Insurtech Startup Aqeed Raises $18M
Aqeed, a Dubai-based insurtech startup, has raised $18M in funding. The investment came from its corporate founders, who are the shareholders behind Barents, an A-rated international Reinsurance group, and Choueiri Group, a leading media and marketing group of the region that has previously invested in Jordan’s Mawdoo3, Golden Scent, The Luxury Closet and STEP Group.
Launched last month, Aqeed claims to be the first digital insurance platform in the region that allows customers to not only buy their insurance online but manage and service it as well.
“When issuing a claim, customers either directly contact their insurance company or their broker. In our case, we own a licensed broker and can legally help customers who buy from our portal in their claims process,” said Aqeed’s Chief Product Officer Hadi Radwan.
“This is one of our unique selling propositions. We are also building our portal to allow our customers to ask our licensed experts any question in real time and building interactive education material to make insurance simple and transparent,” he added.
Currently only available in the UAE, Aqeed plans to expand to Saudi and Lebanon very soon and expand their insurance offering by adding travel and home insurance within the next few months and health insurance later in the year.
“Our aim is to cover all lines of business that exist in the market. Health is definitely included and will be launched before end of year. Our quick wins following car insurance, are home and travel, nonetheless,” said Hadi. “The funding will go to grow our market share in the UAE, expand to the KSA market, hire the right talent, and continue building the latest innovation in insurance technology.”
Aqeed’s team is led by Rachid Abi Nader, who has previously served as Lead Consulting Director for Insurance for Middle East with PwC, and Hadi Radwan, who has worked as Head of M&A with an insurance group in Dubai.
While there are already many players in the Insurtech space, Aqeed thinks it is different as the founders are coming from the insurance industry and have better know-how than anyone else to improve interaction between consumers and insurance providers. Aqeed also do not only focus on the distribution of insurance but on the whole value chain.
“Our technology aims at making this interaction simpler and has been conceived as a platform where customers can easily access and manage all their insurance documents in one place, and will soon include a mobile App that will facilitate the process even further,” noted Hadi.