In a significant move to enhance its market position, Egyptian insurtech startup Mal Bazaar has acquired a licensed insurance brokerage. This acquisition, approved by the Egyptian Financial Regulatory Authority (FRA), marks a major milestone for the company as it aims to expand its insurtech platform and offer comprehensive insurance services. Mal Bazaar, founded in 2019, provides a wide range of tech-enabled insurance products, including medical, motor, property, and inland cargo coverage. The company serves over 60,000 employees across various sectors and is now poised to disrupt the insurance space through digital transformation.
Strengthening Market Position
Mal Bazaar’s acquisition of a licensed insurance brokerage is a strategic move to strengthen its market position. With this acquisition, the company has secured the highest level of compliance and regulatory approval from the FRA. This milestone not only deepens the strength of Mal Bazaar’s offerings but also enhances its ability to serve the Egyptian market more effectively.
The company’s founder and CEO, Abbas Jammal, expressed immense pride in this breakthrough. He emphasized that the acquisition signals Mal Bazaar’s commitment to providing innovative and comprehensive insurance solutions. The company is excited to scale its “My Policy” management platform, which offers clients a seamless and user-friendly experience in managing their corporate insurance policies.
Expanding Digital Platform
The acquisition also paves the way for the expansion of Mal Bazaar’s digital platform. The “My Policy” platform is designed to streamline the management of corporate insurance policies by eliminating manual work and enabling clients to fully digitize their operations. This platform empowers real-time data visibility and decision-making on policy matters, providing a significant advantage to clients.
Mal Bazaar is currently testing its B2B2C insurance platform with select clients, aiming to enhance service offerings and elevate the overall customer experience. The platform will provide employees with access to a diverse range of financial products, further strengthening Mal Bazaar’s commitment to offering holistic solutions.
Future Prospects
The acquisition of the licensed brokerage is just one step in Mal Bazaar’s broader strategy to disrupt the insurance industry through digital transformation. Backed by investors such as DisrupTech Ventures and Sunny Side Venture Partners, the company is well-positioned to play a significant role in the digital transformation of insurance and finance product distribution in Egypt and the wider Middle East Africa market.
According to a BMI Fitch Report, the African insurance market is projected to reach $4 billion by 2030, making it the fastest-growing insurance market globally. Mal Bazaar’s innovative approach and strategic acquisitions position it to capitalize on this growth and become a key player in the region’s insurtech landscape.
