Mal Bazaar, an Egyptian insurtech startup that sells insurance products online, has purchased a licensed insurance broker, which it says will help it transform from an e-insurance marketplace into a mediator of all insurance services to help its clients better.
Founded in 2019, Mal Bazaar provides innovative, tech-savvy insurance solutions that include basic healthcare, car, property, and inland cargo insurance and targets over 60 thousand employees within the cross-industry companies and organizations from the FMCG, pharmaceutical, and startup sectors.
The company has recently received the approval from the Egyptian Financial Regulatory Authority (FRA) to become a licensed insurance brokerage and is currently piloting its B2B2C insurance platform with some of its clients, with the goals of improving the services it provides and improving customer experience.
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It will also ensure that employees will be able to access many of the aforementioned financial products, which will deepen the holistic financial solutions offered by Mal Bazaar.
“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,” said Abbas Jammal, founder and CEO of Mal Bazaar.
“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.”
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