Fintech Friday: Bayzat

Bayzat was founded to improve the insurance industry by helping small and medium-sized enterprises in the region save time and money. Talal Bayaa, CEO and co-founder of the company, tells Efma's Boris Plantier more.

Bayzat was created following a discussion about the fragmented yet competitive financial services market in the United Arab Emirates. “The initial idea was to make it easier for people to find different options,” said Bayaa.

After being approached by many companies for group health insurance, Bayaa realized that customer experience could be improved. “We did not choose the insurance industry because we like it, we chose it because we did not like it and wished to improve the industry,” he explained.  

Bayzat features an insurance team that manages medical insurance for individuals and corporations. “What sets us apart from other insurance brokers is our technology,” he said. “Our online platform, Bayzat Benefits, enables users to compare over 100 policies in real time.”

In addition to providing companies with health insurance, Bayzat Benefits also helps clients automate their human resources (HR) processes. “It is a single HR automation platform that allows companies to manage insurance, payroll, employee records and time off,” he said. “Our aim is to help SMEs in the region save time and money.”

Bayzat Benefits features four modules to ease clients’ work life. The Health App enables users to access all their policy information: network, inclusions and other benefits. “You can even look for hospitals and clinics in your network by searching for a symptom. This way you avoid going out of network and save money since you don’t have to pay out of pocket.”

The Payroll module makes closing payrolls, auto-generating payslips or approving reimbursements seamless, quick and efficient. “We use bank level security, so you don’t have to worry about the safety of using Bayzat Benefits for payroll.”

Time Off is a module to ease the process of leave applications and approvals, by approving or denying a request within seconds. It also tracks an employee’s leave to avoid discrepancies.

There is also a module to store employee records which uses optical character recognition (OCR) technology to read the document, so data does not require manual input. “This module also reminds you of upcoming renewal dates and helps you avoid fines and penalties.”

The future is looking bright for Bayzat. “Keeping in mind our focus of building a world-class employee experience for every SME in the region, we plan to roll out even more features for Bayzat Benefits.” Over 100 SMEs are currently using the platform to automate their HR processes and streamline their insurance experience. “We aim to grow that number significantly in the coming year. We have some exciting plans for new year however, I shall not give everything away just yet!”