Dubai: A fintech offering access to ‘affordable’ insurance, Democrance, has opened an office in Riyadh as part of the expansion into Saudi Arabia.
It is backed by investment from Wa’ed Ventures, the VC arm of Saudi Aramco, and long-time partner Global Ventures. “The Financial Sector Development Program plays a crucial role in shaping the Kingdom’s FSI sector,” said Hussain Almarhoon, founding Managing Partner of Hala Ventures and Chairman of the newly created regional HQ, Democrance KSA.
“Democrance’s mission to bring insurance to underserved markets and communities makes us an ideal contributor to the program and a key partner in the realization of (Saudi) Vision 2030.”
Democrance helps insurers increase their digital sales and access new customer segments. With its B2B SaaS platform, ‘insurance products and digital sales channels can be launched in a few weeks, without impacting any legacy IT system’. Currently, P&C (property and casualty), life and health insurance products are supported on the platform.
“The global insurance sector is in the midst of a dramatic surge in digital transformation,” said Michele Grosso, co-founder and CEO of Democrance. “Some of the largest insurers in Saudi Arabia count themselves among our clients because they have seen the value in our mission to digitize insurance processes and increase the sector’s penetration in all levels of society, from digital millennials to low-income families.”