Egyptian InsurTech Mal Bazaar Becomes Licensed Broker, Enhancing Service Portfolio

Egyptian InsurTech Mal Bazaar Becomes Licensed Broker, Enhancing Service Portfolio

By Staff Writer, 10 June 2024

Egyptian insurtech startup Mal Bazaar has made a significant stride by acquiring a licensed insurance brokerage, marking a major advancement towards becoming a comprehensive insurance service provider.

Founded in 2019, Mal Bazaar offers a wide array of tech-enabled insurance products, including medical, motor, property, and inland cargo coverage. The company serves over 60,000 employees across various sectors such as FMCGs, pharmaceuticals, and startups.

With approvals from the Egyptian Financial Regulatory Authority (FRA), Mal Bazaar has officially become a licensed insurance brokerage. The company is now testing its B2B2C insurance platform with select clients, aiming to enhance its service offerings and improve the overall customer experience. This platform will provide employees access to a diverse range of financial products, reinforcing Mal Bazaar's commitment to delivering comprehensive solutions.

The founder and CEO of Mal Bazaar, Abbas Jammal, said, "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."

Source: Tom Jackson / Disrupt Africa

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