Amenli Bags US$2.3 Million in New Investment Round

Amenli, an Egyptian insurance technology (insurtech) broker licensed by the country's Financial Regulatory Authority (FRA), has pocketed US$2.3 million in a new funding round.

The investment was led by the venture capital arm of the European Bank for Reconstruction and Development (EBRD) and included additional funding from Y Combinator (YC). 

The Cairo-based insurtech offers insurance products for individuals, families, and small and medium-sized enterprises (SMEs). 

The funding will be used to develop technological capabilities and solutions, expand distribution channels, and improve product offerings to digitize customer experiences.  

Since its launch in 2020 by co-founders Adham Nauman, Omar Ezz El Din, and Shady Eltohfa, Amenli has diversified its acquisition channels and increased its retail distribution partnerships by 14 times year-over-year (YoY).  

Egypt, with a population of over 107 million, has one of the lowest insurance penetration rates globally.  

In an interview with Inc. Arabia, co-founder and CEO Eltohfa shared insights on the company’s strategy, the role of technology in increasing insurance penetration, and Amenli’s plans for the future. 

Eltohfa noted that some of the key challenges that insurers have to navigate in the Egyptian market include limited awareness and education — including a lack of knowledge about insurance, trust and transparency issues, social perceptions of insurance, and economic instability and constraints.  

To address these challenges, Amenli is focused on simplifying insurance products and making them more accessible. The company has set a goal of increasing insurance penetration to five percent, to reach a market size of $20 billion. 

A significant aspect of Amenli’s approach is the integration of technology and artificial intelligence (AI) into its operations. “AI allows us to amplify efficiencies within our operations, elevate the customer experience, and drive intelligent automation at scale,” Eltohfa said. “By integrating AI, we’re not only streamlining our processes but also unlocking new possibilities for growth across strategic verticals, positioning us at the forefront of impactful, data-driven solutions." 

On how Amenli differentiates itself, he said, “We offer a seamless online experience for learning about coverage, prices, and details in just 60 seconds." In addition, the company facilitates policy purchases, online renewals, and claims processes without unnecessary complications. This ease of access, combined with dedicated claims support and special discounts from partners, sets Amenli apart in the market. 

The $2.3 million investment in Amenli thus marks a key milestone in its growth, and the company plans to use these resources to expand distribution channels and enhance its products. 

“This investment will be allocated to boost growth through diverse distribution channels, heavily investing in product development to digitize the customer experience for both retail and business insurance,” Eltohfa noted. 

Amenli will also leverage the FRA’s efforts to implement electronic know-your-customer (e-KYC) and eSignature systems. Eltohfa told us that these systems will support Amenli’s operations by digitizing customer onboarding and reducing costs. 

“Amenli will significantly benefit from the FRA's eKYC and eSignature initiatives by fully digitizing its customer onboarding process and reducing operational costs," said Eltohfa. “By adopting these digital solutions, Amenli can accelerate customer onboarding, enhance security, reduce paperwork, and improve customer experience. We do not anticipate any regulatory challenges at all, on the contrary, this year the FRA issued the new Insurance Law that comes with a lot of changes to enable scale and innovation in the space with the purpose of increasing insurance penetration. This perfectly aligns with our ambition and vision to advance insurance and increase its penetration in Egypt.” 

Amenli provides a broad portfolio of business insurance products designed to meet diverse client requirements. These include business medical insurance, corporate life insurance, corporate motor insurance (fleet), professional liability insurance, property insurance, surety and fidelity insurance, freight insurance, and fire insurance. 

“By offering a diverse range of insurance products, Amenli empowers businesses to mitigate risks, protect their assets, and focus on growth and the future of their businesses,” Eltohfa said. 

Moreover, Amenli partners with top service providers in Egypt to deliver tailored solutions for small and medium enterprises (SMEs) and (micro, small, and medium enterprises) MSMEs. These collaborations enrich Amenli’s insurance offerings and help address non-insurance needs for small and medium-sized companies. 

When asked about the top factors that led to Silicon Valley startup accelerator and venture capital firm Y-Combinator's decision to invest in Amenli, Eltohfa said, “Y Combinator recognized Amenli's potential to disrupt the insurance industry. Our focus on solving a significant problem in a large and growing market, along with our experienced and diverse team, made us an attractive investment opportunity.” 

While Egypt remains Amenli’s primary focus, international markets are not off the table. “We’re keeping a close eye on potential opportunities in international markets,” Eltohfa concluded.