Insurance startup Aqeed raises $18 million, launches officially
Having raised a USD $18 million from its corporate shareholders in a landmark Series A round of funding, Aqeed.com, an insurance aggregator in the region, is now live.
Aqeed.com aims to offer customers transparency, accessibility and simplicity in understanding the insurance options most suited to them, as well as give them access to their portfolio of insurance companies.
The received funding will go towards penetrating the UAE and KSA market, hiring the right talent, and investing in the latest insurance technology.
According to Rachid Abi Nader, CEO of Aqeed, "As an InsureTech veteran myself, Aqeed not only directly addresses problems common to the insurance market, but the concept goes over and beyond insurance aggregators currently in place. Indeed, the team we have put in place for Aqeed has tremendous expertise in both the insurance and technology fields.”
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.”
“As insurance experts, we want to help customers understand what they are buying,” said Hadi Radwan, Chief Product Officer, “That way we can bridge the gap between what they have and what they need. Furthermore, the aim is to bring everything related to their insurance needs onto a singular friendly and efficient platform.”
Abi Nader added, “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.”
“Aqeed is introducing smart InsureTech to improve the life of MENA consumers and we are delighted to be their partner in this exciting journey,” said Patrick Thiriet, Chief Strategy Office of Choueiri Group. “Our capacity to reach out those consumers in the region is certain to be an asset as they gain traction with their unique offering.”
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.