance market. After dominating the Indian turf, the company has set its sights on the United Arab Emirates’ insurance sector. Policybazaar.ae exclusively provides car insurance in the UAE. With a recent reform capping the minimum premium on car insurance in the emirates, it seemed an opportune moment for the entry of an impartial aggregator. With features and strengths evaluated for people looking to buy policies on a budget, Policybazaar.ae looks forward to catering to the needs of every car-owner.

• Beema Insurance

Beema is a new-age InsurTech provider that aims at Making Insurance Lovable. It provides insurance that is simpler, easier, and fairer through a data and technology-intensive approach. Launched in 2019, Beema received backing and support from ENOC (Investment Corporation of Dubai), BCG Digital Ventures and AXA.

Beema was the first player to launch behavioural car insurance policies in the region and is now officially the region’s first online digital car insurance provider that has been designed with the customer in mind resulting in a digital-led, fair, robust, and flexible insurance platform. The company’s digital-only strategy provides an end-to-end digital insurance solution that is transparent, simple, agile.

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