August 4, 2017
MEDICI now! Startup Stories highlights the companies that are shaping the new financial technology industry. Keep an eye out each week for new stories! If you or someone you know should be highlighted, send us a note. Without further ado…
Company Name: Bayzat
Name /Title: Talal Bayaa, CEO & Co-founder
Industry Segment: Health Insurance & Human Resources Technology
Target: Market(s): UAE
LTP: Tell us a little bit about yourself.
Talal Bayaa: I’m Talal, CEO and Co-founder of Bayzat. Before setting up Bayzat, I worked for a private equity and corporate finance firm, followed by two years at an investment bank. After sensing an opportunity in the financial products market, I started Bayzat with my school friend and Co-founder Brian Habibi. Although I’ve grown up and studied in Dubai, I completed my degree in bioengineering at the University of California, Los Angeles, USA. During my free time, I enjoy being outdoors and traveling.
LTP: Give us a paragraph pitch of your company.
TB: Bayzat was created to cure insurance through technology and transparency. Our platform is the first one-stop-shop to offer a real-time comparison of health insurance rates in the UAE and help clients use their health insurance policies online. More recently, we have introduced HR administration services that help companies automate all their admin work from data entry to managing employee records.
LTP: In a sentence or two, what problem are you solving today?
TB: We are curing insurance of its opacity through technology. Through Bayzat Benefits, policyholders are able to find out what hospitals are in their network, learn about their benefits, and connect direct to specialists by checking their symptoms online.
LTP: Who are you selling to?
TB: We are selling to small/medium-sized enterprises and any individuals who require health insurance coverage.
LTP: Why did you start the company?
TB: Health insurance is a complicated and unloved industry that hides behind manuals of paper and policies that are never straightforward. I wanted to create a product that would bridge insurers and the insured, giving companies and individuals the opportunity to know and understand their policies intimately without needing to consult their insurer or their HR.
LTP: What's the most important change coming to your segment in the next 3-5 years?
TB: While it’s happened quite rapidly in the western world, I think that over the next few years, automation is going to explode. More and more industries will look to streamline their businesses through automation across all departments.
LTP: What’s your next milestone?
TB: To keep adding products to our HRMS, and offer software that automates all areas of administrative work.
LTP: What's one thing you wish customers knew before a sales meeting?
TB: Knowing that regardless of what you’ve been told, insurers do not offer discounts or different premiums through brokers. If more customers had this knowledge, it would mean less convincing them of the facts. Thus, the demand would lean more towards the added values provided, which would improve the industry standards and benefit clients in the long term.
LTP: Anything else you want to say to our audience?
TB: Thanks for reading this far into our post! If you are interested in our services, please check our website at www.bayzat.com. If you are simply interested in everything going on at Bayzat and would like to talk more about it, please feel free to reach out to us at email@example.com.
If you’re interested in getting tailored health insurance, do your research. Our platform can help you benchmark premiums and coverage from different providers. Being informed is crucial to securing the best policy for you, your family, or your company.
LTP: What keeps you awake at night?
TB: Thinking about limitless opportunities offered by technology that will simplify and empower lives. There is so much that can be done to automate and improve the lives of people in the Middle East. I hope that other entrepreneurs will pick up the mantel and introduce new and exciting technology to the region.
LTP: Thank you, Talal!
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