Bayzat, a UAE-based technology company that provides insurance and HR solutions, has raised another $3 million in funding. A total of $7.5 million has been raised in the last 24 months.
On their year-on-year funding success, Talal Bayaa, CEO & Co-Founder of Bayzat said, “People who are interested in supporting technology start-ups in promising sectors see Bayzat as a unique opportunity and a forerunner in the arena.”
Since Bayzat Benefit’s launch, the company has connected over 12,000 individuals in the region with health insurance and receives over 50,000 monthly visits from those looking to learn and compare insurance plans from leading regional providers.
One of the most pivotal reasons for their recent success according to Bayaa, has been the gradual implementation of mandatory health insurance across Dubai.
In his words, “with recent government motions to make insurance mandatory for employees and their dependents, there has been an influx in the demand for insurance solutions like Bayzat, making it a relevant company to choose to invest in.”
Since this legal genesis, Bayzat has experienced over 350% revenue growth per annum and grown its workforce from 12 to over 50 employees in 2017 to support their expanding database.
With its insurance solutions firmly established, Bayzat looks towards greatly developing its fledgling Human Resource Management System (HRMS) to solve the various pain-points experienced by human resources through automation.
According to a recent report by SilkRoad, the lack of available data and analytics to make decisions is a key concern for HR Professionals, while 72% agree that lack of automation hinders business success. Recognizing the amount of time wasted on manual data entry, Bayzat is committed to empowering HR departments through their versatile, complimentary software that efficiently uploads all employee records and leave documents onto a cloud based system.
This include the upload of confidential information such as employee visa and passport data directly to the necessary fields through OCR technology, turning mundane tasks like data entry into a 5-minute process. Companies that work with Bayzat including MacKenzie Jones, Deliveroo, Fetchr, MumzWorld, Al Al Alali, Manóushe Street, Bayut and Propertyfinder.ae, are given access to Bayzat’s HRMS at no additional cost.
Bayzat’s vision is to provide purposeful experiences that simplify and empower lives, and hopes the introduction of their latest HR solution, leave management, will provide increased added value for those using their software.
Bayzat is a technology company that provides insurance and HR solutions.
For health insurance, the Bayzat team helps individuals and companies compare, buy and use their health insurance. For clients looking for medical coverage, Bayzat allows them to save time and money by identifying their requirements and providing a transparent comparison of all the relevant options in the market. With the technology platform, Bayzat Benefits™, the team is able to streamline the policy placement process for clients and help them understand their policy.
As for HR Solutions, Bayzat Benefits™ help companies automate all their HR admin work from data entry to managing employee records. It ensures that all HR processes are centralized, accessible and secure. HR professionals can easily extract relevant information from offline hard scans of employee documents or excel sheets and create a digital directory of all employees with integrated OCR technology (first and only in the UAE). Additionally, platform also ensures the accuracy of employee records by notifying HR and employees instantly in case of an outdated document.