UAE-based Felix, an insurance e-commerce and automation platform for insurance brokers launched in January 2019, announced that it has closed an $800,000 seed round led by a Saudi Arabian investor with participation from the Oman Technology Fund. This follows a $120,000 investment made by Techstars and GINCO Investments in 2018 and will help the company invest in product development and regional expansion to the Kingdom of Saudi Arabia.
The company’s platform allows brokers to sell motor insurance by automating processes and leveraging the internet for sales and distribution.
“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 Edmond Husseini 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.
“Insurance brokers have deep insurance product knowledge and strong relationships with both their clients and their insurance partners that they’ve built up over many years. With this new round of funding, we’re in a strong position to help them deliver even better value and convenience to their clients by leveraging all the benefits technology has to offer,” said Taline Vahanian, co-founder of Felix.