A Dubai-based medical insurance technology start-up has secured Series A funding from a number of investors including regional venture capital firm BECO Capital.
Bayzat, a cloud-based platform that simplifies the process of finding the most suitable medical insurance, has received total of AED3.67 million ($1 million) to expand its services and reach across the UAE.
BECO Capital was joined by a number of private investors in raising the money.
Speaking about their new investment, Amir Farha, co-founder and managing partner at BECO Capital, said: “We might be looking at a real game-changer for comparing, buying and using medical insurance in the region.
“Bayzat has the first mover’s advantage in a market that is thirsty for deciphering complicated policies, providing more transparency and simplifying the management and use of the healthcare insurance policies and hospital networks.
“We are very impressed with the company’s easy-to-use platform and the potential it presents. More importantly, we have been amazed by the team behind Bayzat and its vision for the company.”
The investment is BECO Capital’s first investment in a healthcare technology firm since it was launched three years ago.
According to their research, the medical insurance technology market in the region is nascent, but is expected to grow exponentially with the growth of the insurance sector.
The current insurance premium market in the UAE is estimated at $2.7 billion, and with the Dubai Health Insurance Law currently being rolled out, the health insurance sector is expected to grow by over 10 percent in the coming year.
The Bayzat healthcare insurance technology solution is particularly gaining momentum with both regional and multi-national conglomerates, which are able to offer their employees quick and efficient access to information about their tailored insurance packages, the approved network of healthcare providers, as well as claim forms, handbooks and documents.
Explaining the solution’s further benefits, Talal Bayaa, co-founder and CEO of Bayzat, said: “Our research showed that HR managers, employees, businesses and insurance companies were in real need for an easy, efficient and cost-saving solution that simplifies the process of understanding the insurance plan and medical network.
“We wanted to change the way families, employees and employers think about health insurance.”