yallacompare, the Middle East’s leading comparison site, sold over AED 60 million worth of insurance premiums over the course of 2017.
The year saw a massive expansion of yallacompare’s insurance comparison business. Over the course of 2017, over 30,000 car insurance policies were sold through yallacompare, helping the company to double its revenue over 2016.
Some of these policies were of enormous value. The highest premium sold through yallacompare in 2017 was worth AED 166,500 – for a McLaren P1 valued at AED 9 million. In 2017, yallacompare insured 135 different nationalities – 70% of the 193 nationalities recognised by the UN.
These stellar figures have been made possible by the new, 120-person call centre that yallacompare launched in May to service its quickly growing insurance business. That call centre has made over 575,000 calls this year, with agents spending a combined total of 6.6 years on the phone.
“To say that our insurance business has been successful this year would be an understatement – according to PayFort, our payment gateway, we now account for 70% of all online insurance sales in the GCC. However, there’s still room to grow – we believe that we account for less than 10% of the UAE’s overall insurance market, so we expect to maintain this momentum in 2018 as more and more consumers turn to insurance comparison for better deals,” said Jon Richards, CEO of yallacompare.
“On top of that, we’ll be launching insurance comparison in three new markets in the coming year, allowing more consumers around the Middle East to save time and money. And in the UAE, we have big announcements on health insurance to make in the coming months.”
As well as improving its insurance business, yallacompare hit a number of milestones throughout 2017. The company raised $4.1 million in venture capital as part of a larger Series B round of funding due to be completed in the coming months. Still, as things stand, yallacompare has raised over $10 million in venture capital funding to date. The company also successfully rebranded from compareit4me.com to yallacompare, creating an infinitely more recognisable brand that travels perfectly between the nine markets in which yallacompare operates.
Meanwhile, yallacompare’s banking comparison business thrived this year. The company served well over 2 million individuals in the UAE alone, and processed over 61,000 banking applications.
yallacompare was also recognised with several industry awards in 2017, having picked up the SME of the Year title at the Arabian Business Start-Up Awards, the Market Penetration Award at the Entrepreneur Middle East Enterprise Agility Awards, and was named one of the Top 10 Startups In The Arab World by Forbes Middle East. Likewise, the World Economic Forum included yallacompare in its roundup of the Arab World’s Top 100 Startups.
Meanwhile, yallacompare organised its own awards programme in 2017, the yallacompare Banking Awards H1 2017. This initiative saw yallacompare poll over 3,500 UAE residents on their favourite financial institutions and products, and award the UAE’s leading banks for excellence in customer service. In 2018, yallacompare will introduce the first Banking and Insurance Awards, which will again be voted on by the public, and will culminate in a gala dinner to be held on February 6 at The Address Dubai Marina.