EGYPT – Egyptian insurtech startup Nice Deer has closed a pre-seed funding round at US$1M led by DisrupTech investor to expand health insurance coverage in Egypt by facilitating insurance and repayment of claims to small and medium enterprises (SMEs).
Nice Deer was founded in 2022 by Mustafa Medhat to bring innovative health insurance solutions to the Egyptian market in an effort to bridge the gap between healthcare providers, health insurance companies and health insurance beneficiaries operating in Egypt.
The insurtech startup was born out of IT-Fusion Software House 10 years leading status as technology provider for top third-party administrators (TPA) in Egypt to give its beneficiaries particularly healthcare providers access to treatment while avoiding extreme health expenses.
The Egypt-based insurance technology firm uses a single-window platform to connect healthcare providers to several health insurance companies and TPAs as well as facilitate communication between patients and doctors for sustainable impact on the lives of healthcare clients.
Nice Deer will be the first to provide SME health insurance coverage and its platform will facilitate the approval and disbursement of medication, radiology and scan requests including prescriptions, dental care, eye care, gym memberships among other offerings
Nice Deer will use the funding to utilize the TPAs’ wide network of healthcare providers and insurance brokers to get into untouched fields especially small and medium enterprises and support government plans to increase the number of private health insurance beneficiaries in Egypt.
In addition, Nice Deer will use the investment funds to provide innovative health insurance products designed for small and medium enterprises such as health savings accounts to allow employees to benefit from health insurance by paying for many medical and wellness services.
The funding will also be used to further support Nice Deer’s platform to facilitate effortless and instant medical claim approval and efficient claim submission between healthcare providers, insurance companies, TPAs and beneficiaries.
Subsequently, Nice Deer will be the first to provide SME health insurance coverage and its platform will facilitate the approval and disbursement of medication, radiology and scan requests including prescriptions, dental care, eye care, gym memberships among other offerings.
Nice Deer integrates AI powered technology to recommend medication according to the patients’ medical history, alerting doctors of any drug-drug interactions or drug-condition interactions for better health outcomes.
The new financing will further support Nice Deer in preventing health insurance abuse and early detection of fraud attempts through its comprehensive medical data, data-driven assessments and the employment of AI technology.
Nice Deer CEO Mustafa Medhat explained that the insurance technology company seeks to address the out of pocket healthcare expenditure in Egypt as a share of current health expenditure for Egypt was 62.7%.
“Nice Deer aims to help the insurance industry in Egypt to grow smoothly by working to close the gap between providers and beneficiaries through a number of pioneering medical services and solutions in line with the unified insurance law,” CEO Mustafa Medhat assured.
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