Nicholas Braiden, a pioneering figure in FinTech with a deep understanding of blockchain and its myriad applications, sits down to share his thoughts on the future of insurtech. Known for his work advising innovative startups and leveraging technology to transform financial services, Nicholas provides valuable insights into the rapidly evolving landscape of digital insurance.
Can you tell us more about how Yasmina Embedded Insurance started in 2023? What inspired the founding of the company, and how did you connect with your co-founder, Bashar Abalkhail?
Yasmina’s inception was driven by the vision to revolutionize insurance delivery through digital platforms. The landscape was ripe for disruption, and we saw an immense opportunity to simplify and personalize insurance offerings for consumers. I met Bashar Abalkhail through mutual connections in the tech space—we both shared a passion for leveraging technology to address the inefficiencies we observed in traditional insurance models. Our complementary skills and shared vision led us naturally to co-found Yasmina.
How does the seamless API integration work with digital businesses to provide personalized insurance in under 48 hours? What types of businesses are you currently partnering with, and can you share more about the regulatory approvals you’ve secured?
Our API integration enables businesses to embed insurance offerings into their customer journey seamlessly. By doing so, we can deliver personalized insurance solutions within 48 hours at the digital checkout, tailored specifically to customer needs. We’re currently partnering with an array of businesses across sectors such as HR, auto, and real estate. Securing full regulatory approvals was a crucial step, which ensures that our offerings are compliant and ready to scale with the diverse businesses we partner with.
Which strategic partnerships have been most significant for Yasmina’s growth so far? How have these collaborations expanded your customer base, and what challenges have you faced in forming these partnerships?
Collaborations with companies in sectors like travel and real estate have been instrumental. These partnerships allow us to access over 1.5 million potential customers, a substantial leap forward in growing our user base. However, the main challenge has been aligning our technology with each partner’s unique ecosystem and ensuring that the integration process is smooth and efficient. Building trust and demonstrating tangible benefits have been key to overcoming these hurdles.
With your recent $2 million Seed funding, what are your immediate plans for scaling Yasmina? How will the funding help you expand beyond Saudi Arabia, and what strategies do you have in place for launching in the UAE this year and Egypt in 2026?
Our immediate plan is to scale our team, enhancing our technological infrastructure and customer support capabilities. The funding enables us to venture beyond Saudi Arabia, establishing a firm presence in the UAE this year. For our expansion into Egypt in 2026, we’re focusing on market-specific strategies that resonate with local needs, leveraging our understanding of regional insurance requirements to tailor our offerings effectively.
How does Yasmina aim to simplify insurance across digital touchpoints? What sets your user experience apart from traditional insurance models?
We aim to demystify insurance by integrating it seamlessly into digital transactions, making it intuitive for users to engage with. Unlike traditional models, where insurance feels like an afterthought or a separate, tedious process, our user experience is designed to be frictionless and embedded within everyday interactions, providing immediacy and relevance at critical touchpoints in the user’s digital journey.
Scene Holding and other investors have expressed confidence in Yasmina. What do you think attracts investors to your platform, and how does Yasmina plan to deliver value in the insurtech, fintech, and protection sectors?
Investors are drawn to our platform primarily because of our innovative approach to solving long-standing inefficiencies in the insurance sector. We provide a compelling value proposition by intersecting insurtech with fintech capabilities, offering a streamlined, scalable model that can redefine protection services. Our focus is on delivering tailored insurance options that are both accessible and user-friendly, which is key to driving value across these sectors.
How does Yasmina plan to address and solve “legacy problems” within the insurance industry as mentioned by your investors? Can you give an example of such a legacy problem?
To tackle legacy problems, we’re focusing on digitization and personalization. For instance, the traditional insurance process often involves cumbersome paperwork and delayed communication. By embedding insurance into digital platforms, we eliminate these pain points with instant access and tailored offerings. One such legacy issue is the lack of transparency in policy terms and conditions, which our platform addresses with clear, user-friendly information directly at the point of sale.
What insights or strategies have helped Yasmina gain early traction in Saudi Arabia’s insurtech landscape?
Our ability to gain early traction largely stems from thoroughly understanding the market’s unique demands and addressing them with agility. By aligning our offerings with local needs and regulatory requirements, we have positioned ourselves effectively. Partnerships have been vital, and our commitment to a seamless user experience has resonated well with both consumers and businesses, setting us apart in the Saudi insurtech landscape.
How do you foresee Yasmina reshaping the insurance market in Saudi Arabia and potentially influencing other regions?
Yasmina is poised to redefine how insurance is perceived and consumed in Saudi Arabia by offering streamlined, consumer-centric solutions. As we expand, the adaptable nature of our platform allows for easy replication in other regions, tailoring to specific market demands while maintaining our core ethos of simplifying insurance. We anticipate setting a precedent that encourages widespread adoption of embedded insurance models globally.
What do you believe are the key factors that will drive Yasmina’s innovation in the regional insurance sector?
Continuous technological advancement and a robust understanding of regional nuances are crucial. Innovation will be driven by our ability to adapt quickly to emerging trends and challenges, while maintaining a focus on customer satisfaction. Leveraging data insights to refine our offerings and enhance user engagement will also be pivotal in keeping Yasmina at the forefront of the regional insurance revolution.
Do you have any advice for our readers?
My advice would be to embrace the changes technology is bringing to industries like insurance. Stay informed and open to new solutions that can enhance daily life and business operations. Innovation is not just about developing new products but also about adopting a mindset that values efficiency and convenience offered by these advancements.