Top InsurTech Startups in the Muslim World (2025)
Here is a complete list of InsurTech startups in the Muslim world that are transforming Takaful and Islamic insurance. These startups are driving digital Takaful, Shariah-compliant insurance, and AI-powered insurance innovation across the Middle East, Africa, and South Asia.
| Region / Country | Leading InsurTech Startups |
|---|---|
| United Arab Emirates (UAE) & GCC | Bayzat, Aqeed, Souqalmal, Yallacompare, Democrance, Insurion, TadmeenPro, Wellx, Aura Technologies, Marquee, Click2SecureME |
| Saudi Arabia | Rasan (Tameeni, Treza) |
| Egypt | bringy, BlinkApp, Digified, Vlens |
| Pakistan | Wada, Easy Insurance, KarloCompare, Smartchoice, Mawazana, Letcompare, Tez Financial Services, Hefazat Tech, BIMA, MicroEnsure, Salaam Takaful Limited, First Digital Takaful Company, Ozoned, Smartbenefit, Centegy Technologies, Hayaat.pk, Hello Doctor |
| Pan-Africa / Multi-region | BIMA, MicroEnsure (active in Asia and Africa including Muslim-majority countries) |
Business Models by Company
| Startup | Country / Region | Primary Business Model | Go-to-Market / Notes |
|---|---|---|---|
| Wada (Waada) | Pakistan | Multi-channel digital insurer / MGA, embedded insurance | Gig/agent app, virtual call center, API partnerships; instant issuance; underwriting ambition. |
| Easy Insurance | Pakistan | Online aggregator & comparison marketplace | Digital lead-gen; policy purchase support across health, motor, travel, life. |
| KarloCompare | Pakistan | Insurance & finance comparison marketplace | Traffic → quotes → handoff to insurers/brokers; commission/fee model. |
| Smartchoice | Pakistan | No-fee aggregator (comparison + assisted purchase) | Guided sales; carrier commissions; content-driven acquisition. |
| Mawazna | Pakistan | Financial & insurance comparison marketplace | Lead marketplace for multiple categories; public info limited—update if you have official link. |
| Letcompare | Pakistan | Insurance comparison & brokerage (digital) | Quotes → issuance via partner insurers; public info limited. |
| Tez Financial Services | Pakistan (NBFC) | Digital microfinance + embedded micro-insurance bundles | Wallet/telco/partner channels; bite-size premiums; risk-partner carriers. |
| Hefazat Tech | Pakistan | Digital brokerage / TPA platform (public info limited) | Online distribution + policy admin for partners. |
| BIMA (Milvik) | Multi-country (Asia & Africa) | Mobile-based microinsurance & health subscriptions | Telco & wallet partnerships; low-premium, high-scale distribution. |
| MicroEnsure | Multi-country (emerging markets) | Microinsurance distribution via partners | Banking, telco & NGO ecosystems; simplified claims/outreach. |
| Salaam Takaful Limited | Pakistan | General Takaful operator with digital distribution | Telematics (Pay-As-You-Drive), e-commerce & wallet partnerships; surplus distribution per Shariah. |
| First Digital Takaful Company (Pvt) Ltd | Pakistan | Digital-first takaful operator / distributor (public info limited) | Direct-to-consumer online takaful flows; partner embeds. |
| Ozoned | Pakistan | Insurance digitization platform / SaaS (public info limited) | Workflow, onboarding, policy admin tools for carriers/brokers. |
| Smartbenefit | Pakistan | Employee benefits & health insurance SaaS / marketplace | SME benefits admin, insurer integrations, wellness add-ons. |
| Centegy Technologies | Pakistan / Global | Core insurance systems & enterprise software (ISV) | Policy, claims, reinsurance, distribution management software. |
| Hayaat.pk | Pakistan | Health plans marketplace / telehealth tie-ins (public info limited) | Online onboarding; partner-led fulfillment. |
| Hello Doctor | Pakistan (brand variant) | Telehealth with bundled micro-insurance (public info limited) | Subscription & partner billing; value-added services. |
Common InsurTech Business Model Archetypes
- Aggregator / Marketplace: Lead generation, comparison, assisted purchase (commission / referral).
- Digital Insurer / MGA: Underwriting or capacity-partnered, instant issuance, data-driven pricing.
- Embedded Insurance (API): Insurance offered inside non-insurance journeys (e-commerce, wallets, telcos).
- Microinsurance: Low-premium, high-scale products for inclusion; telco/wallet distribution.
- Benefits SaaS / TPA: Employer benefits administration and health networks; per-employee fees.
- Core Systems ISV: Policy/claims/reinsurance platforms for insurers and takaful operators.
