Bridge Insurance and Reinsurance Brokers, a leading independent corporate insurance broker and risk advisor, has announced plans to launch the first online insurance comparison portal in Bahrain.

The move comes following the company's winning of approval from the Central Bank of Bahrain (CBB).

A major provider of insurance brokerage and consultancy services, Bridge said this is the first InsurTech launch of its kind in Bahrain and will add further momentum to the kingdom’s fast growing status as a regional FinTech hub.

"It is estimated that in the United Kingdom, around 80 per cent of insurance is sold online, and in our view the region with its young population and strong fundamentals for e-commerce will quickly move towards matching this," remarked Mahmood AlSoofi, the chairman of Bridge.

"We believe that the comparison portal, which makes the process of obtaining and comparing unbiased insurance quotes quicker and more convenient, will also play a major role in driving acceptance of the internet as a sales channel in the Kingdom," he added.

David Parker, the executive director for Business Development (Financial Services) at the Bahrain Economic Development Board (EDB), said: "As the region’s longest established financial services centre, with a strong ICT infrastructure, skilled local workforce, and robust supportive ecosystem for innovation and entrepreneurship, Bahrain is well placed to provide a testing ground for companies like Bridge."

"We are pleased that we have supported Bridge to setup operations in the kingdom and we look forward to see them succeed and expand across the region from their base here in Bahrain," he noted.

"The portal is expected to launch online in the third quarter of 2018, and will enable customers to make informed insurance decisions. The portal supports the comparison of product prices and coverage in line with their specified search criteria at the click of a button," he added.-TradeArabia News Service