UAE: Insurance aggregator Aqeed raises $18m, launches officially

Source: Middle East Insurance Review | Jun 2018

Aqeed.com, an insurance aggregator in the region, is now ‘live’, after having raised $18m from its corporate shareholders in a landmark Series A round of funding.

“Our aim is to go beyond the traditional and online distribution model, and invest heavily in bringing the latest InsurTech innovation, from artificial intelligence, machine learning, IoT and telematics to business process enhancement and automation,” said Mr Rachid Abi Nader, CEO of Aqeed.

“We want to help customers understand what they are buying,” said Mr Hadi Radwan, chief product officer, Aqeed. “That way we can bridge the gap between what they have and what they need. Furthermore, the aim is to bring everything related to their insurance needs onto a singular, friendly and efficient platform.”

After the launch of its core platform, Aqeed is adding value-for-money adjuncts, including the development of a mobile application. Motor insurance is already available, while home and travel insurance will be added to the portfolio soon. M

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