Nice Deer, an Egyptian insurtech startup, has raised $1 million in a pre-seed round headed by DisrupTech Ventures.
It was established in 2022 and is primarily located in Egypt. By enabling insurance and claim reimbursement, the business hopes to bridge the gap between health care providers, health insurance companies, and citizens.
Nice Deer connects medical service providers with insurance providers and improves contact between doctors and patients through a single-window portal.
Nice Deer’s CEO, Mustafa Medhat, stated that the company’s goal is to become the assisting arm of Egypt’s insurance business, working to bridge the gap between providers and customers through a variety of cutting-edge medical services and solutions in accordance with the integrated insurance law.
The company also makes it easier to approve and disburse medication, radiology, and scan requests, while keeping in mind the demands of insurance documents and not surpassing each beneficiary’s maximum disbursement constraints.
Disruptech VC’s founding partner, Malek Sultan, expressed his pride in the company’s investment in the Nice Deer founding team.
They also believe Nice Deer will be in decent form to back Egyptian government plans to expand the number of private health insurance beneficiaries in Egypt.
Nice Deer will expand its network of health care providers and third-party administrators (TPAs) to reach new markets, particularly small and medium-sized organizations (SMEs).
InsurTech is a catchphrase these days, and it refers to a group of technologies that are poised to disrupt the old insurance sector.
Several insurers have already gone digital in order to provide their consumers with ease, safety, option, and comparison.
Small businesses are looking for innovative, more personalized products, and Insurtech is here to help. All of this is feasible because of AI, as well as the fact that open data is now more accessible.
AI analyses data, allowing previous models to evolve and be combined with new products. Insurtech, on the other hand, has given SMEs more insurance plans.
Finding the best alternative for their business and, for insurance companies, lowering their risks, became simpler.
Egyptian Nice Deer has created an insurtech that integrates healthcare into its system, reducing time for all parties involved.
Featured Image: Nice Deer Co-founders
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