The Dubai-based medical insurance technology start-up Bayzat has raised US$900,000 to fund its growth and expand across the UAE.
The private equity investor Beco Capital led the investment, which was Bayzat’s first venture capital fundraising.
It is a comparison website for credit cards, bank loans and car insurance besides health insurance.
With Bayzat, consumers can find and buy appropriate insurance policies, and then manage these through mobile and web platforms, according to Amir Farha, the co-founder and managing partner at Beco Capital.
“The health insurance market is fragmented with many insurance brokers and from the demand side, among employers and employees, there is a huge knowledge gap,” he said.
For the two-year-old start-up, most of Bayzat’s clients are in the small business segment.
The health insurance sector is expected to grow once Dubai’s mandatory health insurance policy kicks in. It is under implementation and residents are expected to be covered next year.
Under the mandate, about 3 million residents would be covered, up from 1 million now. Employers with fewer than 100 employees have until June next year to comply.
Dubai Health Authority also plans to regulate the increase in health insurance premiums from next year to check medical inflation.
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