Dubai-Based Insurtech Startup Sehteq Appoints Dr. Hazem Al Madi As Managing Director As It Looks To Gain A Larger Foothold In The MENA Region
With the appointment of Dr Hazem Al Madi as its new Managing Director, Sehteq is all set to enter a new chapter in its growth trajectory.
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Dubai-based insurtech startup Sehteq has announced the appointment of Dr. Hazem Al Madi as its new Managing Director.
According to Sehteq co-founder and Chairman Dr. Saif AlJaibeji, Al Madi will be leading the company to its next stage of growth. "We've completed Sehteq's first phase, and Sehteq 2.0 has been launched under Al Madi's leadership," he said. "He's a well-reputed healthcare leader and insurance expert, and his continuous success represents a valuable asset to the team."
With its insurtech services being used by over 750,000 users so far, Sehteq recently secured US$23 million in a funding round led by Dubai-based seed-stage and growth stage venture capital firm 971 Capital to further its growth ambitions.
In an interview with Entrepreneur Middle East, Al Madi mentioned that it was the innovative approach displayed by Sehteq as well as the growth displayed by the startup that drove him to join the company.
"Sehteq is the new face of innovation in the industry, thanks to its unique DNA structure consisting of insurtech, operation scalability and bold vision," Al Madi said. "Personally, I've been watching the startup's rapid growth and unorthodox business model since the beginning, and initially, I had my own doubts. It's unheard of that a startup acquires half of the market, and pushes out other players from the marketplace. But Saif and I have also worked together in the past, and I had a consulting gig with Sehteq to assess their technical and technological assets, and I was impressed," he added.
Under Al Madi's leadership, Sehteq is all set to have two major business verticals: a health insurance and claims management unit, and a regional insurtech offering. "I launched techcelerate, a massive reengineering project with multiple work streams, to execute the vision of the founders and build an enterprise," Al Madi further elaborated. "We will make all of our insurance technology solutions available to the market in UAE and the wider region. CEOs of insurance, reinsurance as well as insurance industry affiliated companies will have an option to access state of the art technology with a service as a software (SaaS) model."
The former Chairman of the Life and Medical Technical Committee of Emirates Insurance Association, Al Madi has over two decades of executive experience in the MENA insurance market, and has previously been the Executive Vice President at Dubai-based insurance company Oman Insurance.
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