Democrance

Democrance's History

Democrance was founded in 2015 with the mission to democratize insurance by making it accessible to underserved communities. Since its inception, the company has expanded its operations to over 16 countries across the Middle East, Africa, Asia-Pacific, Latin America, and beyond. The company has garnered recognition and accolades, including being named a Future 100 Company by the UAE Ministry of Economy and the Ministry of Cabinet Affairs. Recently, Democrance has expanded its footprint in Saudi Arabia, furthering its mission to transform the insurance landscape globally.

Democrance's Platform

Democrance offers a B2B data-enabled, white-label SaaS plug-and-play technology platform designed to help insurers and insurance brokers increase their digital sales and access new markets. The platform is API economy ready, allowing seamless integration with Super Apps, Aggregators, Mobile Wallets, Telcos, HR Platforms, Retailers, MTOs, and Government entities. It supports more than 50 Life, P&C, and Health products and has facilitated over 15 million policies to date. The platform also features a Product & Journey Builder and an Underwriting & Rating Engine to enhance the customer experience and streamline the underwriting process.

Democrance's Partnerships

Democrance has forged strategic partnerships with some of the most prominent names in the insurance industry, including MetLife, AXA, AIG, Mapfre, Manulife, Tokio Marine, Zurich Insurance Group, and Salama. These partnerships enable Democrance to leverage out-of-the-box integrations with external data sources, local authorities, and third-party services for underwriting and insights. Notably, Democrance has entered into a strategic partnership to scale digital health insurance in Kenya, showcasing its commitment to expanding access to insurance in emerging markets.

Democrance's Market Reach

With operations in over 16 countries, Democrance has a broad market reach that spans the Middle East, Africa, Asia-Pacific, Latin America, and beyond. The company's platform supports any insurance product and distribution channel globally, making it a versatile solution for insurers looking to enter new markets. Democrance's ability to integrate with various digital ecosystems, such as Super Apps and Mobile Wallets, enables insurers to tap into new customer segments and distribution channels, driving growth and increasing insurance penetration in underserved regions.

Democrance's Technological Capabilities

Democrance leverages advanced technological capabilities to enhance the insurance value chain. The platform features an Underwriting & Rating Engine designed to increase straight-through processing sales and reduce referrals, thereby improving efficiency and customer satisfaction. Additionally, the Product & Journey Builder offers a seamless experience across all channels and customer segments, ensuring a consistent and user-friendly interface. These technological innovations enable insurers to deliver personalized and efficient services, ultimately transforming the customer experience in the insurance industry.