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Insurance is such a business sector that helps people covering costs if there are unforeseen events. Furthermore, it is a for-profit sector in the finance industry. Recently, the government of UAE has made specific insurance covers compulsory, for example automotive and health.

But, it is more challenging for the car and health insurance providers to drive a profit. One response to this is the big push to automate procedures and perform the purchase processes online. It is the medium where many of the insurance technology startups have succeeded.

Every year, the market for online insurance is rising, as people develop more faith in the system. And when a lot of may still call it hopeful compared to other markets, there is still an enormous potential for them to grow more in the UAE.

Here are the five leading funded insuretech startups in the UAE.

Aqeed

Aqeed is one of the maximum funded InsureTech startups in the UAE. in April 2018, it clinched US$18 million in Series A round. Through its insurance-as-a-service technology base, the startup plans to make insurance simple, transparent, and accessible.

Based in Dubai, UAE, Aqeed introduced a suite of cloud-based tools a month ago, named Aqeed Sales and Aqeed Brokers, designed to assist insurance brokers go digital. The startup, with a B2B business model, is initiating modernisations such as artificial intelligence, machine learning, business process enhancement and automation to insurance; thus, helping insurance brokers and agents obtain a better understanding of the differences and details of different insurance products.

Yallacompare

Yallacompare, a website for financial products, assists people take better financial decisions. It gives the details of various product categories such as from phone plans and flights, to financial products for example credit cards and insurance plans.

Founded by Jon Richards in 2011, Yallacompare has secured US$17.4 million over 6 rounds. And the most recent one was of US$8 million in January, making eligible it to be one of the top 10 funding rounds of H1 2019.

Bayzat

Bayzat, the B2B Technology Company, established in 2011 by Talal Bayaa, has raised $12.6 million over five rounds. It offers insurance packages with HR solutions, for example payroll and policy benefit communications.

It assists HR personelle clearly compare over 100 policies in under 2 minutes, while removing 50% of the processing time and saving money on costs.

Souqalmal

Souqalmal, the B2C comparison website for all major financial products, helps people find out everything from insurance products to bank accounts, loans, and credit cards.

It was founded in 2012 by Ambareen Musa and now it is active in Saudi Arabia, Kuwait and the UAE. According to Crunchbase, it has raised $14.5 million over 5 rounds since its beginning,

Democrance

Democrance, a social impact company, was established in 2015 by Alberto Pérez and Michele Grosso, with an aim to generate partnerships that make insurance handy for those who require it most but can pay for it least. It has raised $800,000 in their seed round in 2017.

Basically, it has automated the entire value chain of insurance purchase and use, which has seen a two-fold benefit. One, it has put aside costs for insurers while allowing them to arrive at a new market segment. Two, it has consecutively helped many of those who are not able to afford insurance, get excellent covers.

Several of the above utilize comparison in fixed or another, while distinguishing in the market they provide to and the products they help evaluate. Democrance stands out in this case, as they have interrupted the space to cater to a large market segment, creating an impact both socially and economically.