Photo - QuiQ claim
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QuiQ claim

Quiq Claim is a FinTech peer-to-peer investment platform.

Jordan
Market: Insurance
Stage of the project: Idea or something is already done

Date of last change: 29.09.2020
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Idea

Quiq Claim is a FinTech peer-to-peer settlement and investment platform, catering to the medical insurance industry, which aims to create a new streamlined financing marketplace for health claims

Current Status

The total addressable market in Jordan is around 300 Million JDs with a CAGR of 11% on average.

The assumed growing market penetration is 12% over the next 5 years, and could be revised higher to 20% based on market appetite.

Market

Following global trends as pointed out by PWC the manufacturing & consumer goods industries are the top SCF Supply chain financing to consider for factoring & reverse factoring.

Problem or Opportunity

The whole process of receiving medical claims amounts from the insuranc companies takes around 90 days which creates a cash flow problem
HCPs are mainly SMEs having problems when it comes to 90 days
For example Pharmacies pay Pharmaceutical factories upfront in charge of medicines and they will have to wait up to 90 days. HCP Pharmacies (SMEs).

Solution (product or service)

Creating a Marketplace bridging the liquidity Gap allowing HCPs to finance their claims at day 0 & at a fair discount
Greater liquidity
Regulates cash cycle
Manage claim payment time
Fair pricing and tax regulations
All stakeholders; will be connected on one platform (QC) and payments will be through Gate-to-Pay.

HCP: bridge the liquidity gap
Investor: Higher ROI on their investments
Insurance: Help managing the claims in an organized timeline

Competitors

Factorial Decision QC TPAs Local Lenders Claims Market
Credit Decision Instantaneous 15 days 15 days 7 days
Interest Rate 6-8% 18% 25-30% 7-9%
Guarantees BAC Checks Promissory notes BAC
Technology Full Automated N/A N/A Semi Automated
Logistics Costs Minimal 3-5% 5-7% Minimal




Advantages or differentiators

The business identity of QC is the authorization of central bank of Jordan CBJ in financing medical claims, our product is being run under the sandbox test in which it is organized by CBJ. The current lending companies are on a different mandate in which they finance persons or companies at higher interest rates, while the TPAs as well has a different mandate on managing the insurance companies claims, where we are aiming to fill in the cash flow gaps of SMEs by allowing investors to early finance HCPs throughout applying both discounting & Factoring features.

Finance

Year 2020 2021 2022 2023
Total Revenue JOD 0 JOD 70,955 JOD 175,672 JOD 359,239
Total COGs JOD 0 JOD 0 JOD 0 JOD 0
Gross Profit/loss JOD 0 JOD 65,182 JOD 175,672 JOD 359,239
Gross margin #DIV/0! 92% 100% 100%
Operaitional ExpensesJOD 22,956 JOD 47,405 JOD 96,389 JOD 108,829
Net Profit/Loss (JOD 22,956) JOD 17,776 JOD 79,283 JOD 250,410
Net Profit Margin #DIV/0! 25% 45% 70%

Business model

QC has an admin fees of 1-3% out of every transaction between the investor and the HCP, in addition to the role of investor that QC will act on in which it is more effective.

Money will be spent on

Product Development
Business Development
Finalizing the Legal Frameworks
Biz Dev Salaries
Tech Dev Salaries
Legal Expenses
Rent & Utilities
Other Expenses

Offer for investor

To be negotiated after defining the time of valuation.

Team or Management

Risks

Risk for investors is at its minimal considering the fact that insurance companies will ultimately pay the medical claims to the HCPs in addition to the investments agreement that has its terms and conditions.

Incubation/Acceleration programs accomplishment

Participating in Oasis500 Amman Acceleration Program.

Won the competition and other awards

JULY, 2019: 1st place in AB Accelerator Competition, Amman, Jordan.

Photos

Photo 1 - Quiq Claim is a FinTech peer-to-peer investment platform.
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video