Augmenting Insurance Literacy with Souqalmal
The insurance industry is being disrupted by the ripple effects of today’s digital transformation. Innovation is making its way into diverse sectors around the world, including insurance, and the Middle East and North Africa (MENA) region is no exception.
Bahrain’s forward-thinking government, with its mission to become a digital economy, is actively introducing new legislations that empower and enable emerging technologies such as crypto-assets, blockchain, and insurance aggregators to further enhance the local and global business environment.
In fact, on the 22nd of April 2019, the Central Bank of Bahrain (CBB) issued the draft regulation on “insurance aggregators”. This move was targeted at supporting insurance intermediaries by providing them with an e-broker license. This effectively allows insurance aggregators to launch an online platform to provide the following services:
Price Comparison of Insurance Policies
Facilitating sale of insurance policies on behalf of insurance companies
The support of local regulators towards the entry of tech-led innovation within an otherwise traditional industry, is the first step towards meeting the untapped demand for insurance services highlighted in the Insurance Digitalization Report 2019. Given these transformative changes, the online insurance comparison platform of Souqalmal has great potential of capturing a wide consumer base for digitized services by launching its headquarters in Bahrain.
The Kingdom’s sole regulator recently licensed Souqalmal to provide local customers with the opportunity to explore, compare and buy different types of insurance products, including car insurance.
Ambareen Musa, CEO of Souqalmal tells us about her experience working with “Team Bahrain”
“From day one that we step foot into Bahrain we got a red carpet treatment with the help of the Bahrain Economic Development Board (EDB) to get our license from the Central Bank of Bahrain (CBB) and finally getting introduced to Bahrain FinTech Bay.”
“The great thing about FinTech Bay is that we have serviced offices, meeting rooms and most importantly a huge stamp of credibility around where we are actually situated. On top of that, because of the team running FinTech Bay we very easily got to know the right people at the right places. For instance; meeting the senior management of insurance companies” She added.
Nevertheless, here is how online insurance aggregators like Souqalmal, simplify an otherwise tedious car insurance purchase:
To truly deliver great value to customers, Souqalmal has currently tied up with some of the biggest and most credible insurance providers in Bahrain that consist of Tazur, New India Insurance, GIG Bahrain, GIG Takaful, SNIC Insurance, and Solidarity - with others to come onboard very soon.
Souqalmal Also Benefits Insurance Companies
Souqalmal doesn’t just give insurance providers an advantage in terms of digitization, it also helps them unlock previously untapped market potential through a new, innovative and effective channel for car insurance distribution.
Automatic insurance renewals
In other words, when a car insurance company ties up with Souqalmal, they too can capitalize on the aggregator’s value proposition. With more and more consumers becoming better educated about their car insurance choices, insurers can also tap into repeat business through automatic insurance renewals.
There's another great way insurance companies stand to gain from their collaboration with Souqalmal. With the platform’s insights into customer demand and purchase behavior, insurance companies will be able to use the data to support in-house development of new products that are tailored to consumer needs.