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Waada

Digital insurance platform connecting underserved customers to simple, affordable coverage across Pakistan

Distribution & Sales Growth Seed
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Overview

Waada Digital Private Limited is a digital insurance distribution platform serving Pakistan's uninsured and underinsured population. Founded in 2020 by CEO Ishaq Kothawala and headquartered in Karachi, the company operates an omnichannel platform that enables customers to enroll, qualify as gig agents, and issue insurance policies within minutes through digital channels -- without visiting physical premises. Its product lines span personal accidental, hospital cash, life (Takaful), and mobile phone insurance, distributed primarily through telecom operators, digital wallets, banks, and gig economy platforms.

The platform integrates with over 20 distribution partners via standardized APIs and supports the full insurance lifecycle: automated underwriting, digital policy issuance, premium collection, claims automation, and wallet-based payouts. Partners include Jazz, Telenor, Ufone, Zong, PTCL, JazzCash, UPaisa, Khushhali Bank, and Careem. Waada also operates an advisor portal for its agent network and provides VoIP customer support and omnichannel dashboards.

Waada acquired MicroEnsure Pakistan (a MIC Global subsidiary) in November 2022 in an all-stock transaction, making it the largest technology-led insurance startup in Pakistan by policyholder count. At the same time, the company raised USD 1.3M in seed funding from Flat6Labs, Gobi Partners, Kinnow Capital, Joa Capital, and Hi2 Global. As of 2026, the platform serves 8.1M+ active policyholders -- 96% of whom are first-time insurance buyers -- and has settled 13,344+ claims. Waada received a commercial license from the Saudi Insurance Authority in 2026, marking its first international expansion.

Products & Services

Personal Accidental Insurance

Coverage for death and permanent disability arising from accidents. Distributed through telecom partners, digital wallets, and a gig agent network. Designed for Pakistan's uninsured population with pay-as-you-go premiums and minimal paperwork.

Key Features

  • Digital enrollment with no physical branch visit required
  • Pay-as-you-go premium structure
  • Policy issuance within minutes

Target Users: Low-to-middle income consumers in Pakistan, distributed via telecom and fintech channels

Hospital Cash Insurance

A cash-benefit product that pays daily cash amounts during hospitalization. Aimed at low-to-middle income customers and distributed via telecom and fintech partners.

Key Features

  • Daily cash benefit during hospitalization
  • Digital enrollment and policy issuance
  • Distributed via Jazz, Telenor, and other telecom and wallet partners

Target Users: Individual consumers in Pakistan seeking affordable hospitalization coverage

Life Insurance (Takaful)

Micro-life and broader life insurance products structured as Shariah-compliant Takaful. Waada designs, distributes, and manages Takaful products across life, health, and asset categories.

Key Features

  • Shariah-compliant (Takaful) structure
  • Digital policy issuance and premium collection
  • Covers life, health, and asset categories

Target Users: Pakistani consumers seeking Shariah-compliant life coverage

Mobile Phone Insurance

Protection against screen damage, theft, and total loss for mobile handsets in Pakistan.

Key Features

  • Claims settled within 72 hours
  • Digital enrollment with minimal paperwork
  • Direct bank account payment for approved claims
  • Telemart serves as the official nationwide screen repair partner
  • Screen damage has a 15-day waiting period; theft/total loss has no waiting period

Target Users: Mobile handset owners in Pakistan, enrolled via telecom partner channels

Gig Agent Platform

An omnichannel platform enabling individuals to qualify as insurance agents and issue policies digitally. Accessible via an advisor portal at advisor.waada.pk.

Key Features

  • Rapid agent qualification and onboarding
  • Lead management and omnichannel dashboards
  • Integration with telecom and wallet channels for premium collection

Target Users: Gig economy workers, independent agents, telecom distribution partners

At a Glance

Founded
2020
Headquarters
Karachi, Pakistan
Employees
51-200
Funding
Seed

Category & Focus

Category
Distribution & Sales
Subcategories
Embedded Insurance Digital Distribution Agent/Gig Platform Micro-Insurance
Insurance Verticals
Life & Annuity P&C Personal Health Specialty/E&S
Target Customers
Consumers, Carriers, Agents/Agencies

Customers

  • Jazz (Pakistan's largest telecom operator)
  • Telenor Pakistan
  • Ufone
  • Zong 5G
  • PTCL
  • JazzCash (mobile wallet)
  • UPaisa (mobile wallet)
  • Khushhali Bank
  • Careem
  • Marham (health platform)
  • ABHI (financial wellness platform)

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Last updated: 2026-06-19