The insurance industry in Iran, one of the vital sectors of the country’s economy, has witnessed significant transformations in recent years. Among these shifts, the rise of startups stands out as a key factor, reshaping how insurance services are provided and making access to policies faster and easier. These startups, typically operating with innovative and technology-driven approaches, aim to reduce complexity, improve accessibility, and create a simpler and smoother experience for customers. Today, in a society that requires digital and online services more than ever, insurance startups are particularly focused on addressing these needs. Understanding the leading insurance startups in Iran can help improve awareness and enhance the services offered by these companies.
Traditionally rooted in paper-based processes and relationships with large insurers, the insurance industry has now entered a new era with the digitalization and adoption of advanced technologies led by startups. These startups have developed online platforms and mobile applications, allowing direct customer access for purchasing, comparing, and managing insurance policies. Insurance startups are expanding their share of the market by offering innovative services and striving to provide insurance processes in the simplest and fastest way possible.
Many of these startups are working to digitize insurance processes, leverage data mining to suggest suitable policies and utilize artificial intelligence to predict customer needs and offer personalized recommendations. Overall, these companies aim to revolutionize the relationship between insurers and the insured, pursuing benefits such as cost reduction, simplified processes, and improved user experiences. Additionally, these startups provide online platforms that allow consumers to compare prices and conditions across different insurance providers, enabling them to make more informed and suitable choices.
Challenges Facing Insurance Startups in Iran
Despite the significant growth of insurance startups in Iran, they continue to face numerous challenges. Some of the most important challenges include:
- Legal and Regulatory Barriers: The insurance industry in Iran is subject to complex regulations that may pose obstacles for startups in their growth trajectory. For example, many startups must collaborate with large and reputable insurance providers to operate within this space, and such partnerships can sometimes entail specific complexities.
- Customer Trust: Since the insurance industry has traditionally relied on personal relationships and customer trust in established companies, startups need considerable time and effort to gain user trust.
- Public Awareness and Education: Many people remain unfamiliar with online insurance services and their benefits. Startups must invest in creating public awareness and educating consumers about the advantages of digitizing insurance processes.
Leading Insurance Startups in Iran
- Core Service: A platform for insurance inquiry, comparison, and online purchasing
- Founder: Bahareh Sharifion
- Year Established: 2016
Bimeh.com is one of the prominent startups in Iran’s Insurtech (Insurance Technology) sector, providing various insurance services to its users. To simplify the process of selecting and purchasing insurance, Bimeh Dot Com has effectively addressed individual and business insurance needs through its online solutions.
The platform integrates various insurance offerings from over 20 providers, enabling users to compare prices and coverage and make the best choice. Bimeh Dot Com also features 24/7 support and consultation services for customers.
Bidbarg
- Core Service: Free legal consultation and insurance purchasing
- Founder: Hossein Hosseini Tabar
- Year Established: 2014
Bidbarg is an emerging startup in Iran that has gained traction in specialized areas such as insurance, taxation, and legal consultation despite being relatively new to the industry. Operating out of the Technology Tower at Amirkabir University, Bidbarg focuses on providing consulting services across diverse fields, including insurance, labor law, and taxation.
Its main aim is to improve public awareness and facilitate access to specialized consultations, helping individuals and businesses make more informed decisions in areas like legal, financial, and insurance matters. By employing a team of expert professionals, Bidbarg has successfully addressed complex problems while delivering efficient consulting services in these domains.
iToll
- Core Service: Online purchase and renewal of vehicle insurance
- Founders: Saeed Hashemi, Shahin Shahmir, Amirhossein Abiri
- Year Established: 2018
iToll is an innovative and comprehensive platform designed to streamline access to vehicle-related services for users. It allows customers to manage various vehicle-related tasks in one place, such as paying tolls, reviewing payment statuses, and utilizing other vehicle services. iToll essentially acts as a gateway to a range of services tailored to fulfill users’ vehicle-related needs quickly and conveniently.
Bime Bazar
- Core Service: Online insurance sales service
- Founder: Mohammadreza Farahi
- Year Established: 2016
Bime Bazar is one of Iran’s leading Insurtech startups, enabling users to compare and purchase various insurance policies online from trusted companies regulated under Iran’s Insurance Central. The platform simplifies and expedites the process of buying insurance. With just a few clicks, users can compare different options and place orders online, receiving the policy at their preferred location.
Bime Bazar also offers online consultations to help users select the most suitable insurance policy, thus contributing to the promotion of insurance culture and the adoption of digital insurance services in Iran.
Azki
- Core Service: Online insurance sales service
- Founders: Tim Latif and Hamed Valipour (co-founder)
- Year Established: 2014
Azki is a leading Insurtech startup in Iran that has quickly gained significant traction in the online insurance market. Since its founding in 2014, Azki has offered users the ability to compare and purchase insurance policies online from reputable providers.
In 2019, Azki merged with Bimito, another startup active in the online insurance space, forming a stronger and more integrated platform for delivering digital insurance services. Bimito officially became part of Azki’s operations under its branding in 2021.
Known for its extensive advertising campaigns on urban billboards and television, Azki has successfully established its brand in the minds of consumers. Offering policy comparison features, Azki makes it easy for users to select and purchase insurance products like auto, life, health, and fire insurance online.
Noteworthy, Azki has expanded its activities into other areas beyond insurance. Through the launch of Azki Loan, it has entered the LendTech (Lending Technology) space. This move enables Azki to provide financial and credit services to its customers, broadening its scope beyond insurance. Today, Azki is a pioneer in both Insurtech and LendTech in Iran, combining modern technology with financial services to create a novel and comprehensive user experience.
WePod
- Core Service: Digital banking and financial services, including insurance
- Founder: Dotis Arian Qeshm (Dotin)
- Year Established: 2020
WePod is a modern platform in fintech and banking that offers various financial and insurance services. Its goal is to provide smart, digital tools so customers can access services like insurance and financial management more easily and efficiently. WePod, with its focus on Insurtech, enables users to explore and select insurance policies while using advanced data analysis and technology to improve the overall user experience.
Through its innovative approach, WePod aims to simplify complex processes in insurance and finance while providing quick and optimized access to information for its users.
