Waada

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.

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

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

• Micro-insurance platform
• Takaful insurance products
• Digital insurance distribution
• Telecom-embedded insurance
• Embedded insurance API

Headquarters

HQ city

Karachi

HQ country

Pakistan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. 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.
2. 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.
3. Insurance Underwriting: Plans to acquire digital insurer license to underwrite policies with own technology, distributed through retail banks under Digital Insurer Model.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels8 records

Core 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

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

24 partnerships are on record, tiered core and minor.

• MicroEnsure PakistancoreStrategic or Co-development Partner · 4 November 2022Acquired 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.
• JazzcoreChannel Partner/ Reseller/ DistributorWaada 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.
• ZongcoreChannel Partner/ Reseller/ DistributorWaada partnered with Zong to bring innovative insurance and protection products including Accidental, Hospital Cash, Life & Mobile Insurance to Zong customers.
• TelenorcoreChannel Partner/ Reseller/ DistributorPartnership with Telenor offering Sehatmand (health), Mohafiz (accidental), and Sehatmand Khandan (family health) insurance products.
• UfonecoreChannel Partner/ Reseller/ DistributorPartnership with Ufone offering USehat (family health), UTahafuz (accidental), and Hospital Cash insurance products.
• PTCLcoreChannel Partner/ Reseller/ DistributorPartnership with PTCL offering health insurance bundled with broadband packages. Platinum coverage free for 50Mbps+ users.
• JazzCashcoreTechnology or IntegrationWaada 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 BankcoreChannel Partner/ Reseller/ DistributorPartnership with Khushhali Bank offering Khushhali Tahafuz and Family Tahafuz health insurance plans through microfinance bank branches.
• UbankcoreChannel Partner/ Reseller/ DistributorPartnership with Ubank offering Sehat Tahaffuz Plus health plans for bank customers.
• Advans PakistanminorChannel Partner/ Reseller/ DistributorMFI partnership for delivering insurance solutions to underserved communities.
• Kashf FoundationminorChannel Partner/ Reseller/ DistributorMFI partnership for expanding reach and delivering innovative insurance solutions supporting financial inclusion.
• PriceOyecoreStrategic or Co-development PartnerWaada 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.
• TelemartcoreStrategic or Co-development PartnerWaada 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.
• YangominorChannel Partner/ Reseller/ DistributorRide-hailing partner for integrated insurance solutions for passengers and drivers.
• CareemminorChannel Partner/ Reseller/ DistributorRide-hailing partner for enhancing on-road protection and financial security for drivers and passengers.
• inDriveminorChannel Partner/ Reseller/ DistributorRide-hailing partner for delivering integrated insurance solutions.
• Habib InsurancecoreOthersUnderwriting 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.
• EFUminorOthersUnderwriting partner for insurance policies.
• JubileeminorOthersUnderwriting partner for insurance policies.
• Emirates NBDminorChannel Partner/ Reseller/ DistributorKSA market partner for delivering insurance solutions in Saudi Arabia.
• Bank AlBiladminorChannel Partner/ Reseller/ DistributorKSA market partner for insurance solutions.
• MalathminorChannel Partner/ Reseller/ DistributorKSA market partner for insurance solutions.
• Alpha TakafulminorOthersUnderwriting partner for Takaful insurance products.
• Apna BankminorChannel Partner/ Reseller/ DistributorMicrofinance bank partner for insurance distribution.

Scale indicators10 records

Recent moves9 records

Expansion highlights6 records

Direct 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

• YouTubeyoutube.com/channel/UCwMu1h1UQLVWhizf-D3PpTA
• Facebookfacebook.com/waada.pk
• LinkedInpk.linkedin.com/company/waada-digital-private-limited
• Instagraminstagram.com/waada.pk

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Waada