Dubai-based Felix, an insurance e-commerce and automation platform for insurance brokers, has closed an $800,000 seed round led by a Saudi Arabian investor with participation from the Oman Technology Fund.
The new funding will help the company invest in product development and regional expansion to Saudi Arabia.
This follows a $120,000 investment made by Techstars and GINCO Investments in 2018, according to a report on the website of Wamda, an entrepreneurship empowering platform for entrepreneurs in the Middle East and North Africa.
Felix’s platform, launched in 2019, allows brokers to sell motor insurance by automating processes and leveraging the Internet for sales and distribution.
The latest funding announcement coincides with the launch of a new software platform for health insurance. Brokers can now automate all their medical insurance quoting activities and provide their clients with an online, self-service platform to research, configure and purchase their health insurance policy.
“We’re excited to be bringing on board strategic partners in Saudi Arabia and Oman at a time when the insurance industry’s shift to digital sales models is accelerating. With their support, networks, and relationships with regional regulators we will continue to deliver best-in-class software and tools for insurance brokers and agents in the GCC,” said Mr Edmond Husseini, a co-founder of Felix.
The COVID-19 pandemic has further accelerated the need for digital transformation in the regional insurance sector, with Felix seeing an increased level of interest from insurance brokers and agents looking to sell online and work on the cloud.