Egyptian insurtech startup Mal Bazaar has recently achieved a significant milestone in its journey towards revolutionizing the insurance landscape in Egypt. By acquiring a licensed insurance brokerage, the company has taken a decisive step towards expanding its service offerings and enhancing its role as a comprehensive insurance service mediator.
Since its inception in 2019, Mal Bazaar has emerged as a leading provider of tech-enabled insurance solutions, offering a diverse range of e-insurance products to its growing clientele. Catering to the needs of over 60,000 employees across various sectors, including FMCGs, pharmaceuticals, and startups, the startup has established itself as a trusted partner in the realm of insurance.
With the recent acquisition of a brokerage license from the Egyptian Financial Regulatory Authority (FRA), Mal Bazaar has solidified its position in the market and gained official recognition for its commitment to compliance and regulatory standards. This strategic move enables the company to further expand its reach and enhance its service delivery capabilities.
In line with its vision to offer holistic solutions to its clients, Mal Bazaar is now in the process of testing its innovative B2B2C insurance platform with select partners. Through this platform, employees will have access to a wide array of financial products, ranging from medical and motor insurance to property and inland cargo coverage. By integrating technology and user-centric design, the company aims to elevate the overall customer experience and streamline the management of corporate insurance policies.
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Abbas Jammal, founder and CEO of Mal Bazaar, expressed his pride in achieving this milestone and emphasized the company’s commitment to driving digital transformation in the insurance sector. With the launch of its “My Policy” management platform, Mal Bazaar is poised to disrupt the industry by offering clients a seamless and user-friendly experience while navigating their insurance needs.
As Mal Bazaar continues to innovate and expand its offerings, it remains at the forefront of driving positive change in the Egyptian insurance market. Through its dedication to excellence and relentless pursuit of innovation, the company is set to redefine the way insurance services are accessed and experienced by customers across the country.
