Saudi Insurance Platform Eltizam Raises $666K Expand Services

Saudi Arabia’s Eltizam, an insurance as a service (IaaS) platform, has raised $666,000 via Scopeer, the first crowdfunding platform in the kingdom.

Co-Founded by CEO Hani Al-Malki and Khaled Al Ahmadi, Eltizam aims to leverage artificial intelligence programmes to accelerate the digitalisation of the local insurance brokerage industry.

According to Eltizam, the Saudi insurance market is worth approximately $10 billion and up to 35 percent of operations in 2020 were by insurance brokers.

The startup plans to use the investment to expand its team, develop its operations, and improve its marketing strategies.

Eltizam’s platform will officially launch within the upcoming three months, pending licensing by the Saudi Arabian Monetary Authority (SAMA).