GCC: UAE-based InsurTechs eye Saudi market
Source: Middle East Insurance Review | Sep 2023
Saudi Arabia is becoming the market of focus for UAE-based InsurTechs, said Daman chief government and development officer Saif AlJaibeji in an article by Wamda, platform of programmes and networks that aims to accelerate entrepreneurship ecosystems across MENA.
Mr AlJaibeji said that there is a greater supply of services from InsurTechs in the UAE compared to the demand given its small population of 11m compared to Saudi Arabia’s 35m.
Hence, InsurTechs are eyeing Saudi Arabia given that the country and the UAE are the largest insurance markets in MENA. Among these InsurTechs is UAE-based Klaim.ai, which offers healthcare providers a claims reimbursement solution. The company plans to launch in Saudi Arabia, catering specifically to its $7bn healthcare insurance.
Other examples include UAE-based InsurTech Democrance, which unveiled plans to establish a headquarters in Saudi Arabia; YallaCompare, which started in the UAE and then expanded across the GCC; and Mainslab, a Bahraini InsurTech solution provider, which also now operates in Saudi Arabia.
Saudi Arabia and the UAE are home to the most active InsurTech ecosystems in the region but given that both countries have different insurance landscapes, the dynamics of each InsurTech market differs. M