Eltizam, a Saudi Arabia-based Insurance-as-a-Service (IaaS) platform, has raised $666k through a crowdfunding round on Scopeer.
Eltizam announced the success of the fundraiser last week, adding that the newly raised capital will help the company to grow its team and fine-tune operations. Founded by Hani Al Maliki (CEO) and Khaled Al Ahmadi (CTO), Eltizam is still in the pre-launch stage. If all goes as per plan, the startup plans on officially launching within the next three months.
It is also undertaking the due process to have the regulatory approval from the Saudi Arabian Monetary Authority (SAMA).
Earlier, Eltizam stated that the Saudi insurance market was sized at approximately SAR 38 billion, of which 35% came from the operations by insurance brokers. The company aims to use state-of-the-art AI technology to fully digitize the local insurance brokerage industry.
Specifically, it is focusing on insurance products spanning multiple industries including automotive, protection and saving, health, and so on.