KSA - Eltizam raises SAR 2.5 m for its ins. Marketplace
Saturday, 05 29 2021, Category: Insurance and Reinsurance, Country: Saudi Arabia
Saudi Arabia-based insurance as a service (IaaS) platform that Eltizam, has raised SAR2.5 million ($666,000) via crowdfunding platform scopeer.
Founded by Hani Al Malki (CEO) and Khaled Al Ahmadi (CTO), Eltizam looks to digitise the local insurance brokerage industry leveraging artificial intelligence (AI) technology. It offers insurance-related products spanning across different industries, such as automotive, health, protection and savings, among others.
Al Maliki was previously the CEO of brokerage insurance company Sanad Al Wakalah, which was founded in 2016. Earlier this year, the company pivoted to become a tech-enabled insurance provider.
According to the startup, the Saudi insurance market is worth around SAR38 billion. As much as 35 per cent of last year’s operations were by insurance brokers.
The company plans to use the fresh funds to grow its team, fine-tune its operations, as well as improving its marketing efforts, Al Maliki told Wamda.
The platform will officially launch within the next three months, and is soon to be licensed by Saudi Arabian Monetary Authority (SAMA).