Pakistan’s Waada Buys Rival Firm to Become Top Insurance Startup

Waada has acquired MicroEnsure Pakistan, a subsidiary of MIC Global, in an all-stock buyout. The online insurance startup did not disclose the deal’s value. Waada also announced the completion of a $1.3 million seed round from local angel investors.

The company’s in-house platform enables anyone in the country to virtually sign-up, watch training videos, qualify as a gig agent and get policies issued within minutes.

The need is to automate every process, from underwriting to policy issuance, from leads management to commissions & claims, in order to empower agents to focus on selling and not the admin. “Insurance is about selling a future promise, hence, establishing that trust to fulfill that Waada is crucial in distribution”.

Waada’s goal is to add customers through online sign-ups and to distribute 10 million policies within three to five years. The country’s insurance penetration rate is only 0.7 percent, trailing that of its Asian neighbors.

Waada’s goal is to become the leading brand of insurance in the country, distributing 10 million policies in the next 3 to 5 years.

Airlift Technologies, which raised Pakistan’s largest round, ceased operations in July. Vitol’s used-car venture VavaCars exited the market this year and commute provider Swvl Holdings closed daily operations.