Afia Insurance
Afia Insurance is a UAE-based insurance brokerage and marketplace operating as InsuranceMarket.ae under parent Alfred Holdings, partnering with 40+ carriers to distribute 30 personal and business insurance products to 200,000+ policyholders via its myAlfred app and licensed advisory team.
- Company typePrivate
- Founded1995
- HeadquartersDubai, United Arab Emirates
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Afia Insurance does
Afia Insurance (legal entity AFIA Insurance Brokerage Services LLC, operating under the consumer brand InsuranceMarket.ae) is a UAE-based insurance marketplace and brokerage headquartered in Dubai with a secondary office in Abu Dhabi. Founded in 1995 and held under parent Alfred Holdings, the company is licensed by the Central Bank of the UAE (Registration No. 85) and distributes personal and business insurance products from a panel of more than 40 underwriters. Its customer base exceeds 200,000 policyholders, served through a combination of licensed phone advisory, branch offices, and the myAlfred mobile application, with the platform reporting a 4.8/5 rating across more than 30,000 Google reviews.
The product catalog spans 14 personal insurance lines (motor, health, life, travel, home, and others) and 16 business insurance lines (including newer specialty covers such as cyber and drone insurance). The myAlfred app consolidates cross-carrier policy management, renewals, and claims interaction, and is paired with a rewards program covering more than 150 UAE brand partners. The business model is commission-based: Afia earns broker commissions from carrier partners on policies placed, with revenue mechanics tied to policy volume, mix between personal and commercial lines, and renewal rates. Go-to-market relies on a hybrid of inbound digital demand, call-center advisory, and brand-led marketing (most visibly a Dubai Metro station naming and a Kris Fade brand ambassadorship), positioning the company as a price-comparison and advisory aggregator rather than a direct carrier.
Afia Insurance firmographics
Firmographics- Name
- Afia Insurance
- Legal name
- AFIA Insurance Brokerage Services LLC
- Website
- https://afia.ae
- Company type
- Private
- Founded year
- 1995
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Afia Insurance is a UAE-based insurance brokerage and marketplace operating as InsuranceMarket.ae under parent Alfred Holdings, partnering with 40+ carriers to distribute 30 personal and business insurance products to 200,000+ policyholders via its myAlfred app and licensed advisory team.
- Ownership category
- akta.pro rank
Afia Insurance industry classification
Industry- Product category
- Insurance Brokerage
- NAICS
- Insurance Agencies and Brokerages (524210)
- SIC
- Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL)
Keywords
Where Afia Insurance is headquartered
LocationHeadquarters
- HQ city
- Dubai
- HQ country
- United Arab Emirates
- HQ region
- Middle East
Offices2 records
Markets served
Afia Insurance business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Marketing or Sales, Technology or R&D, Operations, Others
Revenue model
- Insurance Commission Revenue: Insurance marketplace/brokerage earning commissions from partner insurance companies for policy placements. Revenue generated from commissions on insurance policies sold through the platform across personal and business insurance categories.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
Afia Insurance product offering
Product offeringCore offering
Afia Insurance operates InsuranceMarket.ae, a digital insurance marketplace and brokerage platform that aggregates 40+ insurance providers and enables UAE customers to compare, purchase, and manage personal and business insurance policies. The platform offers 14 personal insurance categories (car, health, home, life, travel, savings, yacht, bike, pet, smartphone, cycle, jet ski, involuntary loss of employment, cyber) and 16 business insurance categories (group health, liability, professional indemnity, workmen's compensation, marine cargo, motor fleet, property and business interruption, etc.), supported by the myAlfred mobile app for policy management, claims tracking, and rewards.
Product overview
InsuranceMarket.ae (Afia Insurance Brokerage Services LLC) operates as a digital insurance marketplace platform offering both personal and business insurance products through its proprietary 'Alfred' brand. The platform provides 14 personal insurance products including Car, Health, Home, Life, Travel, Savings, Yacht, Bike, Pet, Smartphone, Cycle, Jet Ski, Involuntary Loss of Employment, and Cyber insurance. For business clients, the platform offers 16 commercial insurance products including Group Health, Public Liability, Professional Indemnity, Workmen's Compensation, Group Life, Marine Cargo, Medical Malpractice, Motor Fleet, Property and Business Interruption, Contractors' All Risks, Event, Drone, Cyber Security, SME, Trade Credit, and Political Violence insurance. The company also provides a mobile application called 'myAlfred' that enables policy management, claims tracking, and access to rewards from 150+ UAE brands. InsuranceMarket.ae acts as an intermediary, partnering with over 40 insurance companies to offer comparison and brokerage services throughout the UAE.
Differentiator
Problem solved
Functional benefit
Brands
- myAlfred: AI-powered insurance advisor and premium membership app that allows customers to manage policies, track claims, handle renewals, and access rewards from 150+ UAE brands.
Products and services
- myAlfred mobile application Mobile application that allows InsuranceMarket.ae policyholders to view active and expired policies, renew policies, submit and track insurance claims digitally, and access exclusive rewards from 150+ UAE brands.
- Car Insurance
Quantifiable outcome
- 4.8/5 star Google rating from 30,000+ reviews
- +2 more outcomes
Companies that use Afia Insurance
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Afia Insurance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Afia Insurance partnerships and signals
Strategic signalPartnerships
20 partnerships are on record, tiered core.
- GIG InsurancecoreInsurance provider partnership for distributing GIG insurance products through InsuranceMarket.ae platform
- Sukoon InsurancecoreInsurance provider partnership; InsuranceMarket.ae won multiple awards at Sukoon Insurance's 2023 mid-year awards
- Oman InsurancecoreInsurance provider partnership for distributing Oman Insurance products through the platform
- RSA InsurancecoreInsurance provider partnership; InsuranceMarket.ae received prestigious award from RSA Insurance
- Cigna InsurancecoreInsurance provider partnership; InsuranceMarket.ae received Rising Star of the Year award from Cigna Insurance
- Tokio MarinecoreInsurance provider partnership for distributing Tokio Marine insurance products through the platform
- Qatar InsurancecoreInsurance provider partnership for distributing Qatar Insurance products through the platform
- AXA InsurancecoreInsurance provider partnership for distributing AXA insurance products through the platform
- Takaful EmaratcoreInsurance provider partnership for distributing Takaful Emarat insurance products through the platform
- Orient InsurancecoreInsurance provider partnership for distributing Orient Insurance products through the platform
- Allianz InsurancecoreInsurance provider partnership for distributing Allianz insurance products through the platform
- Zurich InsurancecoreInsurance provider partnership for distributing Zurich insurance products through the platform
- BUPAcoreInsurance provider partnership for distributing BUPA health insurance products through the platform
- MetlifecoreInsurance provider partnership for distributing Metlife insurance products through the platform
- AIGcoreInsurance provider partnership for distributing AIG insurance products through the platform
- Dubai InsurancecoreInsurance provider partnership for distributing Dubai Insurance products through the platform
- Noor TakafulcoreInsurance provider partnership for distributing Noor Takaful insurance products through the platform
- Al Sagr InsurancecoreInsurance provider partnership for distributing Al Sagr Insurance products through the platform
- Emirates InsurancecoreInsurance provider partnership for distributing Emirates Insurance products through the platform
- SalamacoreInsurance provider partnership for distributing Salama insurance products through the platform
Scale indicators6 records
Recent moves6 records
Expansion highlights5 records
Afia Insurance competitors and assessment
Company assessmentDirect peers
- Bayzat: UAE-based insurtech and employee benefits platform offering health insurance, motor insurance, and SME-focused insurance products via a digital-first experience. Directly competes with InsuranceMarket.ae for the same UAE personal and small-business insurance buyer, with overlapping carrier partnerships and a similar app-based policy management approach.
- Yalu (formerly Pomegranate Insurance): UAE digital insurance broker focused on personal lines (motor, health, home, travel) with embedded finance features. Competes head-to-head with InsuranceMarket.ae in the UAE personal insurance marketplace, using a digital quote-to-bind flow backed by licensed broker status.
- Souqalmal: UAE-founded insurance and personal finance comparison platform covering motor, health, home, and life insurance. Operates the same broker-of-record comparison model as InsuranceMarket.ae across the same UAE customer base, with overlapping carrier integrations.
Regional players
- Selectra: Multi-country comparison platform with UAE presence covering utilities, telecom, and insurance comparison. Comparable digital comparison-and-acquisition model for personal insurance products, though primarily European in scale.
- eSanad Insurance Brokerage Services: UAE-licensed insurance brokerage operating a multi-carrier placement model for personal and commercial lines. Comparable to Afia's brokerage structure and customer segments, with similar reliance on carrier commissions as the primary revenue stream.
- Insure Direct Brokers (IDB): UAE-licensed insurance broker offering personal and commercial insurance placement with multi-carrier access. Comparable brokerage structure and product mix to Afia's business insurance segment, including motor fleet, group health, and property coverage.
Broad incumbents
- Lemonade: Public, AI-native digital insurer using a mobile-first, fee-based model to sell renters, home, car, pet, and life insurance. Comparable in digital-first insurance distribution and app-led customer experience, though operates as a carrier rather than a pure broker.
- Policybazaar (PB Fintech): Global digital insurance marketplace operator with UAE presence, offering comparison across life, health, and motor insurance. Directly comparable marketplace business model and product breadth, though operating at much larger scale across multiple geographies.
Emerging players
- Coverfox: Insurance aggregator and comparison platform operating in emerging markets with digital quote and renewal flows. Comparable broker-of-record marketplace model, though serving different geographies and with narrower carrier panel than Afia.
- Hepstar (now bolttech): Global insurance ecosystem platform enabling embedded insurance distribution across multiple geographies including the Middle East. Comparable in insurtech-enabled brokerage and embedded distribution, though positioned as infrastructure rather than consumer-facing.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Afia Insurance social profiles
Digital presenceAfia Insurance compliance and trust
Trust signalCompliance10 records
Afia Insurance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Afia Insurance leadership team
Management profileNumber of profiles
Afia Insurance funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Afia Insurance M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Afia Insurance
What does Afia Insurance do?
Afia Insurance operates InsuranceMarket.ae, a digital insurance marketplace and brokerage platform that aggregates 40+ insurance providers and enables UAE customers to compare, purchase, and manage personal and business insurance policies. The platform offers 14 personal insurance categories (car, health, home, life, travel, savings, yacht, bike, pet, smartphone, cycle, jet ski, involuntary loss of employment, cyber) and 16 business insurance categories (group health, liability, professional indemnity, workmen's compensation, marine cargo, motor fleet, property and business interruption, etc.), supported by the myAlfred mobile app for policy management, claims tracking, and rewards.
Is Afia Insurance a public or private company?
Afia Insurance is a private company. It is classified as corporate owned and is currently operating.
When was Afia Insurance founded?
Afia Insurance was founded in 1995. It employs 11 to 50 people.
Where is Afia Insurance based?
Afia Insurance is headquartered in Dubai, United Arab Emirates, in the Middle East region.
How does Afia Insurance make money?
One revenue line is on record: insurance Commission Revenue.
Who are Afia Insurance's main competitors?
Direct peers on record are Bayzat, Yalu (formerly Pomegranate Insurance) and Souqalmal. Regional players are Selectra, eSanad Insurance Brokerage Services and Insure Direct Brokers (IDB). Broad incumbents are Lemonade and Policybazaar (PB Fintech). Emerging players are Coverfox and Hepstar (now bolttech).
Does Afia Insurance have an API?
No public API is recorded for Afia Insurance.
What industry is Afia Insurance in?
Afia Insurance's product category is Insurance Brokerage. Its primary akta.pro industry code is FSAGAGAL, Embedded Insurance & Affinity Distribution Platforms. Its NAICS code is 524210 and its SIC code is 6411.