By now, you’ve probably heard of the exciting launch of the first online insurance comparison portal in Bahrain by Bridge Insurance and Reinsurance Brokers W.L.L. The company currently provides insurance brokerage and consultancy services to individual and corporate clients that are comprehensive and cost-effective.
This portal is considered to be the first of its kind in the InsurTech sector of its kind to be launched in Bahrain. This adds further momentum to the country as it continues to be a fast-growing FinTech hub in the region.
Still unsure as to why this is a big deal? Well, Startup MGZN spoke to Mahmood AlSoofi, Chairman of Bridge where he shared with us some valuable insights on how this InsurTech is going to disrupt the insurance sector in Bahrain.
- Finding your perfect insurance has never been easier. We get it, finding a suitable insurance plan can be a pain – it’s time-consuming and energy draining. This is why you’re going to like this portal. According to AlSoofi, the online insurance portal will allow consumers to conveniently compare insurance quotes and covers under one platform. The aim of the portal is to present the market with various products offered by different insurance companies, in addition to illustrating the key areas of cover in a suitable and simple way. Best part of it all? Users get to complete the full transaction within minutes! “It’s basically your go-to-app for insurance,” AlSoofi tells us.
- You’ve got a variety of choices. Before AlSoofi launched the portal, he was fascinated with how much people are willing to spend and rely on their insurance, yet be completely unaware of the insurance options in the market. People either went overboard with their spending or had insufficient insurance covers. But with Bridge’s online portal, you don’t have to worry about that anymore – you’ve got an entire platform on the palm of your hands and all you have to do is tap!
- It starts with efficiency. “As insurance advisors, we aim to provide quick, unbiased, and diligent advice to our clients,” AlSoofi says. The main purpose of Bridge’s online portal is to facilitate a platform which allows consumers to conveniently compare insurance quotes and get the best price and cover. This way, the user gets the best results, in little to no time.
- Let’s bridge that gap. AlSoofi tells us that there’s a gap between what is currently available in the market and what customers are buying – this, in turn, leads to an insufficient insurance cover and a lot of money gone to waste. Bridge’s online portal will basically help close that gap by bringing everything into one platform. “Our goal is to make insurance easy, give customers simplicity in understanding what they are actually buying,” AlSoofi says. He adds that they’re also aiming to enhance the process of buying insurance and to provide more automation.
- It’s all about digitization. Let’s be realistic here, we’re surrounded by technology, and want or rather need information or services in a blink of an eye – or else we get irritated and frustrated. So it’s only natural if consumers desire for affordable and high-quality digital services, and this can’t be met with our traditional business models, can they? According to AlSoofi, the consumer’s needs can only be met by embracing data analytics including peer-to-peer insurers, telematics, and the use of digital algorithms. AlSoofi also tells us that investing in the right infrastructure helps meet the demands of consumers. “From Bridge’s perspective, we aim to work closely with our peers in the insurance industry to develop new concept and product, he says. Oh and let’s not forget about the wonders of blockchain! AlSoofi says that embracing blockchain and the accessibility of data could be drivers for innovation.
The portal is expected to officially launch online in the third quarter of 2018. We don’t know about you but we’re incredibly excited to see this first InsurTech to kick off in Bahrain!