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Bahrain’s first online insurance comparison portal is in the process of being launched, according to a company providing independent insurance brokerage and consultancy services.
Bridge Insurance and Reinsurance Brokers (Bridge) say it will be the first InsurTech launch of its kind in the kingdom and will add ‘further momentum’ to Bahrain’s fast growing status as a regional FinTech hub.
Mahmood AlSoofi, chairman of Bridge said: “It is estimated that in the UK, around 80 per cent of insurance is sold online, in our view the region with its young population and strong fundamentals for e-commerce will quickly move towards matching this.
“We believe that the comparison portal, which makes the process of obtaining and comparing unbiased insurance quotes quicker and more convenient, will also play a major role in driving acceptance of the internet as a sales channel in the kingdom.”
The company, having obtained approval from the Central Bank of Bahrain, has also received support from the Bahrain Economic Development Board (EDB). David Parker, executive director – Business Development – Financial Services, at the EDB, said: “As the region’s longest established financial services centre, with a strong ICT infrastructure, skilled local workforce, and robust supportive ecosystem for innovation and entrepreneurship, Bahrain is well placed to provide a testing ground for companies like Bridge.
“We are pleased that we have supported Bridge to setup operations in the kingdom and we look forward to see them succeed and expand across the region from their base here in Bahrain.”
The portal is expected to launch online in the autumn. It will support the comparison of product prices and coverage in line with their specified search criteria at the click of a button.
Salah AlMaraj, Bridge executive director and CEO, added: “With the portal I believe we have a clear opportunity to provide an exciting new solution that can benefit all stakeholders and marks a new approach to buying insurance.”
