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Jun 2020

Kuwait: Gulf Insurance Group invests in financial comparison platform

Source: Middle East Insurance Review | Jun 2020, a leading finance comparison website in the region, has raised $4.25m of fresh capital from Kuwait-listed Gulf Insurance Group (gig).
gig group CEO Khaled Al Hasan said the acquisition in yallacompare is an integral part of gig’s digitalisation strategy, aimed at strengthening its digital distribution channels and providing an online gateway for the group to expand its services. 
He added, “gig is keen to strengthen and develop its digital services, and this acquisition is a step for the group in the adoption of digitisation – the characteristic of this era.”
Since its launch in 2011, yallacompare has occupied a dominant position in digital insurance sales in the UAE, accounting for more than 75% of online insurance transactions. Having recently announced partnerships with Smart Dubai, Etisalat, National Bonds and many others, the company said it expects to double its market share by the end of 2020.
Yallacompare operates insurance aggregators in the UAE, Kuwait and Egypt and currently employs over 120 people between their Dubai and Egypt offices. M 
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