Waada
Waada is a Karachi-based insurtech platform offering Shariah-compliant micro-insurance (accident, health, life, mobile) distributed via telecom operators, microfinance banks, e-commerce, and gig agents to mass-market consumers in Pakistan and Saudi Arabia.
- Company typePrivate
- Founded2020
- HeadquartersKarachi, Pakistan
- Headcount1–10
- GTM typeB2C
- OfferingServices
What Waada does
Waada is a Karachi-headquartered insurtech founded in 2020 that designs and distributes Shariah-compliant (Takaful) micro-insurance products to mass-market consumers in Pakistan and, more recently, Saudi Arabia. Its core product set comprises Personal Accidental Insurance, Hospital Cash, Life Insurance, and Mobile Phone Insurance, priced as low-cost daily subscriptions (e.g., PKR 2-20/day for accident cover, PKR 1.5-15/day for hospital cash) that are deducted from mobile airtime or paid via digital wallets, making the products accessible to low-income segments traditionally excluded from formal insurance in a market where penetration is roughly 0.7%.
Under the hood, Waada operates an in-house technology stack including a custom CRM and policy management system, a proprietary VOIP platform powering its virtual call center, an agent web/mobile application for its gig agent distribution channel, an embedded insurance API for e-commerce partners, and an auto-underwriting point-of-sale system intended for bank-led distribution. Distribution is multi-channel: Waada partners with all four major Pakistani telecom operators (Jazz, Zong, Telenor, Ufone) plus PTCL for airtime-deducted sales, with microfinance banks (Khushhali Bank, Ubank, Advans, Apna Bank, Kashf Foundation) for health plans, with PriceOye for checkout-embedded mobile device protection, with Telemart for repair claims servicing, and with ride-hailing platforms (Yango, Careem, inDrive). Underwriting risk is carried by third-party carriers including Habib Insurance, EFU, Jubilee, and Alpha Takaful.
The company monetizes through distribution commissions on policies sold across partner channels, pay-as-you-go premium collection (often via airtime deduction), and a stated forward plan to obtain its own digital insurer license to underwrite risk directly. In 2022, Waada acquired MicroEnsure Pakistan in an all-stock transaction, expanding its combined customer base to roughly 1.5 million at that time. The company claims 8.35 million active policy holders and 3 million+ lives covered as of the most recent disclosures, although no revenue figures have been publicly reported. Operations have been extended to Saudi Arabia in 2024 with local partners including Emirates NBD, Bank AlBilad, Malath, and SAIB.
Waada firmographics
Firmographics- Name
- Waada
- Legal name
- Waada Digital Private Limited
- Website
- https://waada.pk
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Waada is a Karachi-based insurtech platform offering Shariah-compliant micro-insurance (accident, health, life, mobile) distributed via telecom operators, microfinance banks, e-commerce, and gig agents to mass-market consumers in Pakistan and Saudi Arabia.
- Ownership category
- akta.pro rank
Waada industry classification
Industry- Product category
- Insurtech Platform
- NAICS
- Insurance Carriers and Related Activities (524), Direct Life Insurance Carriers (524113), Direct Health and Medical Insurance Carriers (524114), Direct Insurance (except Life, Health, and Medical) Carriers (52412)
- SIC
- Life Insurance (6311)
- akta.pro primary industry
- Takaful Bancassurance (Islamic Insurance Distribution) (FSABAGAM)
Keywords
Where Waada is headquartered
LocationHeadquarters
- HQ city
- Karachi
- HQ country
- Pakistan
- HQ region
- Asia
Offices1 record
Markets served
Waada business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Premium Collection via Airtime Deduction: Insurance premiums collected through mobile airtime deductions for telecom-embedded products. Subscription fees automatically deducted from subscriber's mobile balance.
- Distribution and Commission Fees: Revenue generated from distributing insurance products through partner channels including telecom operators, banks, and retailers. Commissions earned on each policy sold.
- Insurance Underwriting: Plans to acquire digital insurer license to underwrite policies with own technology, distributed through retail banks under Digital Insurer Model.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Pay-as-you-go | Accidental Insurance Plan - Daily premium from PKR 2-20 with coverage up to PKR 2,000,000 |
| Subscription | Pay-as-you-go | Hospital Cash Insurance Plan - Daily premium from PKR 1.5-15 with daily benefits up to PKR 10,000 |
| Subscription | Pay-as-you-go | Life Insurance - Daily premium from PKR 2.5-12.5 with death benefit up to PKR 500,000 |
| Subscription | Pay-as-you-go | Mobile Phone Insurance - Coverage up to PKR 100,000 for theft/damage |
| Subscription | Annual | Khushhali Tahafuz Health Plans - Annual premium PKR 490-2,990 |
| Subscription | Monthly | PTCL Health Insurance - Monthly premium PKR 250-1,000 or free for 50Mbps+ |
| Subscription | Pay-as-you-go | Jazz Handset Insurance - Daily premium PKR 2-10.50 |
Go-to-market motion2 records
Distribution channels7 records
Marketing channels8 records
Waada product offering
Product offeringCore offering
Waada is a digital insurtech that sells Shariah-compliant Takaful micro-insurance products — Mobile Phone Insurance, Hospital Cash Insurance, Life Insurance, and Personal Accidental Insurance — to mass-market Pakistani and Saudi consumers. Products are distributed through telecom airtime deductions, microfinance bank branches, e-commerce checkout APIs, a gig-agent mobile app, and direct call-center sales. Revenue is generated primarily via commissions from underwriting partners and embedded-insurance distribution fees.
Product overview
Waada is a digital insurtech platform offering a portfolio of micro-insurance products including Mobile Phone Insurance, Hospital Cash Insurance, Life Insurance, and Personal Accidental Insurance, all structured as Shariah-compliant Takaful products. The company operates through multiple distribution models: Virtual Call Center (telecom partnerships), Gig Agent Model (retailer/agent app), Digital Insurer Model (bank distribution), and Embedded Insurance API (e-commerce integration). Core products are supplemented by telehealth services and companion mobile/web applications. The platform emphasizes quick claim settlement (48-72 hours), digital enrollment, and accessible pay-as-you-go premiums.
Differentiator
Problem solved
Functional benefit
Brands
- Waada MicroEnsure: Subsidiary brand acquired in 2022, focusing on microinsurance distribution through telecom partnerships
Products and services
- Mobile Phone Insurance Shariah-compliant Takaful cover for mobile phones against theft, loss, and screen damage (including any-damage screen replacement). Provides a lump-sum benefit for theft/loss and claim settlement targeted within 72 hours, targeted at mass-market and e-commerce device purchasers.
- Hospital Cash Insurance Daily cash benefit plan for hospitalization, with ICU/CCU coverage paying double the daily hospital benefit. Covers inpatient stays, intensive care, accidental outpatient services and includes reimbursement options. Designed for telecom-embedded or microfinance distribution with pay-as-you-go premiums.
- Life Insurance Shariah-compliant life cover paying a lump sum to beneficiaries on death (natural or accidental), with double payout on accidental death. Includes 24/7 doctor helpline access. Daily premiums from PKR 2.5–12.5 delivering up to PKR 500,000 in coverage.
- Personal Accidental Insurance Financial protection against accidental death, permanent total disability, temporary disability, and accidental medical reimbursement via lump-sum payouts. Daily premiums range from PKR 2 to PKR 20 with coverage up to PKR 2,000,000, including funeral coverage.
- Used Mobile Phone Takaful Takaful cover extending Mobile Phone Insurance to pre-owned/used devices, available through Waada's shop channel with the same Shariah-compliant protection against theft, loss, and screen damage.
Quantifiable outcome
- 8,355,271 active policy holders
- +3 more outcomes
Companies that use Waada
Customer profileNamed customers10 records
Segments5 records
Ideal customer profiles4 records
Waada technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature5 records
Waada partnerships and signals
Strategic signalPartnerships
24 partnerships are on record, tiered core and minor.
- MicroEnsure PakistancoreAcquired MicroEnsure Pakistan in an all-stock transaction, making Waada the largest player among technology-led insurance startups in Pakistan. The acquisition expanded the combined customer base to 1.5 million and enabled distribution of 10 million policies within three to five years.
- JazzcoreWaada has partnered with Jazz bringing exclusive insurance products including Waada Handset Insurance, Waada Health Insurance, and Waada Accidental Insurance to Jazz customers through airtime deduction.
- ZongcoreWaada partnered with Zong to bring innovative insurance and protection products including Accidental, Hospital Cash, Life & Mobile Insurance to Zong customers.
- TelenorcorePartnership with Telenor offering Sehatmand (health), Mohafiz (accidental), and Sehatmand Khandan (family health) insurance products.
- UfonecorePartnership with Ufone offering USehat (family health), UTahafuz (accidental), and Hospital Cash insurance products.
- PTCLcorePartnership with PTCL offering health insurance bundled with broadband packages. Platinum coverage free for 50Mbps+ users.
- JazzCashcoreWaada partners with JazzCash enabling real-time commission withdrawals for insurance advisors. JazzCash's digital payment infrastructure allows advisors to manage earnings and conduct transactions securely.
- Khushhali BankcorePartnership with Khushhali Bank offering Khushhali Tahafuz and Family Tahafuz health insurance plans through microfinance bank branches.
- UbankcorePartnership with Ubank offering Sehat Tahaffuz Plus health plans for bank customers.
- Advans PakistanminorMFI partnership for delivering insurance solutions to underserved communities.
- Kashf FoundationminorMFI partnership for expanding reach and delivering innovative insurance solutions supporting financial inclusion.
- PriceOyecoreWaada and PriceOye partnership pioneering embedded insurance in Pakistan. When customers purchase a mobile phone from PriceOye, they can opt for comprehensive insurance coverage provided by Waada covering theft, loss, and screen damage.
- TelemartcoreWaada partnered with Telemart as official repair partner for mobile insurance claims. Telemart's 31 stores across 23 cities provide streamlined mobile repair services for Waada customers.
- YangominorRide-hailing partner for integrated insurance solutions for passengers and drivers.
- CareemminorRide-hailing partner for enhancing on-road protection and financial security for drivers and passengers.
- inDriveminorRide-hailing partner for delivering integrated insurance solutions.
- Habib InsurancecoreUnderwriting partner providing expertise and resources for reliable, tailored insurance policies. All benefits under Waada plans are governed by terms in the group policy issued by Habib Insurance Company Limited.
- EFUminorUnderwriting partner for insurance policies.
- JubileeminorUnderwriting partner for insurance policies.
- Emirates NBDminorKSA market partner for delivering insurance solutions in Saudi Arabia.
- Bank AlBiladminorKSA market partner for insurance solutions.
- MalathminorKSA market partner for insurance solutions.
- Alpha TakafulminorUnderwriting partner for Takaful insurance products.
- Apna BankminorMicrofinance bank partner for insurance distribution.
Scale indicators10 records
Recent moves9 records
Expansion highlights6 records
Waada competitors and assessment
Company assessmentDirect peers
- MicroEnsure Group (MIC Global): Global pioneer of telecom-embedded microinsurance, whose Pakistan subsidiary Waada acquired in 2022. Operates the same model of mobile-based distribution of micro-insurance products in emerging markets, making it the closest global comparable for Waada's distribution engine.
- BIMA: Sweden-headquartered microinsurance provider using telecom airtime deductions and gig-agent distribution across Africa and Asia. Closest direct competitor in terms of operating model (telecom-led microinsurance, micro-premiums, mass-market customers) and geographic exposure to emerging markets.
- Pak-Qatar Takaful: Pakistani Takaful operator offering Shariah-compliant family Takaful, health, and accident products. Directly comparable product portfolio and Takaful regulatory positioning, and notably the place where Waada's founder served as Chief Actuary.
- Takaful Pakistan: Pakistani Shariah-compliant Takaful operator offering family Takaful, health, and accident products. Direct peer in Takaful product positioning and Pakistani market, competing for the same culturally-aligned customer base.
Broad incumbents
- EFU Life Assurance: One of Pakistan's largest life insurers and a current underwriting partner to Waada. Provides incumbent benchmark for distribution, underwriting depth, and regulatory relationships in the Pakistani life and health insurance market.
- Jubilee Life Insurance: Established Pakistani life insurer and one of Waada's underwriting partners. Comparable in product scope (life, health, accident) but operates through traditional agency and bancassurance channels rather than telecom-embedded distribution.
- Habib Insurance: Pakistani general insurer that issues the master group policies underwriting all Waada plans. Most direct incumbent incumbent comparable in Pakistan and the entity currently bearing underwriting risk on Waada's product book.
- State Life Insurance Corporation of Pakistan: State-owned largest life insurer in Pakistan with broad product portfolio and nationwide branch network. Comparable in life and accident insurance but operates through traditional channels rather than digital and telecom-led microinsurance distribution.
Regional players
- Salama Cooperative Insurance: Leading Saudi Takaful (Islamic insurance) cooperative. Comparable in Shariah-compliant product positioning and a regional template Waada can study as it builds KSA operations with Emirates NBD, Bank AlBilad, Malath, and Alpha Takaful.
- Walaa Cooperative Insurance: Saudi-listed cooperative insurer with multi-line offerings and growing digital distribution. Relevant comparable for Waada's KSA expansion given similar Shariah-compliant mandate and overlap with the KSA partners listed in Waada's channel roster.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Waada social profiles
Digital presenceWaada compliance and trust
Trust signalCompliance1 record
Waada financial estimates
Financial estimateRevenue estimate
Valuation estimate
Waada leadership team
Management profileNumber of profiles
Profiles17 records
Waada subsidiaries and ownership
Company hierarchySubsidiaries1 record
Waada funding detail
Funding detailFunding overview
Funding rounds4 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Waada M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Waada
What does Waada do?
Waada is a digital insurtech that sells Shariah-compliant Takaful micro-insurance products — Mobile Phone Insurance, Hospital Cash Insurance, Life Insurance, and Personal Accidental Insurance — to mass-market Pakistani and Saudi consumers. Products are distributed through telecom airtime deductions, microfinance bank branches, e-commerce checkout APIs, a gig-agent mobile app, and direct call-center sales. Revenue is generated primarily via commissions from underwriting partners and embedded-insurance distribution fees.
Is Waada a public or private company?
Waada is a private company. It is classified as venture growth investor backed and is currently operating.
When was Waada founded?
Waada was founded in 2020. It employs 1 to 10 people.
Where is Waada based?
Waada is headquartered in Karachi, Pakistan, in the Asia region.
How does Waada make money?
Three revenue lines are on record. Premium Collection via Airtime Deduction is the primary driver. The others are distribution and Commission Fees and insurance Underwriting.
Who are Waada's main competitors?
Direct peers on record are MicroEnsure Group (MIC Global), BIMA, Pak-Qatar Takaful and Takaful Pakistan. Broad incumbents are EFU Life Assurance, Jubilee Life Insurance, Habib Insurance and State Life Insurance Corporation of Pakistan. Regional players are Salama Cooperative Insurance and Walaa Cooperative Insurance.
Does Waada have an API?
Yes. Waada offers API integrations for embedded insurance distribution, enabling e-commerce partners to offer protection plans at checkout. The company partners with top e-commerce brands to offer customers protection plans via API integrations. This enables policy issuance at checkout and one-click insurance coverage through the partner platform.
What industry is Waada in?
Waada's product category is Insurtech Platform. Its primary akta.pro industry code is FSABAGAM, Takaful Bancassurance (Islamic Insurance Distribution). Its NAICS code is 524 and its SIC code is 6311.