Having raised $18 million from its corporate shareholders in a landmark Series A round of funding, Insuretech specialist Aqeed.com, is now live
Designed to offer customers a new level of transparency, accessibility and simplicity in understanding the insurance options most suited to them, Aqeed.com aims to disrupt the way in which insurance in bought, managed and serviced by providing access to an unparalleled portfolio of insurance companies.
The funding will go towards penetrating the UAE and KSA market, hiring the right talent, and investing in the latest insurance technology.
Rachid Abi Nader, CEO, said that Aqeed not only directly addresses problems common to the insurance market, but the concept goes over and beyond insurance aggregators currently in place.
Founded by the shareholders behind Barents, an A-rated international Reinsurance group, and Equitrust, a company member of Choueiri Group (MENA’s leading media and advertising group), Aqeed’s vision is to change the way in which customers perceive insurance.
Abi Nader added, “Our aim is to go beyond the traditional and online distribution model and invest heavily in bringing the latest InsureTech innovation, from artificial intelligence, machine learning, Internet of Things, telematics, as well as business process enhancement and automation.”
Hadi Radwan, Chief Product Officer, said that Aqeed will help customers understand what they are buying and bridge the gap between what customers have and what they need. Furthermore, the aim is to bring everything related to their insurance needs onto a singular friendly and efficient platform. “With a frictionless flow of information now making it possible to make choices that are more informed, Aqeed aims to adopt the best of the digital environment while still retaining an intelligent human touch. As a technology company we are focused on making insurance simple for customers. We have designed our solutions to help consumers understand, manage and buy insurance in an easy and transparent manner,” he added.
Abi Nader added that the present technology aims at making each interaction simpler and Aqeed has been conceived as a platform where customers can easily access and manage all their insurance documents in one place, thanks to our unique personalized dashboard. “Our sister company owns an insurance brokerage license, and our UAE call center allows consumers to talk to their own go-to insurance experts. We guide our customers not only through the buying process but also help in the post-sale process, in the event of claims.”
After the launch of its core platform, Aqeed is adding on value for money adjuncts, including the development of a mobile application. Motor insurance is available immediately and Aqeed will be adding Home and Travel insurance to the portfolio very soon. Regional expansion is also high on the agenda with Saudi Arabia being targeted not to mention other MENA countries that are rapidly converging towards insurance and digital adoption.