UAE-headquartered insurance comparison website Souqalmal.com has received an online insurance broking licence in Bahrain and is set to expand to the country.
The company clinched the green light from the Central Bank of Bahrain (CBB) to launch its flagship insurance comparison services in the country, it says in a statement.
The CBB and Bahrain Economic Development Board have made sweeping regulatory and economic changes to support the introduction of insurance aggregators in Bahrain. In April, the CBB issued draft rules covering insurance aggregators.
Souqalmal.com founder and CEO, Ms Ambareen Musa, said that Bahrain, which boasts one of the highest online and mobile penetration rates in the world, and a rapidly transforming digital landscape, is the ideal market to expand into.
There is rising demand for digital insurance services in Bahrain, that can significantly improve customer experience, improve service delivery and lower transaction processing times. Bahrain FinTech Bay’s Insurance Digitalisation Report 2019 underlines significant scope for digitalisation in Bahrain’s insurance sector. Currently, insurance penetration in the country stands at just 2.27%. An increase in consumer awareness, coupled with the introduction of effective digital distribution channels, can help drive growth in the sector.
She added, “Bahrain’s increasingly tech-savvy residents can save considerable time and effort with Souqalmal.com’s online insurance comparison tools, instant quotes and expedited insurance purchase process.”
Ms Musa said, “After successfully launching our insurance aggregator business in the UAE, and growing it to become the country’s most trusted insurance comparison portal, we wanted to replicate this success in other markets. There’s immense growth potential for FinTech, and specifically InsurTech businesses in Bahrain. With an incredibly supportive ecosystem of regulators, launch pads and accelerators, we were able to set up the business without a hitch.”
Credited with being the first-ever personal finance comparison website in the UAE with operations launched in 2012, Souqalmal.com says it has become the fastest growing insurance aggregator in the UAE. The company offers the widest selection of insurance coverage to its users, ranging from car, travel, home and health insurance to more niche products like yacht and fleet insurance.
As Souqalmal.com prepares to enter its eighth year of operation, the new business launch in Bahrain is all set to pave the way for further geographic expansion in the GCC and beyond.
Souqalmal.com already brings together on one convenient platform all the latest details of more than 3,200 banking, insurance and education products offered by providers in the UAE and Saudi Arabia.