First online insurance comparison portal to launch in Bahrain

Manama, May 22 (BNA): Bridge Insurance and Reinsurance Brokers W.L.L. (Bridge), Bahraini independent corporate insurance brokers and risk advisers, has announced the launch of its operation in 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. 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. “It is estimated that in the United Kingdom, around 80% 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," Mahmood AlSoofi, Chairman of Bridge, said. David Parker, Executive Director – Business Development – Financial Services, at the Bahrain Economic Development Board (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 third quarter of 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.