Democrance, a startup on the mission to disrupt the insurance technology sector, has entered a unique strategic partnership with the Middle East and Asia (MEA) unit of American International Group (AIG). Per the agreement between the two companies, AIG MEA will grant Democrance access to its administration, distribution, and operation processes.
In exchange, Democrance will be helping out AIG MEA to digitize its operations in GCC countries including Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, and the UAE. To accomplish this, the InsurTech startup will integrate its platform with digital and mobile channels, adding more value to its existing and new customer segments.
Speaking on the new partnership, Michele Grosso, Co-Founder, and CEO of Democrance, commented: “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.”
For the uninitiated, Democrance specializes in providing front-end solutions that include mobile and digital distribution of Personal Lines insurance products. Additionally, it also provides administrative support service and backend policy. The startup claims that its platform is optimized to serve millions of customers, while simultaneously lowering administrative and servicing costs of insurance products, making them accessible to a wider population.