- This investment expands Global Ventures commitments within the Insurtech sector
Dubai-UAE: Democrance, the UAE-born InsurTech company completed its latest funding round, led by Dubai-based international VC firm Global Ventures, along with the participation of Veridian Ventures and existing investors.
Founded in 2015 with a mission to enable partnerships that make insurance accessible and affordable for all emerging market segments of society, Democrance helps insurers expand their digital offering thereby unlocking the potential for entirely overlooked pockets customers, products or channels. Democrance is a B2B data-enabled, white-label SaaS plug-and-play technology platform that digitizes sales & distribution verticals of the insurance value chain for emerging market segments.
Democrance’s platform enables insurance companies to increase sales, drive retention and cross-sell, and unlock new segments through leading-edge digital and data-enabled technologies, plugged into the wider insurance and partner ecosystem. By automating the entire value chain of insurance sales from marketing, distribution, underwriting, and policy administration to claims management, insurers can benefit from incrementally higher sales conversion and substantial cost savings while widening the reach of new and untapped markets at significantly lower unit costs. Democrance’s solution obviates the need for core system replacement by sitting on top of an insurer’s core and seamlessly connecting various modules to automate the end-to-end customer journey.
Michele Grosso, Chief Executive Officer of Democrance, said: “Democrance aims to enable the consumerization of insurance where insurance products will be bought and serviced remotely and seamlessly in the growing digital, virtual, and remote e-commerce world. In six years, we have expanded our footprint across 12 countries and work with the world’s leading insurance organizations. And we are proud to have Global Ventures among our investors: their expertise in growing enterprise SaaS businesses coupled with their regional focus will help us grow and uphold our position as the leading InsurTech in the region."
Basil Moftah, General Partner at Global Ventures, added: “Among insurers, the COVID-19 crisis has fueled innovation ambitions, and accelerated efforts to adopt a digital-first approach to customer and worker interactions, to modernize technology infrastructure and improve data capabilities, and embrace touchless, digital underwriting and claims processes. In this scenario, InsurTech companies will play a key role in helping change the trajectory for insurers in achieving these ambitions. We have followed the success story of Democrance – their grit and commitment to bridging the gap between insurers and technology are one to watch. This partnership validates our confidence in the Democrance story. At Global Ventures we are committed to supporting founders and innovations with game-changing ambitions, as well as enabling the digitization of the UAE’s economy.”
Fueled by population growth, regulatory reforms, infrastructure development, the influx of foreign capital, and the current low penetration, The GCC insurance market is projected to grow from US$32 in 2020 to US$43 billion in 2025, registering a healthy CAGR of 4.3%. Capturing these opportunities is going to require insurers and therefore drivers of InsurTech to ramp up digital capabilities in the near term.
© Press Release 2021
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