Egyptian insurtech startup Mal Bazaar, a one-stop-shop for e-insurance products, has acquired a licensed insurance brokerage in a move it said marked a major step towards growing into a comprehensive insurance service mediator to better serve its clientele.
Launched in 2019, Mal Bazaar offers a comprehensive range of tech-enabled insurance products, ranging from medical and motor insurance to property and inland cargo coverage, and serves more than 60,000 employees within cross-sectoral clients, including FMCGs, pharmaceuticals, and startups.
The company has now become a licensed insurance brokerage after securing approvals from the Egyptian Financial Regulatory Authority (FRA), and it is now testing its B2B2C insurance platform with select clients, aiming to enhance service offerings and elevate the overall customer experience. Through this platform, employees will have access to a wide range of financial products, further strengthening Mal Bazaar’s commitment to providing holistic solutions.
“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,” said Abbas Jammal, founder and CEO of Mal Bazaar.
