Rasan, an insurtech startup based in Saudi Arabia, has secured SAR 90 million (US$24 million) in a growth stage deal, according to a statement.

The round was led by Saudi Arabia-based venture capital and private equity firm Impact46, the statement said.

Funding will be used to bolster the company’s technology and products, and to diversify Rasan’s insurtech portfolio, including its Tameeni Motor, Tameeni SME Health and Treza offerings. It will also enable the company to scale its business, and “unlock the value of whitespaces” in the insurtech sector, the statement said.

The funding will help to strengthen the company’s “capabilities to build and scale multi-sided platforms as well as improving the customer experience and expanding into new geographical regions,” according to CEO of Rasan, Moayad Alfallaj.

“Tidal wave of opportunities” for Rasan and other insurtechs

Rasan was founded in 2016 by Alfallaj, and provides insurance brokerage and financial solutions. It is the company behind the insurtech platform Tameeni, which offers instant car and health insurance online.

The 2017-established aggregator platform currently has 20 insurance partners, and is built for both consumers and SMEs. So far, the platform has about eight million users, and generates 25,000 leads on a daily basis, the statement said.

Meanwhile, Rasan’s Treza platform works with “major Saudi banks” to support their lease-to-own team for vehicles, the statement also said.

“We see a tidal wave of opportunities building up in this space and the platform is the best equipped company to ride this wave in our region. The next phase of growth will likely entail more sophisticated product development activities catering for different types of insurance policies.

 

Insurance companies have zettabytes of data that are ripe for algorithms to gobble. I can’t think of a better business to benefit from AI more than insurance,”

Abdulaziz Alomran, CEO and Managing Partner at Impact46, said about the insurtech opportunity.

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