Wednesday 23, May 2018 by Jessica Combes

First online insurance comparison portal coming to Bahrain

 

Independent corporate insurance brokers Bridge Insurance and Reinsurance Brokers (Bridge), has launched in the Kingdom of Bahrain 

Having obtained approval from the Central Bank of Bahrain (CBB), the company which currently provides insurance brokerage and consultancy services, is in the process of launching Bahrain’s first online insurance comparison portal. 

“It is estimated that in the United Kingdom, 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,” said Mahmood AlSoofi, Chairman of Bridge. 

The new insurance comparison portal is the first insurtech launch of its kind in Bahrain and adds further momentum to the Kingdom’s fast-growing status as a regional fintech hub.

“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,” said David Parker, Executive Director, Business Development – Financial Services, at the Bahrain Economic Development Board (EDB).

The portal is expected to launch online in Q3 2018, and will enable customers to make informed insurance decisions. The portal supports the comparison of product prices and coverage in line with their specified search criteria at the click of a button.

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