Egypt's Insurtech Startup, Nice Deer Raises $1m Pre-seed Funding from DisrupTech

Egypt's Insurtech Startup, Nice Deer Raises $1m Pre-seed Funding from DisrupTech

Egypt-based Nice Deer, an insurance tech-enabled startup that provides ingenious health insurance solutions to the Egyptian market has raised $1 million in a DisrupTech Ventures-led pre-seed funding round.

Nice Deer was founded in Egypt early this year to bridge the gap between healthcare providers, health insurance companies, and health insurance beneficiaries by facilitating insurance and repayment of claims.

It is one of IT-Fusion’s sister companies, IT-Fusion was founded 15 years ago as a leading technology provider in Egypt to communicate and interact efficiently with various medical service providers, as well as manage their credit lines, and facilitate the submission of medical claims to collect payments faster.

Mustafa Medhat, the Chief Executive Officer of Nice Deer, said “In Egypt, out of pocket expenditure as a share of current health expenditure for Egypt was 62.7%.”

“Nice Deer aims to become the helping arm of the insurance industry in Egypt to grow smoothly and work to close the gap between providers and beneficiaries through many pioneering medical services and solutions in line with the unified insurance law,” Medhat added.

Nice Deer employs a single-window platform to connect healthcare providers to several health insurance companies and TPAs, as well as facilitate communication between patients and doctors. Its platform also facilitates seamless and instant medical claim approval and efficient claim ‎submission between healthcare providers, insurance companies, TPAs, and beneficiaries.

The insurtech startup prevents health insurance abuse and detects fraud attempts early through comprehensive medical data, data-driven assessments, and the employment of AI technology. Likewise, it recommends medication according to the patients’ medical history, alerting doctors of any drug-drug interactions or drug-condition interactions.

Nice Deer will be the first insurtech startup in the north African country to provide SME health insurance coverage, enabling SME employees to claim their insurance for various medical and general wellness services, including prescriptions, dental care, eye care, gym memberships, as well as insurance products such as health savings accounts.

Commenting on the round, Malek Sultan, the co-founder of Disruptech, said “We are very proud of Disruptech investment with Nice Deer founding team, we believe Nice Deer will be in a great position to support government plans to increase the number of private health insurance beneficiaries in Egypt, Nice Deer will utilize the TPAs’ wide network of healthcare providers and insurance brokers to get into untouched fields, especially small and medium enterprises (SMEs).”