AIG MEA & Democrance Announce Partnership
Democrance, a microinsurance player established in 2015, has partnered with AIG MEA (American International Group in MEA).
Under this partnership, Democrance will support AIG MEA in digitizing its operations in the UAE, Kuwait, Egypt, Lebanon, Bahrain, Jordan and Oman by integrating the Democrance platform with mobile and digital channels to serve existing and new customer segments.
Democrance provides front-end solutions – digital and mobile distribution for Personal Lines insurance products – as well as back-end policy and claims administration support.
“We are excited to establish this new synergy with AIG MEA that gives us an opportunity to shake-up the industry and help insurers stay ahead of the curve in today’s digital age. The Democrance platform enables insurance products to be delivered seamlessly to a wider audience, and unlocks new customer segments for insurers because of reduced overheads.” – Cofounder and CEO of Democrance, Michele Grosso.
“The insurance market needs digital solutions to stay relevant and drive new growth. This platform puts a whole new spin on managing the overall customer experience in the insurance industry through digitization to make the products more accessible and the processes more convenient. We are confident that this new model will enable us to better serve our existing customer base, as well as expand into new segments.” – Head of Personal Insurance at AIG MEA, Claire Ryan.
The startup has raised $800k since its inception and is a team of 8, according to LinkedIn.