Dubai-based insurance company platform Klaim has made a leap forward for the late summer season with $ 1.6 million in new funding days since being selected as the winner of the UAE innovation contest. I got off to a good start.
Launched in 2019, Klaim’s mission is to help healthcare providers receive the amount they have to pay on time. It may seem trivial, but the company is trying to solve a big problem. According to a complaint analysis, UAE insurers take an average of 113 days to reimburse providers for unpaid medical claims. In 10% of cases, this period can even take a year or more.
Karim Dakki, co-founder and CEO of Klaim, said this is a serious industry impact as capital affiliated with insurance companies cannot invest in improving the quality of care.
That’s where Klaim comes in. The company provides healthcare providers with factoring as a service offering. This allows healthcare providers to pre-purchase healthcare bills in exchange for liquidity and prioritize quality healthcare to expand their practice. Klaims’ technology-enabled platform, on the other hand, handles the complete medical bill refund process in a fast and effective way.
Factoring is nothing new to the Middle East, but proposals are usually limited to large Middle Eastern companies, Ducky said. We make the process very accessible and specific to the needs of the healthcare provider.
Crime, which had previously raised $ 1.1 million, raised another $ 1.6 million before a Series A round led by Saudi Arabia’s Mada Investments. Additional investors include Arzan Venture Capital, Wealth Well and Techstars. The capital will be used to expand the platform, support further growth in the United Arab Emirates and enable expansion into the Saudi Arabia and US markets.
Meanwhile, last week Klaim was also named the winner of the KPMG Tech Innovator in the UAE competition. Klaim was one of the five technology scale-ups that reached the final and stood out as a natural winner with innovative technology, business models, and the potential to scale up globally, said KPMG Lower Gulf’s partner. Anurag Bajpai explained.
Finalist marketing was scrutinized across six equally weighted criteria: disruption and innovation, market potential, customer recruitment, market traction and marketing, long-term potential, and marketing quality.
As the winner of the United Arab Emirates edition, Klaim will be competing in KPMG’s Global Tech Innovator Competition Final in Lisbon this November. In Portugal, InsurTech competes with contest winners from 16 countries.
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