Lebanese insurance innovator moves business to Cyprus

By George Eid and Andrew Rosenbaum

 

Last week, Roger Zaccar moved his company, which disrupts insurance sales with a mobile app, from Beirut to Limassol.

Zaccar told the Cyprus Mail why he chose Cyprus.

“Comin launched in 2018 and is a leading startup in the insurtech space in the MENA region. Since our launch, we planned on entering the Cypriot market due to its proximity to Lebanon.  We have always felt that Cyprus is a natural extension to Lebanon given our common Mediterranean heritage.”

Zaccar says that bringing Comin to Cyprus follows his long-term vision of expansion to the MENA region.

“While we had always envisioned having operations in Cyprus, we only recently entered the market since we were still developing our App to cater to our users’ needs. Cyprus also allows us to further expand within the EU market.”

Zaccar found setting up operations in Cyprus to have been a relatively smooth and straightforward process.

“The rules and regulations are very clear and Cypriot counterparts were very understanding regarding the current Lebanese situation. We have been very lucky to have excellent lawyers in Cyprus who greatly helped and facilitated our application with the Superintendent.”

Zaccar also plans to create more products from Cyprus, which he says offers an excellent environment for innovation.

“With our operations base set in Cyprus, we believe we will gain access to an insurance developed market which will allow us to test innovative insurance products that will further accompany our users throughout their lives. We expect our Cypriot customers to be demanding, which will further push us to provide the very best service to them and set the needed guidelines as to improve our overall performance following Cypriot standards and regulations.”

We believe that Comin’s presence in Cyprus will also increase insurance density and contribute to further awareness on the importance of insurance in people’s everyday lives. Our move also allows for new job creation and will distinguish Cyprus as a leading hub for insurtech as we believe all the needed factors are readily available: highly educated population and unique geographical proximity to EU, MENA and Africa.

Comin offers insurance policies within minutes

Comin offers insurance policies via a mobile phone app. The policies are issued by the well-known firm Commercial Insurance. A consumer can choose from travel insurance, car insurance, motorbike insurance, home insurance, hunting insurance, pet insurance and drone insurance, among others. You download the app, choose your product, pay for it, and you’re insured.
“The purchase of a travel insurance, for example, requires no more than 90 seconds! Over the past three years, we have managed to position ourselves as the leader in the insurtech space in Lebanon and are currently expanding our operations to Cyprus and Egypt.

A family business of three generations

Zaccar is part of a family business that has lasted for three generations. His grandfather started it, and his daughter Coralie Zaccar will carry it on.

The family strongly supports social entrepreneurship and works with microfinance institutions and non-government organisations such as Caritas and World Vision, as well as UN agencies, mutuals and affinity and community groups. “With each different organisation we design new insurance products to cater for the different needs of their members – always keeping in mind the administration has to be simple with simple and brief terms and conditions,” Coralie Zaccar told CampdenFB in an interview.

Officially,  Roger is the Assistant General Manager and board member of Commercial Insurance Company S.A.L. which offers both life and non-life insurance services, as well as the founder / CEO of Comin.

His career started as an intern in 1997 and since, he has acquired a diverse set of skills and expertise within the company. He alternatively worked in the sales department developing relationships with agents, brokers and direct clients.  He designed the marketing strategy providing the company with focus and targeted exposure. He then took the lead in innovating and developing new niche products.

All the way, he was in charge of various administrative tasks which included design of communication tools, supplier and third party negotiations, and selecting and installing new software. He currently leads the development of the company with new product offerings and a special focus on geographical expansion

He has been the chairman of the fire committee at the Association of Lebanese Insurance Companies.