COMIN EGYPT LAUNCH STRATEGY

REPORT
PREPARED BY

LAMA ZAHER
NATHALIE ABDALLAH

JULY 2019
EGYPT LAUNCH STRATEGY
Executive Summary 3
Product Description 5
Product Positioning 5
The Market 6
The Market Opportunity 6
Global Trends in Insurtech 8
Comin Scaling - The Case of Egypt 12
Current Situation - Lebanon Market 12
The Case of Egypt 13
Market opportunity 13
Egypt Product Market Fit 14
Competition 15
Mobile App Presence 15
Comin Egypt Swot Analysis 16
The Environment 17
Egypt - Demographics 17
Egypt - Macroeconomics and Income: 18
Egypt- Internet and Online Penetration 21
Online Payment and Credit Card Penetration 23
The Customer 25
Who are we targeting? 25
Our Target Audience 26
Our Customer Profile 26
Motivation, Trigger and Ability 26
Launch Strategy 29
Main Objective 29
Positioning and Value Proposition Confirmation 29
Marketing Objectives 32
Marketing Strategies 33
Launch Strategy Implementation 33
Implementation Plan 36
Plan Gantt Chart 40
Annex 1 - Validation Survey 41
Annex 2 - Tables and Figures 45
Executive Summary

This report details the launch strategy of Comin in Egypt. Egypt is a priority market for
Comin to enter, and Comin has decided to enter the market in partnership with GIG
Arabia - one of the 5 biggest insurance companies in Egypt. As part of Comin’s scaling
strategy, partnering with existing insurance companies in countries of interest, allows for
faster scaling, and limits the regulatory challenges that Comin can face in new markets.

COMIN has been tested in Lebanon and showed great potential and results. Egypt is a
much bigger market, with many challenges but big market opportunities. With the strong
potential seen in Lebanon Comin wants to go to egypt with a clear understanding of the
Market, its potential, its customers and its competitors. This report will present a clear
market study and launch plan focusing on elements that we believe are needed for a full
launch in Egypt.

The strategy focused on conducting an initial desk research market study of the market
potential and a validation survey with 20 Egyptians from different markets. This allowed
us to better understand Egypt’s economic and demographic indicators, Internet and
online penetration and customer behaviors and triggers. This also allowed us to better
understand the environment in Egypt, and draft a launch plan accordingly.

The market study results showed that the insurtech sector globally is on a rise, with
increased market value and steady growth, increased capital investments in the sector,
and Innovation trends focused on distribution and pricing in the insurance value chain.
The MENA region is catching up, Insuretech is still a new sector for the MENA region,
with a market opportunity of over $2Bn in 5 years.

Egypt’s insurtech environment is still nascent, competitors are mainly traditional

insurance companies with websites that make information available for consumers, but
does not offer any additional value or innovation. Although some mobile applications are
being launched in Egypt, again these mobile apps are related to big traditional
insurance companies with offerings very similar to those on the websites.

Egypts economy has been struggling for the past 8 years, with high unemployment and
inflation rates, and decreasing purchasing power. Micro insurance products are now
needed more than ever, to ensure that those who are not able to pay a lot of money to
be insured have the opportunity to customize policies to their needs at very affordable
prices.

Egypt’s population reached 100M in 2019 and is on a rise. Its population is a very young
population 15-39 make up to 50% of the population, and are mainly based in urban
areas. The labour market workforce is 31M workers. Minimum wages are considerably
low, reaching only $119 per month for 25% of the population. 50% of workers make
around $700 per month, and 25% makeover $1,000 per month.

Egypt has a very high internet and mobile penetration, with almost every individual
owning a mobile phone. 50% of the population are active internet users. Social media
usage is very high with Facebook and YouTube as the biggest social networks used.

Credit card penetration is very low, and egyptian prefer to pay through mobile wallets, or
through cash on delivery when purchasing online.

Our Audience segmentation was done on the basis of all the above, taking into
consideration Age, Location, Education levels, and income brackets. Our
target audience identified reached 8M individuals.

From the validation survey conducted we realized that a lot of education about the
importance of insurance is needed. We also realized that the most important trigger for
the egyptian consumer to buy insurance is having the ‘peace of mind’, more benefits,
and affordable prices. These findings fit directly to Comin’s value proposition of
convenience, innovative and affordable.

The Proposed launch plan for Egypt has 2 main phases, starting with a soft launch
which will focus on acquisition for testing, targeting our one main target audience, with
messaging related to Comin’s value proposition and the travel product as a focus. The
aim of the soft launch is to be able to engage as many people as possible, to collect as
much data as possible, to allow us to analyse behaviour and optimize our offering on
both the product and the market. The second phase is the full launch phase and should
only be initiated when the optimizations are achieved.

Our target is to acquire at least 25,000 users during our soft launch, another 150,000
users in the first year of the full launch, with a 500 policy sold per month at the end of
the first year of our launch.
 2. Product Description
Comin is a simplified, frictionless one-stop shop that lets people buy insurance policies
and store them in-app. Comin provides the best-value products that fit the customer's
needs combined with a “no-hassle” purchase experience.

We are able to do that by becoming the innovation platform for trusted insurers around
the world. Our model allows us to scale very quickly by extending insurers products on
our platform.

Comin’s vision is to create an end-to-end insurance brand that unifies the customer
experience under one smartphone app.

3. Product Positioning
Comin is for pro-active and connected urban individuals, who organize their lifestyle
responsibly and efficiently, COMIN is a trusted online insurance company that provides
customizable, fairly priced, innovative insurance products and services and allows
online convenient interaction for insurance management unlike the traditional way of
getting insured.

The positioning focuses on three main attributes, which contributes to our differentiation
from competitors in the market. These are:

Figure 1
 ● Convenience and simple experience:
○ Effortless and fast digital experience
○ Stress-free insurance management
○ Never shop or compare again
○ Paperless policy management on mobile
○ Value-added services
● Innovative service
○ Insurance based on personal lifestyles and needs
○ Easy to understand, simplified terms & benefits
○ Educate about and mitigate risks
○ Flexible and fair pricing
○ Product Innovation
● Affordable prices
○ Multi-line offering with customer Loyalty program (discount on repeat
purchases)
○ Safety & No-claims discounts
○ Products are cheaper because of model scalability and reduced overhead
costs
○ Personalized (If you have less risk, you pay less premiums)

4. The Market
A. The Market Opportunity
The future of insurance is about providing a high-touch easy, digitized and personalized
customer experience. The Insurance market today is a $5 Trillion Globally at a growth
rate of 5% annually. Insurance is still an emerging sector for technology. The opportunity
is huge and this has prevailed in the exponential growth of insurtech technologies
around the world.

As of 2019, the number of InsurTech startups amounts to 1541 companies. The rising
investment in the sector both in terms of deals made and the amount of capital being
injected. In 2014 69 Investment deals were made with a total of 490Mn, whereas 143
Deals were made in 2019 with a total of $3.1Bn - (Figure 2)
Figure 2:

The Insurtech Market value globally is estimated at around $175Bn in 2016 and is
estimated to grow to $235Bn by 2023 at CAGR of 16% (figure 3). The MENA Region is
riding the wave of innovating in the insurance sector. The insurtech market value in the
MENA region is estimated at $1Bn 2019 and is growing at 14% CAGR and will hit
$2.3Bn in 2023.

Table 1:

in Millions (,000,000) 2019 2020 2021 2022 2023

World Insurance $5,071,500 $5,325,075 $5,591,329 $5,870,895 $6,164,440
World Insurtech $148,016 $175,000 $203,000 $235,480 $273,157

MENA Insurance $36,446 $41,548 $47,365 $49,733 $52,220

MENA Insurtech $1,064 $1,365 $1,720 $1,995 $2,314
Figure 3:

B. Global Trends in Insurtech

In the PWC Fintech Global Survey 2017 interesting trends were identified from a Survey
conducted with 1,308 participants, principally chief executive officers (CEOs), directors
/department heads, heads of IT/digital/technology, and other top management involved
in strategy and innovation from 71 countries and across six regions. These participants
are involved in a variety of areas of the Financial Services industry, including banking,
asset management, fund payments and institutions, insurance/reinsurance, and
FinTech, among others. Most were from large companies, but small- and medium sized
firms were represented.

The trends identified verified assumptions related to the customer adoption of insurtech
products and offerings, and recognized the market shift that innovation will introduce to
the sector. Some indicators are:

● Revenue Risk: 56% of insurance company executives mentioned that their

companies are at risk of losing up-to 20% of their revenues to the Fintech Sector.
A Clear indication to the market share being lost by the traditional insurance
industry. (Figure 4)
 ● Client interaction: Insurance companies are expected to acquire 70-80% of
their clients through web platforms and mobile apps in 5 years from today (Figure
5)
● Opportunities and Threat: Technology sector is creating threats to traditional
Insurance Industry, and these threats are opportunities to the Digital insurance
Sector. Some of the threats identified are related to pressure on margins, loss of
market share and increase in customer Churn. The Opportunity on the other
hand is directly correlated to these threats and are focused on cost reduction,
differentiation, Improved retention and additional revenues. (Figure 6)
● Innovation types: The Survey shows that trends in the types of innovation within
the sector are focused on innovations within the distribution and pricing aspects
of the value Chain. An Average of 12% of innovations are taking place in the
distribution channel across different types of insurance products, and 8% in
pricing. (Figure 7)

Figure 4:

Figure 5:
Figure 6:

Figure 7:
 5. Comin Scaling - The Case of Egypt
A. Current Situation - Lebanon Market
When looking at product market fitness, we are assessing how the product is
performing in the market. Indicators here fully rely on whether the potential customer, is
taking action on the platform after installation. There are 3 indicators which we looked at
when assessing the product market fitness of Comin in Lebanon:

● First Indicator is Purchase action. 80% of customers installing the app are
conducting actions on the platform. 11% are converting in the funnel from installs
to paid. This % is a very high one, and can be attributed to the fact that users are
getting to Comin with the mindset of making a purchase rather than exploring on
the platform. Comin’s UX is positioned very well for that, with a direct access to
products from the first page, with no login restrictions.

● Second Indicator is customer retention. 17% of customers tend to buy more

than one policy per purchase. Another 20% purchased multiple times, with the
highest being 10 policies bought on the platform.and an average of 1 additional
policy purchased. This shows that users are not only satisfied with the products
“Comin” offers but also by the whole experience the App provides them with.

● Third Indicator is the Net Promoter’s score. To date the NPS is 9.5. This is a
very high NPS for new online business.With such a score Comin customers are
expected not to only make recurrent purchases but also to start referring the App
to people they know, fueling the growth of Comin’s customers’ base.

We live in a fast-paced world. People want things to be done fast and without wasting
much time. When it comes to insurance, Lebanese consumers want to buy policies at
reasonable if not cheap prices (without it hindering the quality of the product) and in an
easy and fast manner. This was confirmed in an extensive validation exercise
conducted prior to the launch of the app, and resulting in our brand focus on and
positioning. “Comin” offers customers the value that they need: Convenient
purchases, reasonable prices and paperless policies on mobile and email and the
ability to customize your own policy based on your own personal needs.

In terms of competition, in the space of insurance technology, most business models

are focused on comparison websites. The likes of Aqueed, Yallacompare and
Souquelmal aim to provide the consumer with the best price deals when it comes to
insurance policies.

This is not a future winning model. These models don’t provide the consumer with full
journey, as it stops at comparison. The end goal of the customer is to find the best price
and buy the policy. Comin completes the journey, and promises the lowest price since it
sells at cost.

Continuous product innovation is needed to retain customers. Introducing features on

Comin that can connect with the consumer’s everyday life is critical for that. Loyalty
programmes, leaderboard competitions and promoting cheaper insurance based on
better life styles are features Comin are rolling out to ensure retention.

B. The Case of Egypt

a. Market opportunity

As mentioned in the previous section, the market opportunity Globally and in the MENA
region is huge. Insurtech is gaining traction, and with the size of the Egyptian market we
forecast a huge opportunity. Penetration of insurtech products in Egypt is still low, and
presents a market opportunity for Comin with a first mover advantage. Mobile
penetration is high and online commerce is on the rise, with many payment incentives,
reducing the barrier to payment online.

The insurtech market value in Egypt is estimated is estimated at $40M in 2019 and is
growing at 22% CAGR and will hit $70-90M in 2023. The growth estimation is based on
the proportion of growth of insurance sector and insurtech globally and in the egyptian
market.

Table 2:

in Millions (,000,000) 2019 2020 2021 2022 2023

Egypt Insurance sector $1,372 $1,440 $1,512 $1,588 $1,667

Egypt Insurtech $40 $47 $55 $64 $85
Figure 8:

b. Egypt Product Market Fit

Comin’ ensures a friendly user experience, enabling the user to not only purchase
insurance policies online in less than 90s at affordable prices but also to customize the
policy the way they see fit. From a conducted desk research on Egypt consumer
behaviour and In a survey we conducted with 16 Egyptians from different backgrounds
(Survey details and full responses in Annex 1), we were able to identify the two main
gains Egyptians look at when they purchase their own insurance policies: Price and
good benefits.

On a product level from the Lebanon experience, where we found that consumer
triggers are very similar to those in Egypt, we are achieving PMF. We are able to
provide a variety of convenient products at the lowest prices (Comin is able to provide
the lowest prices as policies are sold at net cost with no commission fees). This is
confirmed by the 11% conversion in out funnel from installs to paid. This means that
consumers are installing the app and are finding the products they want to buy right
away. Exploration is being done on external platform.
In Egypt we are rolling out 7 test products in our soft launch to identify which product will
be our star product. This will be identified in our monitoring phase of our launch
assessing how each of these products are performing, which ones are bringing value
and which ones are left behind. Iterations and optimizations to the products benefits and
variety will be considered to ensure best PMF.

On the Market level, our target audience for Egypt has been identified on the basis of
Age, Income level, Education level, Location and Mobile penetration. This segmentation
is done to assess the motivations and ability of our consumers to purchase insurance
products. Further optimizations on segments will be done in our monitoring phase of
Comin’s Egypt launch, to ensure that we are targeting the right audience.

c. Competition

“Comin” has no direct competitors in Egypt. Most insurance companies websites are
out-dated, services and products are focused on current clients (closed environment
except for Misr Insurance and GIG Arabia. Those are present online and provide an
offering for external customers, however have very limited products online, and are not
bringing any innovation in the experience of insurance purchases. Prices are not
displayed and customers need to contact the company to have access to more
information about a policy they are interested in buying. Products cannot be bought
online and the customer can only request price quotations. Travel Insurance Policies
can be customized according to the customer’s needs on Allianz’s website

d. Mobile App Presence

● Misr Insurance’s App, allows the user to request price quotations and only for
purchases of “Travel Insurance Policy” and a “Doctors Professional Liability
Insurance Policy”.
● My Allianz App, allows the user to submit a claim and request a price quotation
● GIG Egypt, allows the user to only request price quotations.

Convenience is lacking in the offering of competition. As mentioned previously we are

able to achieve Product market fitness in Lebanon, by allowing customers to not only
customize their policies to their needs, but also give them an instant purchase action on
the platform. A functionality that is allowing for 11% conversion in our funnel to paid
customers.
Figure 9:

e. Comin Egypt Swot Analysis

Strengths Opportunities

● Instant Purchases. ● Huge Market.

● Affordable Prices. ● No direct competitor (First Mover
● Friendly User experience. Advantage).
● Customizable Policies. ● Partnership with GIG: brand
● Paperless Policies on phones and association,, trusted insurance in Egypt
PCs. Render the entrance onto the market a
● Innovative Products in the pipeline bit easier and will help in spreading the
ensuring retention name of the App.

Weaknesses Threats
 ● Costs Incurred > Revenues. ● Unwillingness of consumers to
● Risk of having a lag in the system purchase online and to give away their
when it comes to the purchase of credit or debit card information (Low
policies on the application. credit card penetration rate (3%) Low
● Regulatory restrictions level of awareness about insurance
● Regulatory licence to sell online
● Competitors’ reaction: Potential high
switching costs. Barrier to entry is low
for competitors, especially those
associated with current insurance
companies

C. The Environment

a. Egypt - Demographics

Egypt’s population in 2019 is estimated at around 101,168,745. Overall the Egyptian

Population continues to grow but at a slower rate (yearly growth rate between 2016 and
2019 has decreased by 0.24 points) as can be seen in figure 10:

Figure 10:

By 2020, the Egyptian Population is expected to reach 102,941,484 (increase of

1,772,739 people). The most populated cities in Egypt are: Cairo with 20,439,541
habitants, Alexandria with 4,546,231 habitants, Giza with 3,628,062 habitants, and Port
Said with 603,787 habitants (2017). We have identified that these are the cities we
will focus on in our target audience (Figure 11)
Figure 11:

There’s an equal distribution of gender (50.6% Males and 49.4% Females). However,
Egypt remains a male-dominant society. Males are the decision makers and are the
ones who make purchasing decisions for the household and consequently purchase
online. Literacy rates are also higher for Males are than those of females (Males:
35.5%, Females: 31%) The Egyptian Population is a relatively young population:

● Population aged between 15-24 is estimated at around 16 million and population

aged between 25-39 is estimated at around 23 million Making up around 40M of
the population. We have identified these age groups to be the age segment
of our target audience:

b. Egypt - Macroeconomics and Income:

The Annual Growth Rate of Egypt’s GDP has increased by 1.2 points from 2017 to 2019
(5.5-4.3=1.2). Egypt’s GDP Growth Rate has stabilized today at 5.5%.

In 2018, the labor market in Egypt totalled to 31M.

● Minimum Wage: the minimum wage in Egypt was raised to 2000EGP/Month

(119.27$) in 2019. This is very low, and decreases the purchasing power of
 individuals. 25% of the Egyptian population earn the Minimum Wage or less.
● Median Wage: The Median wage is equal to 10,711EGP/Month (638$): 50% of
the population earns more than 638$.

The cost of living in Egypt is 51,68% lower than the cost of living in Lebanon. However,
not all Egyptians earn enough money to be able to lead a comfortable lifestyle (poverty
rate is equal to 28%).

Approximately 25% of the population earns more than the median wage with an
average of 2308$/month. These are individuals who work in the following fields (Figure
12).

● Management:Human Resource Manager

● Engineering and IT: Engineers, IT Project Managers, Architects, Software
Developers,
● Finance Sector: Finance Managers and Directors.

Figure 12:

To attain such positions in these fields we found that Egyptians need to have at least a
bachelor's degree and a minimum of 8 to 10 years of experience. These individuals
represent our Target Audience, They make up 25% of the total labour market and
totalling to 8M Individuals. Our target audience has the following traits:
 ● Purchasing power to allow them to purchase policies that could exceed $500
annually (this was calculated on the basis of owning at least one travel and motor
policy annually)
● Higher Education to attain such positions, but also have better awareness and
understanding of the importance of personal insurance in our daily life
● Have access to the internet, and have a higher tendency of using mobile and
conduct online purchases
● Are in an age range of 25-40, as they are required to have at least 8 years of
work experience to attain such jobs.

If we link our target audience to the target cities we identified with the most population
in Egypt, we find that the income distribution in these cities align directly with the income
and purchasing power our customers the ability to purchase insurance policies. Average
Gross Salary per city is distributed as follows (see figure 13):

● Port Said: $21,349

● Cairo: $19,551
● Giza: $14,700
● Alexandria:$11,616.

Figure 13:
 c. Egypt- Internet and Online Penetration
49.23 Million Egyptians are active Internet Users. Internet penetration in our target
cities is high in comparison with other egyptian cities: 51.1% in Port Said, 49% in Cairo,
43.8% in Alexandria and 33.4% in Giza (Figure 14):

Figure 14:

44% of Egyptians are Active Mobile Users. Android is the main mobile operating system
in Egypt and holds 84.57% of the market share, whereas IOS comes in second place
with 14.55%).
40 Million Egyptians are active Social Media Users and 38 Million are Mobile Social
Media Users.

The most active social media platforms in Egypt are:

● Facebook: 242,100,000 monthly traffic
● YouTube: 217,200,000 monthly traffic
● WhatsApp comes in third and Instagram in fourth (Figure 15):
Figure 15:

The main Age groups of Facebook’s and Instagram’s advertising audience profile are:
18-24 and 25-34. And a huge part of that audience is male (Females are more active on
SnapChat) (Figure 16):

Figure 16:

Best platforms to advertise on to reach as many customers as possible are Facebook,

YouTube, WhatsApp and Instagram.

And the results of the Survey we’ve done helps us further cement that information since
Facebook, Instagram and WhatsApp are the most used Social Networking Sites by
the people who took part in this survey.
 d. Online Payment and Credit Card Penetration

Credit Card penetration is very low in egypt, and this is mainly due to the fact that not
many Egyptians have bank accounts.

66.5% (67M) of the Egyptian Population is aged between 15 and above. Out of those
only 3% own a credit card (~3M) and 4% make online purchases or pay their bills online
(~4M). (Low credit card penetration rate that is expected to remain 3% in 2020)
(Figure 17).

Figure 17:

Egyptians are not as willing to pay via their credit or debit cards because those who own
credit and debit cards are not comfortable or trusting to give out or store they do not
want to give away their card information on an online platform. and tThey’d rather have
cash on delivery options pay after having received the product so as not to risk getting
fooled or and scammed. Many Egyptians have however expressed their willingness to
start paying online if they can be promised that they will receive the products they paid
for without fault or delay.

A lot of new initiatives and innovations are setting up in Egypt to tackle this problem
specifically. Enthusiast Entrepreneurs and existing regional and international startups in
the fintech sector, have identified this challenge as a huge opportunity. Increasing the
alternatives for payment in egypt will increase the market size of online purchases
tremendously. With the population size of Egypt, the high internet penetration and the
currently very low online purchases percentage the opportunity is up for grabs.
Although today Hence why the most popular payment method in Egypt is Cash on
Delivery (represents 70% of the online payment methods used in Egypt), we project that
this dynamic will change with new alternatives allowing for online payments without the
need for credit cards. We can already see a growth in mobile payment accounts in
egypt rising to 10.5M accounts in 2018 from 6.5M in 2016 (Figure 18)

Figure 18:

Many Egyptians have however expressed their willingness to start paying online if they
can be promised that they will receive the products they paid for without fault or delay.

Because of this reason, Fawry an Egyptian based startup has taken up the challenge
and is trying to solve the problem of online payment. They provide Egyptians with the
alternative to pay online, through their Fawry account, through multiple payment
channels including credit cards, bank payments and mobile and mobile wallet payments
but it also includes a cash settlement service (Figure 19)
Figure 19:

D. The Customer

Comin’ is a mobile application that allows users to instantly purchase insurance policies
at affordable prices and to customize them according to their own needs.

Seeing how 49 million Egyptians are active Internet Users and approximately 44 million
Egyptians are active Mobile Users, a potential market for “Comin” exists. Despite the
low credit card penetration rate (3% of Egyptians own credit cards) and the
unwillingness of most Egyptians to pay online, this paradigm is changing with the entry
of new solutions providing alternative payment options.

a. Who are we targeting?

It is impossible to launch a product into a new market successfully if we do not know
who the product is for. Understanding the different customer personas, their habits,
motivations, pains and what they consider valuable to them is critical . Identifying our
customer early on helps us in designing not only how we will engage them but also what
their customer journey on our platform needs to look like. Our customer knowledge will
evolve as we start interacting with them, and some of the assumptions that we make
today, might not be valid in 6 month.

We identified in previous sections in this report, who our target audience is. Although
this is a great first step into understanding how we can segment this audience and
provide us with a more targeted approach to our marketing efforts, we need to now look
at our customer profile, more specifically at what motivates our customer and what
triggers their purchase decision.

b. Our Target Audience

● Targeted age groups are individuals aged between 15-24 and 25-39.
● Targeted cities: Port Said, Cairo, Alexandria and Giza
● Income Bracket: $1K and above
● Professions: Managerial levels, in Management, Finance and Engineering
sectors
● Education: Bachelor Degree and above

c. Our Customer Profile

The customer must have the ability to purchase insurance policies, must be someone
who leads a comfortable lifestyle, and someone who earns more than the median wage.

As mentioned before 25% of the Egyptian population earns more than the median wage
with an average of 2308$ per month. The total workforce in Egypt is 31M individuals of
which 8M individuals make more than the median wage.

My customer is either a female or a male.Thier r age is between 29-45 years old.

He/She lives in either Cairo, Giza, Port Said and Alexandria. He/She is educated
with at least a Bachelor’s Degree. Years of working experience between 8-12
years. And the customer’s average annual salary should be approximately 13K USD.

our Customer Profile Target Market is 8M individuals.

And the basic requirements our customer should have are: Access to the Internet
and ownership of a smartphone.

Let’s take the example of a Male (Egypt is a Male dominant society and Males are the
ones who make the purchase decisions). His age would be between 29 and 45.
Working Experience as stated before would be between 8 to 12 years. Yearly Income
approximately 11,263.10$.

How much would this customer be willing to spend to purchase a Travel and Motor
Insurance (Customer must own a car)?

According to our estimations, he’d be willing to spend approximately 60$ on travel

insurance and 500$ on motor insurance per year.

d. Motivation, Trigger and Ability

 ● Why do Egyptians buy insurance?

From the survey we can see that Egyptians buys medical insurance because it is
required by law and personal insurance products because it provides them peace of
mind.

● Do Egyptians have the means to buy insurance policies?

Out of the 16 responses we got:

● 31% of responses said that the main reason that prevents them
from buying insurance products is their high prices.
● 18% of responses said that they don’t see the point of being
insured
● 18% added that the complexity of insurance products prevents
them from buying them.

Focusing affordability and convenience in our positioning will allow us to speak better to
the needs of our identified customer.

For those who do not think that there is a point of being insured, Awareness campaigns
might be useful to get them to understand the need.

58% of the respondents said they’d rather not buy insurance products online. We will
need to further understand whether this fear comes from trust of getting real policies
online, or whether its not being comfortable using online apps in general. Efforts to
understand how these could switch is critical.

● What would push Egyptians to download and use Comin’? Is there a

big enough value that would prompt them to switch?

The triggers that would push Egyptians to switch from an insurance company to
another are the prices offered, the benefits provided and the way claims are
handled.

From this Survey we were able to deduce that Egyptians put a lot of importance on the
prices of insurance policies (they look for the most affordable prices) and on the benefits
they provide (the higher the benefits, the more attractive a policy is)
Comin prices will definitely be more attractive than other insurance companies as it will
sell its policies at net price. Commission on products can go up to 40% in Egypt, which
is 40% reduction in the market price if they buy on Comin.

42% of the people surveyed said they would be willing to purchase insurance
products through a mobile App because it is convenient, fast and easy. Some
of the answers we received were:
 ● Products are easily managed
● no need to talk to anyone
● products can be accessed whenever and wherever which saves time

Those who said they didn’t (the other three) said so because one, they worry that their
claims won’t be handled well and two, they seek human interaction. Now, when people
get more and more acquainted with Comin’ they would be able to see for themselves
how trustworthy the App is and that worry will no longer be an issue. Also since we are
partnering with GIG and GIG is a well-known insurance company in Egypt that will help
Comin’ gain its footing in the market and enhance its reputation.

From this survey we are able to determine the main things Egyptian customers look for
when looking to buy an insurance product: Easy to understand terms, Easy Policy
Management, Stress-Free Claims Handling, Convenient Online Premium Payments and
24/24 Live Chat Support.
 6. Launch Strategy

A. Main Objective
Egypt is a huge market. Although our audience segmentation has helped us narrow
down our target market, the objective of this launch is to get to the most customers, get
them aware and engaged with our products and our app in the fastest way possible.
We need to insure that as we are focusing on acquisition at launch, we have to create
brand awareness around Comin to ensure that we tap into referrals, recommendations
and retention of customers as we grow in the market.

As per our scaling strategy for Comin, we are partnering with GIG Arabia, one of the 5
biggest insurance companies in Egypt to launch its products on Comin for the Egyptian
target market. This partnership will start 6 GIG products integrated into Comin, at a net
policy sales prices, excluding all commission fees related to these products. It is
possible that we expand our partnership with GIG and add more products on Comin.
This will be decided according to the need and acceptance we see in Egypt.

B. Positioning and Value Proposition Confirmation

a. Soft Launch

In our soft launch we need to focus on acquisition to test how our funnel is performing,
and to learn and understand where changes need to be made and optimizations needs
to be implemented (product vs. marketing). If our targeting is performing, we will see a
lot of installs. If our product is performing we will see conversions on logins, product
exploration and purchases. We need to evaluate and learn at this point to understand
where enhancements need to be done, before we go into a full launch.

We do not need to enter with a big blast campaign and marketing budget at the soft
launch, however we need to reach enough people, to have enough analytical data to
allow us to work on our product market fit. We need to understand the following:

Who are we reaching - Targeting indicators

● Who is viewing our ads, and how are they engaging with it?
● What actions are our Ads triggering and what is needed to be done to enhance
them?
● What are the conversion rates and what are they converting to?
● How many people are we reaching?
 ● What is the cost of conversion (this will define our full roll out budget

Who is installing our app

● Targeting indicators: What type of profiles are we converting from awareness to
consideration
● Product indicator: How are customers behaving on our app? Are they logging in?
Exploring products? Trying to purchase? Where are they dropping?
● Product indicator: Time spent on app and on which pages?
● Product Indicator: What products are customers exploring?
● Product Indicator: What is the % of customers getting to payment and dropping

Who is Buying
● Targeting Indicator: What is the profile of our buying customer?
● Product Indicator: What products are the customers buying
● Product Indicator: What is the average price being paid
● Product Indicator: What payment channel is being used (Cash, Credit Card,
Wallets).

When we have enough data and analysis, and material for optimization to answer all of
the above questions, we will be able to fully launch. With this learning we need to plan
for changes in our target audience, products available on comin, pricing of these
products, and payment options.

As per our model we are starting our soft launch with suite of products suggested by
GIG (our partner). Comin will also retain its travel insurance provided by commercial
insurance to be sold in Egypt, as it is not a product being provided under GIG. The
products available for the soft launch are:

Product Price Annual Target Provided by

Personal Accidents 120 EGP All individuals and GIG

families (16-65)

Home Insurance 100 EGP Rental and owners GIG

Funeral costs 120 EGP All individuals and GIG

insurance families (16-65)

Office/Workplace 120 EGP All owners and tenants GIG

insurance of offices, Construction
workers and crafts

Cancer 100 EGP All individuals and GIG

families (16-65)
 Student personal 50 EGP Schools, private GIG
accidents institutes, technical
institutes, Nurseries,
clubs
Travel Starting 90 All individuals and Comin
EGP families (16-65)

b. Full Launch

In our full launch we need to optimize and tailor our messaging and go to market to the
findings of the soft launch. We will need to still focus on acquisition, but push harder for
purchase decisions. To fully launch, a lot of effort needs to be put on monitoring,
feedback, analysis and optimization. We are assuming at this stage that the product is
tailored to the needs identified in our soft launch, meaning we are reaching our correct
target segment, we are getting the installs targets that we have defined, and the
products and pricing available on comin are the right products for the customers.
Indicators to look at to allow us to fully launch, are not different than those of the soft
launch indicators, but have a focus on monitoring and feedback to optimize:

c. Marketing Indicators

● User Engagement: How are users engaging with our ads. Are the ads
targets being met, or are they not performing. It is also recommended that we
look at what our target audience is commenting on our posts. This will allow
us to get feedback on where they see value, where they see gains, and
whether we are solving a need for them.
● Ads Conversions: Are our ads getting us the conversion targets set for them.
Which Ad set is performing the best? What messaging direction is attracting the
most users.
● Target Audience Segments: Which segments are converting better than
others? Is there a need to change anything on our targeting, or focus on
a specific segment that is converting better than another segment.

d. Product indicators

● App Conversions: How is our acquired customer behaving on the App. We

need to assess the full funnel to understand whether there are bottlenecks in the
Journey, and understand where customers are dropping
● User Engagement on App: What pages are most visited, what is the time spent
on the App (benchmarking on average time spent on Lebanon), How many
 recurrent purchases, what is the retention rate.
● Product Conversions: Which products are/are not performing. Is there a need
to remove products, customize their terms. Is there a need to add new products?
● Pricing: Is the price too high or too low? Is pricing a motivation for switching
from competition?
● Payment: Which payment methods are mostly used? Is payment a
bottleneck? Are customers to converting to payment and why?
● Reviews on App: What does our customer like or dislike on the App? Is our
value proposition the right proposition for the customer?

Until we get all the data needed to fully launch, we cannot know if we will be removing
or adding any products. It is worth noting that this is a critical step to identify in the soft
launch. Our ultimate objective is to sell. If sales are not taking place or are not
performing to the targets identified, the problem lies in the product rather than the
customer segment.

C. Marketing Objectives
Our main objectives for our marketing efforts are the following:
Awareness:
● We need to let our target audience know that our product exists and it is
available to them in Egypt.
● We need to introduce the different products available to them, their benefits, how
they can get them and how much it will cost them.
● Drive traffic to website and App to consider installing
App Installs:
● We need to excite our target audience to consider installing the app, know more
about each product
● Drive users to take action and purchase
Purchase Decision:
● Attract them to make a decision to purchase
● The drivers which will allow them to make a purchase

The Goals associated with our objectives are:

● Awareness Goals: Reach and App installs

● App Installs - App installs and exploration of the platform
● Purchase Decisions - Policies sold and Variety of products
● Re-purchase Goals - Returning customers
 D. Marketing Strategies
There are different marketing strategies to reach and engage our customers as per the
objectives we set above. The recommended ones are:
Awareness:
● SEO/ASO: Focusing on organic reach. We need to position ourselves well, to
ensure that we reach customers who are already looking for the service we
provide,aware that we exist.
○ Keywords: Identify the different keywords which our customer might look
for while researching for a specific service. Here there are tools that can
be used to identify these keywords, such as: Google Keyword planner,
App Annie
● Pre-Launch: A teaser campaign informing our audience that we are coming to
egypt, and that our service will be available to them. There are different
outcomes that can come out from this teaser:
○ Awareness of the brand
○ Early adopters who are willing to sign up to know more when we launch
○ Remarketing efforts at launch to grab those interested - Try to get emails
at every point
App Installs:
● Recommendation System: Excite the audience by giving them promo codes if
they refer friends.
● Blog Posts: Give Audience more information about the product and the benefits.
How it solves some of their pains
● Bloggers and influencers: Geta buzz going. Influencers whose opinion is trusted
in Egypt, recommending comin
Purchase decision:
● Competitions, promo-codes and giveaways
● Email recovery campaign for abandoned purchases. Try to convince users to
come back and purchase.

E. Launch Strategy Implementation

Having defined our market size, Target Audience, Value proposition and positioning,
Marketing objectives and strategies. We can now start with our plan strategy to Launch.
We understand the objectives for our soft and full launch, and the indicators that are
associated to them, we now need to understand how will implement this launch
strategy.
I have divided this launch strategy into 2 main objectives with 6 steps under those
pillars. Each pillar has a milestone associated wto it as follows:
1. Organizing ourselves to Launch

Milestone: Soft Launch - Day 0

Duration: September 2019 - Dec 2019

Target: 25K App Installs
Purchases: 2% of installs (Benchmark 10% Lebanon in the first months of roll
out. In Egypt barrier to payment is much higher)
Budget: $50,000

1. Preparation and organisation: Get your product and marketing ready to

launch. Think of all the activities that needs to be ready to start. The Main
items to be considered:
a. Target Audience
b. Value proposition and positioning
c. GIG Product integration
d. Payment Gateway
e. Monitoring tools
f. Online Presence
2. Implementation: Implementation of all product and marketing needs to
ensure readiness at day 0. The main items to be considered:
a. Marketing Material - Campaigns: Direction, Taglines, Visuals,
Adsets, Audiences, AB Tests
b. Bloggers and influencers on board
c. Promo codes ready
d. Competitions
2. Optimization for full Launch
Milestone: Full Launch - Day
Timeline: February 2020 (1 year range)
Target: 150K App Installs
Purchases: 5% of installs (Benchmark 10% Lebanon in the first months of roll
out. In Egypt barrier to payment is much higher).
Budget: $200,000

3. Monitoring: Monitoring is continuous and should start from day one of

soft launch. However you need enough data collection to be able to have
trends that you can analyze to help you optimize well. The main items to
be considered:
a. User Engagement
b. Ads Engagement
 c. Target Segments
d. App Performance and conversions
e. User Engagement on App
f. Product Conversions
g. Reviews on App
h. Pricing and payment
4. Feedback: Create surveys from bottlenecks or non performing items on
both marketing and product level. Get focus of the surveys from the
monitoring report from the previous step. This will help us in our product
market fit, and will ensure better conversions.
5. Analysis: Analyse all the data you have received from the monitoring and
Feedback and make sense of them. Here we will need to suggest all
optimization needs.
6. Optimize: Optimize to launch. Integrate all needed optimization on the
product, and re-iterate your marketing efforts, Audience segments,
campaign preparation to fully launch
 F. Implementation Plan

OBJECTIVE: SOFT LAUNCH - DAY 0

Phase Item Channel Activity Target Owner Due Date
(2019)
Prepare Product App Get all Requirements needed from GIG to be N/A Roger 15 July
able to start adding products on app: Lama
English and Arabic Policies
English and Arabic Policy general terms
Policy Template
Net Policy Prices
Prepare Product App Get timeline from Born interactive on time N/A Born 15 July
needed to finalize: Interactive
Product integration
Payment gateway integration
Prepare Product App Payment Gateway agreement with Fawry N/A Roger 1 August
Lama
Prepare Product App Finalize the integration all GIG Products and N/A Born 20 August
payment gateway on mobile app interactive
Prepare Marketing Website Update website to have all the new products N/A Stephane 15 August
Decide on whether to add a website page for Eastline
Egypt - This could be a landing page seperate
for Egypt (based on IP of user)
Prepare Marketing Website Promotional landing page for Egypt N/A Stephane 01 August
Collect emails for Launch Eastline

Prepare Marketing Website and SEO and ASO 5-10 Stephane 15 August
App Identify additional keywords for the egyptian Keywords Eastline
market
Integrate all new Keywords for website
discoverability and App
Prepare Product Website Ensure that we have the capability to receive 10-15 Stephane 15 August
and reply to requests questions Eastline
Prepare FAQ to support in replies to Queries
Consider Egyptian Language
Prepare Monitoring Amplitude Analytics tools N/A Jad Jamous 15 August
Apps Flyer Amplitude configuration to add new products
 Attribution tool - (ex: Apps Flyer)
Prepare Marketing Facebook Update Social media pages where needed N/A Stephane 15 August
Decide on whether you want to create a new Eastline
one or promote on current pages (focus:
Instagram and Facebook)
Prepare Marketing Facebook Find ad performance KPI benchmarks for same N/A Stephane 15 August
industry apps (CTR, CPI) Eastline
This will help us in our monitoring phase as a
benchmark on whether ads are performing or
not
Test Post for travel insurance (test traction) 1 August
clicks to redirect to a page to save their emails
when we launch

Post focused on peace of mind (Keep travel

insurance with you for your peace of mind)
Practicality (Get you insurance in 3 clicks)

Promote on Facebook page egypt target Stephane

Prepare Marketing Facebook audience - Monitor Engagement, clicks 2 posts Eastline
Prepare Marketing Email Identify how we are going to get a database of N/A Stephane 15 August
emails: Eastline
Email database services (such as Al Barid in
Lebanon)
Prepare Marketing N/A Identify a list of bloggers and influencers in 10-15 Stephane 15 August
Egypt to promote Comin bloggers Eastline
Travel and lifestyle
Financial sector
Prepare Marketing N/A Set a lead generation strategy for the soft N/A Stephane 15 August
launch. Main items should include the type of Eastline
content as detailed below, but should detail
frequency, promotional strategy, Topics, lead
generation goals
Implement Marketing Email Email marketing campaign
Material Inform potential users that we are launching Reach: 10K
Direction USP Conversion
Visuals Product :
Content App Install action Stephane
Eastline 1 September
Implement Facebook Awareness ads to ads sets from our identified Impression Stephane 1 September
Campaign target audience s: Eastline
Who comin is? 700K-1.8M
Partnership with GIG? CTR:
The USP (Convenience, Innovative and 16-45K
 Affordable)? Conversion
Call to action App Install s: 20K
Implement Facebook Product focused Ads to ad sets from our Budget: Stephane 1 September
Campaign identified Audience $45K Eastline
Travel product post Call
to action - Buy now
Implement Facebook Prepare Promo codes for Egypt N/A Stephane 1 September
Campaign discounts on product Eastline
Implement Google Ads Brand Awareness Ads CPI: $0.50 Stephane 1 September
App Installs Conversion Eastline
: 10000
Budget:
$5000
Implement Blog Post 1 blog post on the partnership and different 1 blogpost Stephane 1 September
products Eastline
Implement Bloggers Deal with one Influencer/blogger to promote or 1 blogger Stephane 1 September
Influencers write a blog on comin at launch Influencer Eastline
Objective: Full Launch as of implementation of all optimization
Phase Objective Channel Activity Owner Due Date
Implement Monitoring Online User Engagement Stephane Ongoing as of Launch
Marketing Campaigns Ads Conversions Eastline date
(3 months) or as target
for app installs is
reached
Implement Monitoring App App Conversions - Funnel (where are Jad Ongoing as of Launch
Product customers dropping) Raphael date
User Engagement on App (recurrent (3 months) or as target
purchases, retention, time spent on app for app installs is
etc.) reached
Product Conversions - Which products
are/are not performing
Payment - Which payment methods are
mostly used
Reviews on App
Implement Feedback App Survey focused on bottlenecks the Roger December 2019
product monitoring indicators Lama
Implement Feedback Online Survey focused on monitoring of Born interactive December 2019
Campaigns engagement with ads
Implement Analysis Product Analyse all the information from the Stephane January 2020
Marketing monitoring and feedback reports to Eastline
recommend optimization needs on both
product and marketing
Implement Optimization Product Implement Optimization as identified in Stephane February 2020
Marketing the analysis on both product and Eastline
Marketing
Prepare Launch Product Prepare all items needs as identified in March 2020
Marketing the optimization report
G.Plan Gantt Chart
Annex 1 - Validation Survey

Survey:
A survey was done to get an idea on how insurance and insurtech is viewed by
Egyptians. 16 individuals participated in this survey.

Survey Results Highlights:

Number of responses received so far: 16.

Sample includes:

Gender
● Women (11)
● Men (4)

Age categories:
● 18-24 years old (3)
● 25-34 years old (7).
● 35-44 years old (3).
● 45-54 years old (1)

Residents
● Expats (7)

Status
● Single (5)
● Are married (4)
● Are divorced (2)
● Are married with kids (2)

Education
● Masters/Graduate Degree (7)
● Undergraduate Degree (3)
● Some College/University (4)
● College Diploma/Certificate (1)

Employment
● 8 Employed full-time (53%).
● 3 Self-employed (20%).
 ● 3 Unemployed (20%).

Average Yearly Income

● Between 1k and 25k: 6 (40%).
● Between 25k and 50k: 3 (20%).
● Between 50k and 100k: 2 (13%).
● More than 100k: 1 (6%).

House
● Live in a rented home: 7 (46%).
● Live in a home you own: 3 (20%).
● Live with their parents: 5 (33%).

Car
● 7 don’t have a car (46%).
● 4 own their own car (26%).
● 4 share their car with someone else (26%).

Travel Frequency
● 7 travel once or five times per year (46%).
● 5 don’t travel abroad (33%).
● 2 travel once a year (13%).
● 1 travels between 5 and 10 times a year (6%).

Travel Destination
● Europe (75%), Asia (37%), Middle East (25%) and Gulf (25%).
● Main Reasons to travel: Leisure (75%), visit family (75%).

Reasons that might prevent them from travelling:

● Money (9)
● Visa Hassles (3).

Social Media Accounts

● Facebook (15),
● Instagram (13),
● WhatsApp (13)
● Twitter (6)

Insurance Subscription
● Have subscribed before to insurance products (5)
● Others have not (10)
Insurance Type
● Own health insurance (3)
● Own car insurance (2)
● Owns a house insurance (1)
● Don’t have any insurance (2)
● Own life and death insurances (2)
● Owns a travel insurance (1)

Insurance Reasons
● Think it’s important to be properly insured (5)
● Rated their experience with insurance companies as “fair” (4)

Why don’t you have insurance:

● Insurance policies are pricey (50%).
● Insurance products are too complicated (30%).
● Don’t see the point of having insurance (30%).
● Don’t trust insurance companies (20%).

Why do you buy insurance?

● Piece of mind (2).
● Legally you need to have insurance (3).

Hear about insurance products:

● Through family (3)
● Friends (1)
● Search myself (4)

How do you buy insurance

● Buy their insurance products directly from the insurance company (4)
● Buy them online through a website (2)
● Through an employer (1)

The value of the insurance in regards to the money paid:

● A rating of 3: 1.
● A rating of 4: 1.
● A rating of 5: 1.
● A rating of 6: 2.
Average Rating of 4.8.

Prices are affordable:

(Average rating: 9.2) (4 responses).
Great product benefits:
(Average rating: 9.0) (5 responses).
Good claims handling:
(Average rating: 9.2) (5 responses).
Fast to purchase
(Average rating: 7.2) (4 responses).

Important factors when buying insurance:

● Affordable price (4).
● Products Benefits (4).
● Good Claims Handling (1).
● Insurance Company Brand (1).

Would you buy your insurance products online:

● Yes (5)
● No (9)

Reasons why you’d prefer to buy insurance through a mobile App:

● I can access it on the go (3).
● I can easily manage my products (4).
● It’s convenient, fast and easy (5).
● I prefer to have paperless documents (3).
● I won’t have to talk to anyone (2).

Main reasons that prevents them from buying insurance through a mobile App:
● Afraid that claims won’t be handled well (9).
● Risk of having low quality products (6).
● Prefer human touch (6).

Customers look for:

● Easy to understand terms.
● Easy policy management.
● Stress-Free Claims Handling.
● Convenient Online Premium Payments.
● 24/24 Live Chat Support.
Annex 2 - Tables and Figures

Tables
Table 1: Estimated growth of the InsurTech Market globally and in the MENA Region.
Source: Statistica.

Table 2: Estimated Values of Egypt’s Insurance Sector and InsurTech Market.

Source: Statistica.

Figures
Figure 1: Comin Positioning
Source: Comin Investment Deck

Figure 2: Global InsurTech Investments.

Source: Fintech Global - Global InsurTech Funding Report.

Figure 3: Compound Annual Growth Rate of the InsurTech Market.

Source: Statistica - InsurTech Market Statistics.

Figures 4, 5, 6 and 7: Global Trends in InsurTech.

Source: PWC FinTech Global Fintech Survey 2017 and Digital Insurance in 2018 Report.

Figure 8: Estimated Growth of Egypt’s Insurtech Market.

Source: Statistica.

Figure 9: Competition
Source: Misr Insurance, Bupa Egypt, Suez Canal Insurance, GIG, Allianz, Orient Takaful, Comin.

Figure 10: The Evolution of The Egyptian Population.

Source: United Nations Data, Worldometers (Egypt Population).

Figure 11: The Top 4 most populated Cities in Egypt.

Source: United Nations Data, World Bank Data.

Figure 12: Average Wage by Career Type.

Source: Average Salary Survey.

Figure 13: Average Gross Salary Per City.

Source: WageIndicator Survey, Trading Economics.

Figure 14: Rate of Internet and Computer Use in Egypt’s 4 Major Cities.
Source: Digital 2019 - Egypt Report.
Figure 15: Most Active Social Media Platforms in Egypt.
Source: Digital 2019 - Egypt Report.

Figure 16: Facebook and Instagram’s Total Advertising Audience Profile.

Source: Digital 2019 - Egypt Report.

Figure 17: E-commerce Activities.

Source: Digital 2019 - Egypt Report.

Figure 18: Estimated Growth in Mobile Payment Accounts in Egypt.

Source: Financial Inclusion Report 2018 - Central Bank of Egypt.

Figure 19: Most Popular Payment Gateways in Egypt.

Source: Paytabs, 2checkout, PayFort, Checkout.com, Fawry.