Egyptian insurtech startup, Mal Bazaar, secures brokerage license to enhance insurance platform

Egyptian insurtech startup, Mal Bazaar, known for its digital one-stop-shop for insurance products, has recently taken a significant stride in its growth by acquiring a licensed insurance brokerage. This strategic move is set to position Mal Bazaar as a full-fledged insurance service intermediary, enhancing its ability to cater to the diverse needs of its customers.

Since its inception in 2019, Mal Bazaar has been at the forefront of offering a wide array of insurance products that leverage technology for ease and convenience. The startup’s portfolio includes medical, motor, property, and inland cargo insurance, catering to over 60,000 employees across various sectors such as fast-moving consumer goods (FMCGs), pharmaceuticals, and startups.

With the recent approval from the Egyptian Financial Regulatory Authority (FRA), Mal Bazaar has transitioned into a licensed insurance brokerage. The company is currently in the process of piloting its B2B2C insurance platform with a select group of clients. This innovative platform is designed to enrich service offerings and elevate the customer experience by providing employees with access to a broad spectrum of financial products, aligning with Mal Bazaar’s mission to deliver comprehensive insurance solutions.

Abbas Jammal, the founder and CEO of Mal Bazaar, expressed his enthusiasm about the company’s latest achievement: “We are immensely proud of this breakthrough as it not only signals our highest level of compliance but also deepens the strength of our offerings to the Egyptian market. We are excited to scale our innovative ‘My Policy’ management platform, offering clients a seamless and user-friendly experience while managing their corporate insurance policies. This marks yet another step forward towards disrupting the insurance space through digital transformation.”