Felix, the insurance e-commerce and automation platform for insurance brokers announced that it has closed an $800,000 seed round. The round was led by a Saudi Arabian investor with participation from the Oman Technology Fund. It will help the company invest in product development and regional expansion to the Kingdom of Saudi Arabia.
The COVID-19 pandemic has accelerated the need for digital transformation in the regional insurance sector. Felix has been seeing an increased level of interest from insurance brokers and agents looking to sell online and work on the cloud.
In 2019, Felix changed the way brokers sell motor insurance. The platform allows brokers to automate processes and leverage the internet for sales and distribution.
This funding announcement coincides with the launch of the new Felix software platform for health insurance. Brokers can now automate all their medical insurance quoting activities and provide their clients with an online, self-service platform to research, configure and purchase their health insurance policy.
“We’re excited to be bringing on board strategic partners in Saudi Arabia and Oman at a time when the insurance industry’s shift to digital sales models is accelerating. With their support, networks, and relationships with regional regulators we will continue to deliver best-in-class software and tools for insurance brokers and agents in the GCC,” said co-founder Edmond Husseini.
“Insurance brokers have deep insurance product knowledge and strong relationships with both their clients and their insurance partners that they’ve built up over many years. With this new round of funding, we’re in a strong position to help them deliver even better value and convenience to their clients by leveraging all the benefits technology has to offer,” said co-founder Taline Vahanian.
Previously, the startup raised a $120,000 investment from Techstars and GINCO Investments in 2018.
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