"The insurance industry around the world has seen an amazing shift in the way it operates and the Middle East is no different," said Jon Richards, CEO of compareit4me group. "Users need a quick and easy way to compare car insurance and our proprietary tech will allow them to do just that. Building disruptive technology from scratch isn't easy, we have invested a lot of time and money into the project so it's great to see it on the verge of launching. If we can save users as much as our analysts suggest, customers will save thousands of dirhams each year which is exactly what our team set out to do."This service will compete with Souqalmal, another comparison website in Middle East. compareit4me suggests most users will save 20 percent to 30 percent on their annual premiums, with the process taking no more than three minutes.
With the launch of Google’s anticipated US version of its compare product for car insurance last year in March, many comparison website may cease to exist globally. Google, launched a similar product in the UK in 2012. Alternatively, many of these comparison site may be an attractive option for Google to acquire if they plan to explore these markets.
The announcement of this industry-first initiative comes off the back of an impressive 12 months for compareit4me.com. In September, the company raised $3 million in VC funding, from Dubai Silicon Oasis Authority, STC Ventures, the VC arm of Saudi Telecom and Wamda Capital, which is headed up by Aramex founder Fadi Ghandour.