THE PHENOMENON OF ONLINE INSURANCE AGGREGATORS IS NOT NEW, BUT IT HAS BECOME IN RECENT YEARS A TRENDY BUSINESS MODEL WITH THE ADVENT OF TECHNOLOGY AND THE WIDESPREAD USE OF SMARTPHONES.
In an industry ripe for disruption, the distribution channel of insurance products has become increasingly diverse, with one goal in mind: The consumer. The rise of online insurance aggregators has enabled consumers to make more informed decisions than simply going to their brokers to manage the whole cycle.
In early 2003, the UK was the first to pioneer the online insurance aggregation concept. As more and more success started to pour in, the aggregation business model started to spread to other countries including Germany, France, Italy and the US, to name a few. Now, 50% to 60% of insurance policies are transacted through online aggregators (especially motor and personal lines) in the UK.
This trend is expected to continue as more of the world’s population will become internet connected and own a smart phone.
A young Lebanese entrepreneur is capitalizing on this trend. He has revamped the same business model but in an underdeveloped country, where rapid growth is imminent.
Meet Talal, the co-founder of Bayzat, an online technology platform and insurance aggregator based in Dubai. Bayzat is a platform where you can compare, buy and use your health insurance. It is capitalizing on a growing worldwide trend, aggregation. But more importantly, Bayzat and the team behind it want to make health insurance transparent, easy to use and simple.
Recently, Bayzat has received $1 million to expand its services and reach across the UAE.
We had the chance to talk to Talal and understand more about his startup, Bayzat.