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Democrance, founded in 2015, is an insurance technology startup with a mission to enable partnerships that make insurance accessible and affordable for those who need it most. Democrance has created a digital platform that brings together key industries – insurance, telecommunications and remittance houses.

Through tapping into technology, we aim to restore the original purpose of insurance of providing mutual aid for those who need it most but can afford it least.

As of today, we are present in eleven countries across the Middle East and North Africa, South-East Asia and Latin America regions

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Democrance wins MENA Product & Service Innovation of the year at Dubai World Insurance Congress

27 Feb 2020

Democrance wins MENA Product & Service Innovation of the year at Dubai World Insurance Congress Expand


27 Feb 2020 Share link

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AXA, Democrance and Hello Paisa Launch “Hello Protect” to Offer Inclusive Insurance Cover for UAE Residents from Middle East, Africa, and Asia

05 Feb 2020

AXA, Democrance and Hello Paisa Launch “Hello Protect” to Offer Inclusive Insurance Cover for UAE Residents from Middle East, Africa, and Asia Expand


05 Feb 2020 Share link

New product provides complimentary personal accident insurance with each remittance via Hello Paisa 

Dubai-UAE: 04 February, 2020 Democrance, the UAE-born insurtech startup, has joined forces with AXA, one of the largest global insurers in the GCC region, to launch a new personal accident insurance scheme for customers of the international money transfer service Hello Paisa. Under the partnership, UAE residents remitting money to their home countries in the Middle East, Africa and Asia are now covered by AXA’s accident and disability policy – for free.

Designed by AXA and Democrance, Hello Protect taps into Hello Paisa’s existing customer base and allows its members complimentary access to the personal accident insurance for themselves when transferring money through Hello Paisa’s branches. The platform allows users to manage all their insurance needs via their mobile phones. Payouts for all claims are made instantly via Hello Paisa’s remittance houses in beneficiary countries.

This project is part of the broader AXA Emerging Customers global initiative which aims to improve financial inclusion and accelerate the development of insurance and protection services that cater to the needs of the low- and middle-income classes.

Speaking on the partnership, Michele Grosso, Co-founder and CEO of Democrance, said: “We have witnessed a rising demand for financial solutions amongst the populations that are most at risk and require social protection. Hello Protect enables us to introduce low- and mid-income segments of society to the personal accident insurance and other products. Remittance houses offer prime access points, since the UAE is one of the main remittance-sending countries in the world. India is the largest beneficiary, and receives US$12.6 billion in remittances annually, followed by the Philippines at US$3.5 billion. Collaborations such as this one reinforce our commitment to closing the protection gap and establishing an ecosystem that supports the financial inclusion through creating accessible financial products.”

Given the volume of remittances from the UAE, the country’s exchange houses and banks have begun to see the value of investing in digital technologies, including mobile apps, to make it easier for residents to send money home.

Michal Matul, Senior Advisor at AXA Emerging Customers, said: “Whilst safety nets exist in the UAE, not being in a position to send money home remains among the biggest concerns for most workers, who are largely the only source of income for their families back home. Offering financial support in cases of emergency through insurance helps provide immediate financial security and ensures peace of mind. In the UAE, blue-collar workers visit remittance houses on a regular basis, and this makes them our key target audience.”

Moosa Manjra, CEO of Hello Paisa, said: “Our customers are amongst the most vulnerable segments of society, and stand to reap significant benefits from this new offering. All residents who send money home via Hello Paisa will now automatically get a free personal accident cover. Digitalisation has enabled instant and easy access across sectors, and we seek to leverage it to improve our customers’ lives. We are proud to partner with Democrance and AXA to bring this innovative service to the region.” Globally, remitted funds amounted to US$689 billion in 2018 and were estimated to reach US$715 billion in 2019. Sending remittances home is a common practice especially amongst low-income residents, and forms the backbone of livelihoods and the entire economies outside the region.

About Democrance

Democrance, founded in 2015, is an insurance technology startup with a mission to enable partnerships that make insurance accessible and affordable for all segments of society. We have created a digital platform that brings together key industries – insurance, telecommunications and money transfer organisations. By forging new partnerships, we unlock new markets for businesses whilst creating social value for populations that have previously been excluded from the benefits and protection that insurance can provide. Through tapping into technology, we aim to restore the original purpose of insurance by providing mutual aid for those who needs it most, but can afford it least.

About AXA

The AXA Group is a worldwide leader in insurance and asset management with 171,000 employees serving 105 million clients in 61 countries. AXA in the Gulf is one of the largest international players in the GCC, covering the UAE, Oman, Bahrain and Qatar markets with a workforce of over 800 employees, 25 branches and retail shops region-wide and over 1 million customers. With a range of products and services tailored to each customer, covering property & casualty insurance and life & health insurance, AXA in the Gulf is a multi-lined one-stop-shop insurer.

About Hello Paisa

Hello Paisa, part of the Hello Group of Companies, is one of Africa’s leading MTO’s with operations in Africa and now looking to expand to the UAE. It’s simple. We try and solve basic problems by carefully crafting solutions and providing access to customers that very few companies care about. We do this by using technology in ways that very few companies have thought about so that all our customers can realise their true potential, and that is what Hello is all about.

توفر تغطية تأمينية حصرية للمقيمين في الإمارات من الشرق الأوسط وإفريقيا وآسيا “أكسا” و”ديموكرانس” و”هيلو بيزا” تطلق خدمة “هيلو بروتيكت”

المنتج الجديد يوفر تأميناً شخصياً مجانياً ضد الحوادث مع كل حوالة مالية عبر “هيلو بيزا”

دبي، 4 فبراير 2020: تعاونت “ديموكرانس”، شركة تكنولوجيا التأمين التي تتخذ مقرها في دولة الإمارات، مع “أكسا”، إحدى أكبر شركات التأمين العالمية في منطقة الخليج، لإطلاق برنامج تأمين شخصي جديد ضد الحوادث لعملاء خدمة التحويلات المالية الدولية “هيلو بيزا”. وبموجب هذه الشراكة، سيحصل سكان الإمارات الذين يرسلون حوالات مالية إلى أوطانهم في الشرق الأوسط وإفريقيا وآسيا، على بوليصة تأمين ضد الحوادث والإعاقة من شركة “أكسا” مجاناً.

وتستهدف خدمة “هيلو بروتيكت”، التي صممت من قبل “أكسا” و”ديموكرانس”، قاعدة عملاء “هيلو بيزا” الحالية وتتيح لأعضائها الحصول على بوليصة تأمين مجانية ضد الحوادث الشخصية لأنفسهم عند تحويل الأموال من خلال “هيلو بيزا”. وتتيح هذه المنصة للمستخدمين إدارة كافة احتياجاتهم التأمينية من خلال هواتفهم المحمولة. ويتم تسديد كافة مبالغ المطالبات التأمينية بشكل مباشر عبر مكاتب “هيلو بيزا” في بلدان مستلمي الحوالات.

ويمثل هذا المشروع جزءاً من مبادرة عالمية أوسع نطاقاً لشركة أكسا لعملاء الأسواق الناشئة والتي ترمي إلى تحسين الدمج المالي وتسريع وتيرة نمو خدمات التأمين والحماية التي تلبي احتياجات الطبقات السكانية من ذوي الدخل المتوسط والمحدود.

وتعليقاً على الشراكة، قال ميشيل غروسو، الشريك المؤسس والرئيس التنفيذي لشركة ديموكرانس: “لقد شهدنا زيادةً في الطلب على الحلول المالية بين الفئات السكانية الأكثر عرضة للخطر والمحتاجة إلى الحماية الاجتماعية. وتتيح لنا خدمة ’هيلو بروتيكت‘ تزويد أصحاب الدخل المتوسط والمحدود ببوليصة تأمين شخصي ضد الحوادث، ومنتجات أخرى. وتوفر مكاتب الحوالات منافذ متميزة، إذ تعتبر دولة الإمارات واحدة من البلدان الرئيسية على صعيد إرسال الحوالات، في حين تعدّ الهند أكبر المستفيدين حيث تتلقى 12.6 مليار دولار على شكل حوالات مالية سنوياً، تليها الفلبين بواقع 3.5 مليار دولار. وتسهم مثل هذه الشراكات التعاونية في تعزيز التزامنا بالعمل على سد فجوة الحماية وتأسيس منظومةٍ تدعم الدمج المالي عن طريق طرح منتجات مالية متاحة للجميع”.

ونظراً لحجم الحوالات المرسلة من دولة الإمارات، بدأت مكاتب الصرافة والمصارف في البلاد بملاحظة القيمة الناتجة عن الاستثمار في التقنيات الرقمية، مثل تطبيقات الهواتف المحمولة، لمساعدة العملاء على إرسال الحوالات المالية إلى أوطانهم.

وقال ميشال ماتول، المستشار الأول في وحدة أكسا للعملاء في البلدان الناشئة: “برغم تواجد شبكات الأمان في دولة الإمارات، فإن انعدام القدرة على إرسال المال إلى الوطن يظل من أكبر المخاوف عند غالبية العمال، الذين يشكّلون المصدر الوحيد للدخل عموماً لعائلاتهم في الوطن الأم. وبالتالي فإن توفير الدعم المالي في حالات الطوارئ عن طريق التأمين يسهم في ضمان الأمن المالي الفوري وراحة البال. وفي دولة الإمارات، يزور العمال محدودي الدخل مكاتب الحوالات على نحو منتظم، وهذا يجعلهم جمهورنا المستهدف الرئيسي”.

وقال موسى مانجرا، الرئيس التنفيذي في “هيلو بيزا”: “عملاؤنا من أكثر فئات المجتمع عُرضة للخطر، ولديهم الفرصة لجني منافع عظيمة من هذا المنتج الجديد. فالآن يمكن لجميع المقيمين الذين يرسلون الحوالات المالية إلى بلدانهم عبر ’هيلو بيزا‘ أن يحصلوا تلقائياً على تأمين شخصي مجاني ضد الحوادث. وفي حين أتاحت الرقمنة المجال للحصول على الخدمات بشكل فوري وسهل في مختلف القطاعات، فإننا نسعى للاستفادة منها في تحسين نوعية حياة عملائنا. ونحن فخورون بالشراكة مع ’ديموكرانس‘ و’أكسا‘ من أجل تقديم هذه الخدمة المبتكرة في المنطقة”.

يذكر أن قيمة الحوالات عالمياً وصلت في عام 2018 إلى 689 مليار دولار، وكان من المتوقع أن تصل إلى 715 مليار دولار في عام 2019. ويعدّ إرسال الحوالات المالية ممارسة شائعة بين المقيمين من ذوي الدخل المحدود، حيث تشكل هذه الحوالات العمود الفقري للمعيشة ولاقتصادات كاملة خارج المنطقة.

نبذة عن “أكسا”

“مجموعة أكسا” رائدة على مستوى العالم في مجال التأمين وإدارة الأصول، إذ لديها 171000 موظف يخدمون 105 مليون عميل في 61 بلداً. وتعد “أكسا الخليج” واحدة من أكبر الشركات العالمية في دول مجلس التعاون الخليجي، حيث تغطي أسواق الإمارات وعمان والبحرين وقطر من خلال قوة عاملة تفوق 800 موظفاً و25 فرعاً ومتجر تجزئة على مستوى المنطقة وأكثر من مليون عميل. وتعتبر “أكسا الخليج” شركة تأمين متكاملة ومتعددة الخدمات، بفضل ما تطرحه من منتجات وخدمات تشمل تأمين الممتلكات والأضرار والتأمين على الحياة والصحة.وقد نالت شركة التأمين الرائدة “أكسا” جوائز عديدة نظراً لما تمتاز به منتجاتها وخدماتها من جودة فائقة. 

نبذة عن “ديموكرانس”

تأسست “ديموكرانس”، الشركة الناشئة في مجال تكنولوجيا التأمين، عام 2015، وتتمثل رسالتها في إتاحة الشراكات التي تجعل التأمين معقول التكلفة وسهل المنال عند أكثر من يحتاجونه من البشر. وقد صنعت “ديموكرانس” منصة رقمية تجمع ما بين قطاعات رئيسية مختلفة- مثل مؤسسات التأمين والاتصالات وتحويل الأموال. ومن خلال تكوين الشراكات الجديدة، نفتح أسواقاً جديدة للشركات، صانعين في الوقت ذاته قيمة اجتماعية للأفراد الذين حُرموا سابقاً من المنافع والحماية التي يوفرها التأمين. ونهدف من خلال تسخير التكنولوجيا إلى استعادة الغاية الأصلية من التأمين وهي توفير المساعدة المتبادلة لأكثر البشر احتياجاً لها وأقلهم قدرة على نيلها.

نبذة عن “هيلو بيزا”

هيلو بيزا هي جزء من مجموعة شركات هيلو هي واحدة من الشركات الرائدة في إفريقيا ولها عمليات في أفريقيا وتتطلع الآن للتوسع في الإمارات العربية المتحدة. نحن نسعى لإيجاد حلول للتحديات الأساسية للعملاء عن طريق تطوير حلول مدروسة بعناية وقلما تهتم بها الشركات الأخرى. نحن نقوم بذلك عن طريق استخدام التكنولوجيا بطرق لا يفكر فيها سوى عدد قليل جداً من الشركات حتى يتمكن جميع عملائنا من إدراك إمكاناتهم الحقيقية، وهذا تحديداً ما تمثله “هيلو”.

Democrance nominated as Best Technology Firm of the Year at MENA Insurance Awards

28 Jan 2020

Democrance nominated as Best Technology Firm of the Year at MENA Insurance Awards Expand


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AXA Gulf, RISE, and Democrance launch new insurance services for domestic helpers in UAE

29 Oct 2019

AXA Gulf, RISE, and Democrance launch new insurance services for domestic helpers in UAE Expand


29 Oct 2019 Share link

New insurance products will be available on RISE’s platform to cover income migrant workers’ and offer protection for families in home countries

Dubai-UAE: 29 October, 2019 – AXA in the Gulf launched new insurance services in collaboration with RISE, a financial technology (FinTech) company that democratises access to financial services for migrant workers and domestic helpers. The new offering is powered by the Democrance digital platform and supported by AXA Emerging Customers. This global initiative aims to improve financial inclusion and better serve the emerging middle class by accelerating the development of insurance and protection service offerings, catering to the needs of low- and middle-income individuals.

The solution was designed based on extensive research and RISE’s robust experience of working with thousands of migrants in the UAE. Building upon customer research conducted in the UAE, Europe, Singapore, Malaysia and Hong Kong, AXA and RISE recognised a clear need for insurance products tailored to the specific requirements of migrant workers in the UAE and for their families back in their home countries.

“Despite the safety nets which exist in the UAE, ‘not being able to send money home’ remains a top-of-mind risk. Half of the workers we surveyed couldn’t send money home at least once last year, mostly due to sickness, accidents or job loss. This stems from the fact that apart from the national health plan, the majority of migrant workers do not have any other private insurance, said Michal Matul, senior advisor to AXA Emerging Customers.” In addition, insurance covering family members at home is a critical need. In the UAE, three-quarters of workers were faced with emergency cash demands from home at least once last year, which they have a hard time addressing, for example through expensive loans.”

The research informed the development of a two-pronged insurance solution – securing money transfers in case migrant workers cannot send money home, and leveraging remittance flows to provide transparent and easy-to-use insurance products that cover family members in their country of origin. AXA has since launched these innovative solutions across various markets in 2018, including Malaysia in close collaboration with Merchantrade, the leading money transfer operator and Bank Negara, the local regulator.

RISE has been working with financial service providers since 2017, and this product will be a new service offering for their customers. The new insurance product, covering the risk of accidental death and disability will be introduced based on a freemium model, where RISE’s tens of thousands of customers will be offered the insurance complimentary, while an enhanced version with additional coverage for medical expenses and body repatriation can be purchased by customers at affordable monthly rates. The products were designed to be as simple as possible, with adapted terms and conditions that can be easily understood by all, free from the traditional exclusions usually present in these policies.

“We started RISE to democratise access to essential financial services for low income migrants. Our customers are often the sole breadwinners for their families and any event which impacts them or impacts their family back home, puts stress on the entire family unit. We are excited to be working with AXA and co-creating products that matter, which alleviate some of this potential stress and help our customers build a better future,” said Padmini Gupta and Milind Singh, Co-Founders of Rise.

The collaboration with AXA Gulf and Democrance will enable RISE’s customers to tap into an insurance product that would not be available anywhere else, and to test it first at no extra charge to assess its relevance and ease of use. The product will be integrated onto RISE’s platform leveraging Democrance’s technology, so customers only need their mobile phone to be informed, purchase and make claims for their insurance. Claims processes and documents, accessible at any time, have been simplified to allow insured or beneficiaries to get payouts quickly.

On the partnership, Michele Grosso, CEO and Co-founder of Democrance, said: “The UAE is one of the largest remittance-sending countries in the world, with India as the largest beneficiary at $12.6 billion, followed by the Philippines at $3.5 billion, according to IFAD figures in 2015. We have witnessed rising demand for financial solutions especially for low-income populations who are most at risk and require the social protection. Through meaningful partnerships such as these, we can work towards closing the protection gap and create accessible financial products to form an ecosystem that supports financial inclusion.”

Freemium strategies, where insurance is offered to clients as a reward for loyalty, have already been proven in markets such as Africa and Asia. AXA has worked with over a dozen mobile network operators and mobile money operators, designing products to educate customers and clients about insurance at no extra charge. “Our objective is to further contribute towards protecting everyone in the UAE, which is in line with our strategy of becoming a more encouraging partner for our customers. Taking stock of the role played by migrant workers in infrastructure and development, authorities in the UAE have set up essential social protection schemes such as the National Health Plan or Wages Protection System for the millions of diaspora workers coming from India, Pakistan, Philippines and other countries. We are pleased that AXA Gulf can contribute to supplement these schemes for those that need protection the most, but traditionally have been underserved,” said Paul Adamson, CEO of AXA Gulf

ABOUT AXA

The AXA Group is a worldwide leader in insurance and asset management, with 171,000 employees serving 105 million clients in 61 countries. AXA in the Gulf is one of the largest international players in the GCC, covering the UAE, Oman, Bahrain and Qatar markets, with a workforce of over 800 employees, 25 branches and retail shops region-wide and over 1 million customers. With a range of products and services tailored to each customer, covering property & casualty insurance and life & health insurance, AXA in the Gulf is a multi-lined one-stop shop insurer.

Recognised as a leading insurance brand, AXA has been winning several awards for its quality of services and products. For more information visit www.axa.ae and follow us on Twitter, LinkedIn, Facebook

ABOUT RISE

Rise democratizes access to essential financial services for the millions of migrants globally. Since launching in 2017, we have helped tens of thousands of low-income migrants gain access to bank accounts, understand their financial health, set financial goals and gain access to credit.  We partner with leading financial service institutions regionally and globally, to build financial products that matter for migrants and use our AI driven distribution platforms to bring these products to low income migrants everywhere.  more information about Rise, visit www.gorise.co

ABOUT DEMOCRANCE

Democrance, founded in 2015, is an insurance technology startup with a mission to enable partnerships that make insurance accessible and affordable for those who need it most. Democrance has created a digital platform that brings together key industries – insurance, telecommunications and money transfer organizations. By forging new partnerships, we unlock new markets for businesses, while at the same time creating social value for populations that have previously been excluded from the benefits and protection insurance can provide. Through tapping into technology, we aim to restore the original purpose of insurance of providing mutual aid for those who need it most but can afford it least.

دبي، 29 أكتوبر 2019: أطلقت “أكسا” في منطقة الخليج خدمات تأمين جديدة بالتعاون مع “رايز”، شركة التكنولوجيا المالية التي تتيح الحصول على الخدمات المالية للعمال المغتربين وعمال المنازل. وستعمل الخدمات الجديدة عن طريق منصة “ديموكرانس” الرقمية وستدعمها وحدة “أكسا” للعملاء في البلدان الناشئة  AXA Emerging Customers. وتهدف هذه المبادرة العالمية إلى تحسين مستوى الشمول المالي والخدمات المقدمة إلى الطبقة الوسطى الناشئة من خلال تسريع العروض المقدمة لتطوير خدمات التأمين والحماية وتلبية احتياجات الأفراد محدودي ومتوسطي الدخل.

وقد صُممت هذه الخدمة بناءً على بحوث مكثفة وتجربة “رايز” المتميزة في العمل مع ألوف المغتربين في دولة الإمارات. وبالاعتماد على أبحاث العملاء التي أجريت في دولة الإمارات، وأوروبا وسنغافورة وماليزيا وهونغ كونغ، أدركت “أكسا” و”رايز” حاجة واضحة لمنتجات التأمين المعدة حسب المتطلبات الخاصة بالعمال المغتربين في دولة الإمارات وعائلاتهم في بلدانهم الأم.

وقال ميشال ماتول، المستشار الأول لوحدة AXA Emerging Customers: “على الرغم من شبكات الأمان المقامة في دولة الإمارات، فإن عدم القدرة على إرسال المال إلى الوطن يظل خطراً يستحوذ على التفكير. ونصف العمال الذين استطلعنا آراءهم عجزوا عن إرسال المال لأوطانهم مرة واحدة على الأقل في العام الماضي، وكان السبب يعود غالباً إلى المرض أو الحوادث أو فقدان الوظيفة. وهذا يرجع إلى حقيقة أنه بعيداً عن الخطة الصحية الوطنية، لا يملك غالبية العمال المغتربين أي تأمين خاص آخر”. وبالإضافة إلى ذلك، تعدّ الحاجة ماسة إلى التأمين الذي يغطي أفراد العائلة في الوطن. وفي دولة الإمارات، تعرض ثلاثة أرباع العمال لاحتياجات طارئة للنقود في الوطن مرة واحدة على الأقل في العام الماضي، والتي واجهوا صعوبة بالغة في توفيرها، عن طريق الاقتراض باهظ التكلفة مثلاً”.

وأدت تلك البحوث إلى تطوير خدمة تأمين مزدوجة – إيصال الحوالات النقدية في حال تعذر على العمال المغتربين إرسال المال إلى الوطن، والاستفادة من تدفق الحوالات المالية في توفير منتجات تأمين شفافة وسهلة الاستخدام بحيث تغطي أفراد العائلة في البلد الأم. وقد أطلقت “أكسا” منذ ذلك الحين هذه الحلول المبتكرة في أسواق شتى عام 2018، مثل ماليزيا بالتعاون الوثيق مع “ميرتشانتريد”، الشركة الرائدة في مجال الحوالات النقدية و”بنك نيغارا”، الجهة التنظيمية المحلية.

وتعمل “رايز” مع شركات الخدمات المالية منذ عام 2017، وسيمثل هذا المنتج خدمة جديدة لعملائها. وسيطرح منتج التأمين الجديد، الذي يغطي خطر العجز والوفاة الناتجة عن حادثة، بناء على نموذج مجاني، حيث سيتاح مجاناً لعشرات الألوف من عملاء “رايز”، في حين يمكن للعملاء شراء نسخة محسنة ذات تغطية إضافية للنفقات الطبية وإعادة الجثمان للوطن نظير دفعات شهرية معقولة التكلفة. وقد صُممت المنتجات لتكون بسيطة قدر الإمكان، وفق شروط وأحكام معدلة يسهل على الجميع فهمها وخالية من الاستثناءات التقليدية التي غالباً ما تندرج في بوليصات التأمين.

وقال بادميني غوبتا وميليند سينغ، المشاركان في تأسيس “رايز”: “لقد أطلقنا رايز من أجل إتاحة الخدمات المالية الأساسية للمغتربين محدودي الدخل. عملاؤنا في غالب الأحيان هم من يكسبون لقمة العيش لأسرهم، وأي حدث يؤثر فيهم أو في عائلاتهم في الوطن يرهق كاهل الأسرة ككل. ويسعدنا أن نعمل مع “أكسا” ونشارك في صنع منتجات ذات أهمية، بحيث نخفف بعض الضغوط المحتملة ونساعد عملاءنا في بناء مستقبل أفضل”.

يشار إلى أن التعاون مع “أكسا الخليج” و”ديموكرانس” سيمكّن عملاء “رايز” من الاستفادة من منتج تأمين لن يتاح في أي مكان آخر، واختباره لأول مرة دون تكلفة إضافية من أجل تقييم نجاحه وسهولة استخدامه. وسيُدمج المنتج في منصة “رايز” بالاستعانة بتقنية “ديموكرانس”، بحيث يتمكن العملاء عبر هواتفهم النقالة من الاستعلام والشراء والتقدم بالمطالبات الخاصة بالتأمين. وقد جرى تبسيط عملية المطالبة، المتاحة في أي وقت، لكي يتمكن المؤمنون أو المستفيدون من الحصول على الدفعات المالية سريعاً.

وتعقيباً على الشراكة، قال ميشيل غروسو، الرئيس التنفيذي والمؤسس المشارك في “ديموكرانس”: “دولة الإمارات هي واحدة من أكبر الدول في العالم على صعيد تحويل الأموال، إذ تعد الهند أكبر المستفيدين من هذه الحوالات بمقدار 12.6 مليار دولار، تتلوها الفلبين بمقدار 3.5 مليار دولار، وفق إحصاءات الصندوق الدولي للتنمية الزراعية في عام 2015. ولقد شهدنا تزايداً في الطلب على الحلول المالية خصوصاً لدى محدودي الدخل الأكثر عرضة للمخاطر والمحتاجين للحماية الاجتماعية. ومن خلال الشراكات المهمة مثل هذه الشراكات، يمكننا العمل على سد فجوة الحماية وصنع منتجات مالية سهلة المنال لتكوين منظومة تدعم الشمول المالي”.

وفي حين ثبتت جدوى استراتيجيات النماذج المجانية، التي يُتاح التأمين بموجبها للعملاء على سبيل المكافأة على الولاء، في أسواقٍ مثل إفريقيا وآسيا، عملت “أكسا” مع أكثر من 12 مشغل لشبكات الاتصالات النقالة ومشغل لتحويل الأموال عبر الهواتف النقالة، حيث صممت المنتجات لتثقيف العملاء والزبائن حول التأمين دون تكلفة إضافية.

وقال بول أدامسون، الرئيس التنفيذي في “أكسا الخليج”: “هدفنا هو الإسهام بشكل إضافي في حماية كل الأفراد بدولة الإمارات، وهو ما يتماشى مع استراتيجيتنا المتمثلة في أن نكون شريكاً محفزاً لعملائنا. ومع تقييم الدور الذي يؤديه العمال المغتربون في البنية التحتية والتنمية، وضعت السلطات في دولة الإمارات خطط حماية اجتماعية أساسية مثل خطة الصحة الوطنية أو نظام حماية الأجور لملايين العمال القادمين من الهند وباكستان والفلبين وبلدان أخرى. ويسرنا أن تتمكن “أكسا” من الإسهام في إتمام هذه الخطط لأولئك الأكثر احتياجاً للحماية، رغم افتقارهم إلى الخدمات في غالب الأحيان”.

نبذة عن “أكسا”

“مجموعة أكسا” رائدة على مستوى العالم في مجال التأمين وإدارة الأصول، إذ لديها 171000 موظف يخدمون 105 مليون عميل في 61 بلداً. وتعد “أكسا الخليج” واحدة من أكبر الشركات العالمية في دول مجلس التعاون الخليجي، حيث تغطي أسواق الإمارات وعمان والبحرين وقطر من خلال قوة عاملة تفوق 800 موظفاً و25 فرعاً ومتجر تجزئة على مستوى المنطقة وأكثر من مليون عميل. وتعتبر “أكسا الخليج” شركة تأمين متكاملة ومتعددة الخدمات، بفضل ما تطرحه من منتجات وخدمات تشمل تأمين الممتلكات والأضرار والتأمين على الحياة والصحة.

وقد نالت شركة التأمين الرائدة “أكسا” جوائز عديدة نظراً لما تمتاز به منتجاتها وخدماتها من جودة فائقة. لمزيد من المعلومات، قم بزيارة www.axa.ae وتابعنا على Twitter, LinkedIn, Facebook

نبذة عن “رايز”

تتيح “رايز” الحصول على الخدمات المالية الأساسية لملايين المغتربين في العالم. ومنذ انطلاقها في عام 2017، ساعدنا عشرات الألوف من المغتربين محدودي الدخل في الحصول على أرصدة بنكية، وفهم أوضاعهم المالية، ووضع أهداف مالية والحصول على قروض. كما نعقد الشراكات مع مؤسسات رائدة في قطاع الخدمات المالية على مستوى المنطقة والعالم، من أجل صنع منتجات مالية تهمّ المغتربين ونستخدم منصات التوزيع القائمة على الذكاء الاصطناعي لإتاحة هذه المنتجات للمغتربين محدودي الدخل في كل مكان. لمزيد من المعلومات عن “رايز”، قم بزيارة www.gorise.co

نبذة عن “ديموكرانس”

تأسست “ديموكرانس”، الشركة الناشئة في مجال تكنولوجيا التأمين، عام 2015، وتتمثل رسالتها في إتاحة الشراكات التي تجعل التأمين معقول التكلفة وسهل المنال عند أكثر من يحتاجونه من البشر. وقد صنعت “ديموكرانس” منصة رقمية تجمع ما بين قطاعات رئيسية مختلفة- مثل مؤسسات التأمين والاتصالات وتحويل الأموال. ومن خلال تكوين الشراكات الجديدة، نفتح أسواقاً جديدة للشركات، صانعين في الوقت ذاته قيمة اجتماعية للأفراد الذين حُرموا سابقاً من المنافع والحماية التي يوفرها التأمين. ونهدف من خلال تسخير التكنولوجيا إلى استعادة الغاية الأصلية من التأمين وهي توفير المساعدة المتبادلة لأكثر البشر احتياجاً لها وأقلهم قدرة على نيلها.

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Making Accessible and Affordable Insurance

24 Sep 2019

Making Accessible and Affordable Insurance Expand


24 Sep 2019 Share link

benterpreneur

Can you tell us more about Democrance and your goal to “democratize insurance?”

We are an insurance technology company with a mission to create partnerships that make insurance accessible for those who need it most but can afford it least. We unlock new markets for businesses, while at the same time creating social value for those populations which have previously been excluded from the benefits and protection insurance can afford.

At the core of Democrance’s offering lies the mutually beneficial partnerships we create between insurance and telecommunications companies: by bringing together two unlikely partners, we unlock new markets for insurers, while offering telecommunications companies a way to increase customer loyalty, differentiate their services and contribute to the economic development of societies. We believe that the mobile phone is the key solution to reach vast, new and previously untapped populations.

Above all, our Insurance Technology solutions enable our partners to create real value for those populations who were previously excluded from the benefits of insurance, improving countless lives in the process. Through the use of technology, we aim to reduce the distribution and operational costs of the insurance value chain while simultaneously opening up new revenue and distribution channels for our partners.

How are you working to educate people and organizations about the power and value of insurance?

We work hand in hand with our partners to educate the market about the value insurance can bring. Our technology platform enables policyholders and beneficiaries to get information on insurance and how to claim on their mobile phones in local languages, from anywhere in the world.

We also work with telecommunication organizations and exchange houses to convey how insurance can enhance their own value propositions. We are frequent participants at conferences and trade fairs and are regularly called on to contribute and comment on developments in our industry.

Why did you choose to create partnerships between insurance and telecommunication companies to power your business?

Research shows that about 99% of the region’s low-income population cannot afford or secure protection. Social security and healthcare is not as efficient as it could be. Insurance companies sell policies in a traditional way where you need to talk to an agent, a broker or a bank, review and sign pages of a contract that’s hard to understand and pay with a credit card; these are all barriers to entry for the low-income population.

By bringing together two unlikely partners, insurance companies and telecommunication providers, we unlock new markets for insurers, while offering telecommunications companies a way to increase customer loyalty, differentiate their services and contribute to the economic development of societies.

What are the challenges that your company has faced and how were you able to overcome said challenges?

Worldwide insurance penetration stands at 6%, while emerging markets reach only half of that figure. In the MENA region, only 1% of the population can access and afford microinsurance.

So while the opportunity is large, when Democrance started out, it was largely unrecognized: it has not been easy building a technology startup and aiming to create a new market segment all at the same time. It takes a lot of persistence, drive and passion.

It is difficult to find people who believe in your model, whether team members, clients or investors, in the early days. One of the biggest challenges was (and it still is, to a large degree) to align our timeline and priorities with those of big corporates, which have a long on-boarding process not tailored to startups and generally moves at a much slower pace than we do.

Since its inception, the business has started working with some of the largest insurance companies in the region and in the world including AIG which has mandated Democrance to support the group with digitizing its businesses throughout the MENA region. Democrance is currently present in eight markets in MENA and one Southeast Asian market. Now it is planning to cover more emerging regions with new and existing partners.

What tips can you give to aspiring entrepreneurs—especially those in the Fintech sector?

Insurance technology startups are raising a lot of interest among investors globally and MENA is catching up fast. For entrepreneurs in any industry or region, I would tell them to remain committed to their passion, without worrying too much about what everyone else says. Make sure you are passionate about the idea you are trying to bring to life because the process will require a lot of effort.

Remember that investor interests are cyclical, but what matters at the end of the day is to bring your idea forward and stay true to your value and beliefs. Never see raising funds as an objective― it is a means to an end.

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Democratising Insurance

23 Apr 2019

Democratising Insurance Expand


23 Apr 2019 Share link



Democrance is enabling insurers to tap into new market segments – especially the underinsured– and digitise the entire value chain efficiently, co-founder & CEO Michele Grosso tells Middle East Insurance Review.

-By Osama Noor

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UAE-based Start-up Democrance Partners with Cambodia’s Cellcard and Camlife for Microinsurance Outreach

04 Mar 2019

UAE-based Start-up Democrance Partners with Cambodia’s Cellcard and Camlife for Microinsurance Outreach Expand


04 Mar 2019 Share link

The partnership aims to broaden the financial safety net for Cambodians and disrupt traditional insurance processes through digitization

Dubai-UAE: 4th March, 2019 – Insurance Technology start-up Democrance joined forces with leading insurer Cambodia Life Insurance (Camlife) to offer affordable and accessible life microinsurance products via the mobile channel.

Through the integration of Democrance’s proprietary cloud-based platform, Camlife’s entire insurance system is digitized and automated, from marketing to claims processing. This digital transformation results in substantial cost savings and enables the Cambodian insurer to reach new market segments through mobile phones.

The partnership with Cambodian mobile operator, Cellcard, means that their mobile subscribers only need their phones to buy, use and make claims for affordable life and health microinsurance product, thanks to Democrance platform. The premiums payment can be made through phone balance, and claims are paid in under four days.

Life insurance is relatively new in Cambodia, having been introduced to the market only in 2012, but it is growing rapidly fueled by innovation and digital transformation such as pioneered by Democrance. Cambodia’s total gross premiums were up 57 percent year-on-year in 2017, and up 95 percent in 2016 from the previous year according to figures from Insurance Association of Cambodia.

“It is in emerging markets that insurance is most needed and yet the protection gap is the widest, because of the costs associated with traditional insurance models and product availability for varying income groups,” said Michele Grosso, Co-founder and CEO of Democrance. “Our partnership with Camlife can become the foundation for innovation and create real social value for underserved segments. This is what will set players in traditional industries apart from their competitors.”

“We have witnessed rising demand for financial and risk management solutions in Cambodia, but unfortunately it has not been as inclusive and accessible to everyone. This is why together with Democrance and Cellcard, we have created a unique microinsurance offering that covers families from all economic backgrounds, and is delivered through the mobile platform,” said Seang Kimvisal, Head of ICT of Camlife.

Cellcard provides the channel with which Camlife can underwrite the products and access a wider customer base of all income groups. Democrance’s role is that of an intermediary who manages the entire value chain between insurer and mobile operator.

Democrance aims to change the way insurance companies view underserved markets and financial inclusion, and open up an estimated $4 billion of new insurance premiums. The Dubai-based start-up is currently working with some of the largest life, non-life and health insurers in the region, helping them digitize the front-end and back-end operations for products such as life, accident, travel, health and savings insurance.

The technology platform is currently being used by leading insurers in the United Arab Emirates, Kuwait, Bahrain, Oman, Egypt, Jordan, Lebanon and Vietnam.

-Ends-

About Democrance

Democrance, founded in 2015, is an insurance technology start-up with a mission to enable partnerships that make insurance accessible and affordable for those who need it most. Democrance has created a digital platform that brings together key industries – insurance, remittance houses and telecommunications companies.

By forging new partnerships, we unlock new markets for businesses, while at the same time creating social value for those populations, which have previously been excluded from the benefits, and protection insurance can provide.

Through tapping into technology, we aim to restore insurance to its original purpose of providing mutual aid for those who need it most but can afford it least.

For media enquiries, please contact:

Magdalena Stepien
Tel: +971 56 114 2948
Email: media@democrance.com

UAE start-up makes insurance available to low-income groups

20 Feb 2019

UAE start-up makes insurance available to low-income groups Expand


20 Feb 2019 Share link

An insurance start-up in the UAE is working to disrupt the sector by digitising the insurance value chain to reach underserved customer segments such as low-income brackets.

Through digitisation, Dubai-based Democrance’s platform allows insurers to lower operational and distribution costs to offer more affordable insurance products to low-income people, even those without a bank account.

“In the Middle East and North Africa, less than 20% of the population has a bank account and only 1% can access and afford micro-insurance,” Michele Grosso, co-founder and CEO of Democrance, told Gulf News.

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Making insurance accessible to the lowest income group in UAE

15 Feb 2019

Making insurance accessible to the lowest income group in UAE Expand


15 Feb 2019 Share link

Dubai: When used right, fintech solutions could offer the easiest way to offer products and services to low-income groups. More so when it comes to delivering insurance-specific solutions.

In the UAE, there are many “insurtech” start-ups that aggregate insurance premium quotes for customers. One company — Democrance — aims to create some disruption by digitising the entire insurance value chain and unlock new customer segments.

The platform allows insurance companies to reduce the distribution and operational costs and offer affordable pricing to low-income individuals who do not have a life insurance, personal accident cover or even a bank account.

Read more

In­no­va­tion in In­surtech: The case for fi­nan­cial in­clu­sion

01 Feb 2019

In­no­va­tion in In­surtech: The case for fi­nan­cial in­clu­sion Expand


01 Feb 2019 Share link

Michele Grosso ex­plains how tech­nol­ogy can be put to use to help in­sure low-in­come pop­u­la­tions

IN LOW-IN­COME POP­U­LA­TIONS, ba­sic in­sur­ance can of­ten mean the dif­fer­ence be­tween end­ing up on the streets or hav­ing a safety net when an un­ex­pected cri­sis strikes.

Many in de­vel­oped coun­tries do not need to give health, life or ac­ci­dent in­sur­ance a sec­ond thought, but fig­ures from the In­ter­na­tional Labour Or­gan­i­sa­tion show that 55 per cent of the global pop­u­la­tion are not cov­ered un­der a so­cial pro­tec­tion sys­tem.

Why is this a prob­lem? Be­cause fi­nan­cial in­clu­sion – ac­cess to fi­nan­cial prod­ucts and ser­vices such as in­sur­ance re­gard­less of in­come level – is fun­da­men­tal for vul­ner­a­ble groups to com­bat poverty and in­equal­ity at ev­ery stage of their lives. Ac­cess to life in­sur­ance can make all the dif­fer­ence for a bread­win­ner who is ex­posed to oc­cu­pa­tional haz­ards and sup­port­ing his or her fam­ily back home.

Sim­i­larly, un­ex­pected hos­pi­tal bills can eas­ily drive in­di­vid­u­als to per­sonal bank­ruptcy, and those who lose their pos­ses­sions in fires and floods are of­ten not able to eas­ily re­build their lives without some form of pro­tec­tion.

Un­sur­pris­ingly, the in­sur­ance pro­tec­tion gap is widest in emerg­ing mar­kets, where only 3 per cent can ac­cess or af­ford in­sur­ance. In the GCC re­gion, one out of two res­i­dents is a mi­grant worker, and con­se­quently mi­grant in­sur­ance is an in­creas­ingly im­por­tant is­sue.

Un­sur­pris­ingly, the in­sur­ance pro­tec­tion gap is widest in emerg­ing mar­kets, where only 3 per cent can ac­cess or af­ford in­sur­ance. In the GCC re­gion, one out of two res­i­dents is a mi­grant worker, and con­se­quently mi­grant in­sur­ance is an in­creas­ingly im­por­tant is­sue.

So what is pre­vent­ing mi­grant work­ers from tap­ping into in­sur­ance?

The chal­lenges are man­i­fold, but a ma­jor hin­drance to reach­ing the unin­sured is the high costs as­so­ci­ated with con­ven­tional in­sur­ance mod­els, due to out­dated ad­min­is­tra­tion pro­cesses and ex­pen­sive hu­man dis­tri­bu­tion chan­nels. For ex­am­ple, the peo­ple in geo­graph­i­cally-re­mote ar­eas are of­ten un­der­served due to a lack of phys­i­cal ac­cess to in­sur­ance bro­kers.

Other bar­ri­ers in­clude the lack of rel­e­vant prod­ucts, low aware­ness lev­els by, and in­ad­e­quate ac­cess to, low-in­come groups.

Last year, Democrance con­ducted a study, en­ti­tled Life­style and At­ti­tude of Work­ers within the Low-In­come Group in the

UAE, to un­der­stand the needs and wants of low-in­come mi­grant work­ers in the UAE. We found that 43 per cent of re­spon­dents re­gard life in­sur­ance as vi­tal, and yet eight in 10 are unin­sured due to the high pre­mi­ums and lack of in­for­ma­tion. More than a third of re­spon­dents worry about job loss and be­ing un­able to sup­port their fam­i­lies back in their home coun­tries. These are con­cerns and risks that can be ad­dressed by the pro­tec­tion that in­sur­ance of­fers.

In­creas­ingly, and be­cause of gov­ern­ment ini­tia­tives such as the in­tro­duc­tion of manda­tory health in­sur­ance, the in­dus­try is look­ing for ways to fur­ther fi­nan­cial in­clu­sion and the democrati­sa­tion of in­sur­ance. In par­tic­u­lar, the ad­vent of new In­sur­ance Tech­nol­ogy (In­surTech) can sig­nif­i­cantly re­duce the costs of sell­ing and ser­vic­ing in­sur­ance poli­cies, boost ef­fi­cien­cies and ac­cu­racy, and help un­lock new cus­tomer seg­ments that were pre­vi­ously not eco­nom­i­cally-vi­able.

In­creas­ingly, and be­cause of gov­ern­ment ini­tia­tives such as the in­tro­duc­tion of manda­tory health in­sur­ance, the in­dus­try is look­ing for ways to fur­ther fi­nan­cial in­clu­sion and the democrati­sa­tion of in­sur­ance. In par­tic­u­lar, the ad­vent of new In­sur­ance Tech­nol­ogy (In­surTech) can sig­nif­i­cantly re­duce the costs of sell­ing and ser­vic­ing in­sur­ance poli­cies, boost ef­fi­cien­cies and ac­cu­racy, and help un­lock new cus­tomer seg­ments that were pre­vi­ously not eco­nom­i­cally-vi­able.

New so­lu­tions are on the rise, rang­ing from the wide­spread use of data an­a­lyt­ics to in­form in­sur­ers of cus­tomers’ needs and be­hav­ior pat­terns, to the in­tro­duc­tion of smart sen­sors to help mon­i­tor and col­lect real-time data to gen­er­ate more ac­cu­rate pric­ing and tackle in­sur­ance fraud. For low­in­come pop­u­la­tions specif­i­cally, in­no­va­tion can be as straight­for­ward as util­is­ing mo­bile tech­nol­ogy to al­low cus­tomers to eas­ily buy, use and make claims on their mo­bile phones, giv­ing even un­banked in­di­vid­u­als the op­por­tu­nity to ben­e­fit from in­sur­ance.

In short, tech­no­log­i­cal ad­vance­ments have the power to drive down costs and fur­ther reach. While there has been a lot of dis­cus­sions about what in­no­va­tion can do to boost pro­duc­tiv­ity and the bot­tom line, I strongly be­lieve that tech­nol­ogy is without pur­pose un­less it serves hu­man­ity.

Many of the is­sues that we face to­day, en­shrined in global com­mit­ments such as the Sus­tain­able De­vel­op­ment Goals 2030, are in­cred­i­bly com­plex and will re­quire multi-stake­holder co­op­er­a­tion.

To re­ally make in­sur­ance af­ford­able for all, tech­nol­ogy providers and in­sur­ers need to join hands with dis­tri­bu­tion chan­nels ac­ces­si­ble to low-in­come pop­u­la­tions. While I am not sug­gest­ing that tech­nol­ogy alone holds the key to solv­ing all of the world’s press­ing is­sues, I am con­fi­dent that it is in our power to en­sure ba­sic so­cial pro­tec­tion sys­tems are in place for those who need pro­tec­tion most but can af­ford it least.

To re­ally make in­sur­ance af­ford­able for all, tech­nol­ogy providers and in­sur­ers need to join hands with dis­tri­bu­tion chan­nels ac­ces­si­ble to low-in­come pop­u­la­tions. While I am not sug­gest­ing that tech­nol­ogy alone holds the key to solv­ing all of the world’s press­ing is­sues, I am con­fi­dent that it is in our power to en­sure ba­sic so­cial pro­tec­tion sys­tems are in place for those who need pro­tec­tion most but can af­ford it least.

AIG MEA and UAE based Startup Democrance Partner to Disrupt Traditional Insurance Landscape

06 Jan 2019

AIG MEA and UAE based Startup Democrance Partner to Disrupt Traditional Insurance Landscape Expand


06 Jan 2019 Share link

• AIG to leverage Democrance’s tech expertise to boost distribution, administration and operational process efficiencies
• Democrance to support AIG in tapping into new customer segments through digital channels.

 

Dubai, UAE: 06 January, 2019 – Insurance Technology (InsurTech) startup Democrance entered into a unique partnership with AIG MEA (American International Group in MEA) to better serve its existing customer base, access new market segments and boost the efficiencies of AIG’s current distribution, administration and operation processes.

Under this partnership, Democrance is mandated to 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 of Personal Lines insurance products – as well as back-end policy and claims administration support. Through doing so, it automates what has traditionally been manual processes and enables product sales and administration at lower cost and with greater efficiency.

Michele Grosso, Co-Founder and CEO of Democrance, said: “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.”

Claire Ryan, Head of Personal Insurance, AIG MEA, said: “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.”

Democrance’s platform is capable of servicing millions of customers and significantly reducing the administrative and servicing costs of insurance products. The lowered costs open up previously inaccessible markets and customer segments for insurers.

 

About Democrance
Democrance, founded in 2015, is an insurance technology startup with a mission to enable partnerships that make insurance accessible and affordable for those who need it most. Democrance has created a digital platform that brings together two key industries – insurance and telecommunications.

By forging new partnerships, we unlock new markets for businesses, while at the same time creating social value for populations that have previously been excluded from the benefits and protection insurance can provide.

Through tapping into technology, we aim to restore the original purpose of insurance of providing mutual aid for those who need it most but can afford it least.

 

About AIG
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. This document carries summary information only. Products and services are written or provided by subsidiaries or affiliates of AIG Inc. including through American Home Assurance Company (Dubai br.), AIG Egypt Insurance Company SAE (regulated by the Financial Regulatory Authority “FRA”), AIG MEA Limited and its branches AIG MEA Limited (QFC Branch) (regulated by the Qatar Financial Centre Regulatory Authority); AIG MEA Limited (Oman Branch) (regulated by the Capital Market Authority, Oman) and AIG MEA Limited (Kuwait Branch) (regulated by the Ministry of Industry and Commerce, Kuwait). Please visit our website at www.aig.com for additional information, including information regarding the registered office address of our entities.

 

For media enquiries, please contact:

Magdalena Stepien
APCO Worldwide
Tel: +971 56 114 2948
Email: mstepien@apcoworldwide.com

Microinsurance: One Startup “Insures” Better Future for MENA Region’s Poorest

29 Dec 2018

Microinsurance: One Startup “Insures” Better Future for MENA Region’s Poorest Expand


29 Dec 2018 Share link

Insurance technology (InsurTech), a new sector in the global startup scene, is attracting a growing number of companies that are revolutionizing the world of insurance using new digital technologies. In the Middle East and North Africa (MENA), Democrance is on a mission to provide insurance to the region’s poor through mobile technology.

More than half of the world’s population does not have access to essential health services, according to a 2017 report from the World Bank and the World Health Organization. Currently, 800 million people globally spend at least 10 percent of their household budgets on health expenses for themselves, a sick child, or other family members, according to the report. These expenses drive many people—the report says almost 100 million—into extreme poverty, forcing them to survive on $1.90 a day, or sometimes even less.

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The Next Frontier For Telcos: Embracing Innovation Through Purpose-Led Value Propositions

24 Jul 2018

The Next Frontier For Telcos: Embracing Innovation Through Purpose-Led Value Propositions Expand


24 Jul 2018 Share link

Nearly every traditional industry has faced some form of disruption in the past decade, and the pace of change is picking up. The telecommunications space has been one of the most impacted, with over-the-top (OTT) players offering services directly to consumers via the internet. Innovation has led to telcos seeing intense pressure on their core business –local and international voice calls and SMS– while revenue growth remains led by data services.

Many players are now defending their businesses while trying to enhance the customer experience through digital transformation. A PwC 2017 Telecommunications Trends report revealed that the average revenue per user (ARPU) in the telecommunications industry has been falling in nearly every region. Having faced stagnation in the past few years, telcos are exploring opportunities across verticals to diversify revenue streams

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Generation Start-up: Dubai's Democrance to help region's poorest access insurance

23 Jun 2018

Generation Start-up: Dubai's Democrance to help region's poorest access insurance Expand


23 Jun 2018 Share link

A Dubai start-up plans to give the Middle-East’s low-income population access to insurance cover – one mobile phone user at a time.

About 99 per cent of the region’s low-income population cannot afford or secure protection, according to insurance technology firm Democrance, and large companies do not serve them – much to the frustration of the company’ s co-founder Michele Grosso.

“Unfortunately in emerging markets, a lot of social security isn’t efficient and public healthcare may not exist and that’s why we started Democrance,” says Mr Grosso. “Insurance companies sell policies in a traditional way where you need to talk to a broker, review and sign pages of a contract that’s hard to understand and pay with a credit card; these are all barriers to entry for the low-income population.”

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Closing the Protection Gap

15 Mar 2018

Closing the Protection Gap Expand


15 Mar 2018 Share link

 

Swiss Re estimates the world protection gap at more than US$1.7 trillion, based on the di erence between current levels of insurance coverage and the value of assets and lives at risk.

• Nat-CAT protection gap in the Middle East is among the biggest in the world, and the recent disasters draw a ention to the wide gap. To make things worse, there is substantial underinsurance in life and health cover.

• Nat-CAT gap has increased during the past 25 years, and the global property protection gap has almost tripled over the past four decades.

“Nowhere in the world is insurance more needed and yet the protection gap is the widest than in the emerging markets. While global insurance penetration rate stands at 6%, that of emerging markets reach only half that gure,” said Mr Michele Grosso, Co-founder and CEO of Democrance, an InsurTech startup based in the UAE.

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Bringing insurance benefits for everyone

28 Feb 2018

Bringing insurance benefits for everyone Expand


28 Feb 2018 Share link

Current insurance penetration levels are low across emerging markets despite huge demand and greater awareness. In the Middle East and North Africa region, only one per cent of the low-income population can access and afford microinsurance.

Michele Grosso – who has worked with some of the largest insurance companies in France, Egypt and the UAE – realised that the industry lacked innovation and technological readiness to scale their products to emerging consumers. He launched Democrance in 2015 to help insurers address this market and make insurance accessible for those who need it most but can afford it least.

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USD 500,000 Grant Secured to further Develop Sustainable Microinsurance Model

18 Dec 2017

USD 500,000 Grant Secured to further Develop Sustainable Microinsurance Model Expand


18 Dec 2017 Share link

The project, in collaboration with IFAD, a specialised agency of the United Nations, the European Commission and Luxembourg based NGO ADA specialising in inclusive finance, aims to harness technology to reduce the vulnerability of migrants working in the UAE by providing insurance protection for those who need it most but can afford it least.

Dubai, UAE, 18 December, 2017 — Democrance, a UAE based insurance technology startup, has entered a partnership with ADA, an inclusive finance specialist NGO and the International Fund for Agricultural Development (IFAD), a United Nations (UN) specialised agency, to develop a sustainable microinsurance model that provides insurance protection to low income group migrants working in the UAE. With remittances being key to financial inclusion for a large part of the global population, the project involves the usage of money transfer operators (MTOs) as insurance delivery channels, a truly innovative approach to inclusive finance which has never been explored before.

The project aims to achieve greater financial inclusion of migrant workers, with a focus on UAE-Philippines and UAE-India remittance corridors. Following the launch of a Call for Proposals by IFAD, the funding, which includes contributions from IFAD, the EC, ADA and Democrance, was awarded at the end of a highly competitive selection process.

Michele Grosso, Co-Founder and CEO of Democrance, said: “At Democrance, we use technology to make insurance accessible and affordable: by digitizing the value chain, we substantially reduce the operational costs of insurance providers, passing on the benefits directly to the end customer while creating value for all those involved. Through this grant, Democrance will be able to draw on the invaluable support and wealth of microinsurance expertise from both, IFAD and ADA, allowing us to further develop a user friendly and well defined product, which for the first time will use remittance houses as the insurance medium to the benefit of migrant workers.”

Democrance will act as the technology and implementation partner for this project with ADA (Appui au Développement Autonome), a non- government organization dedicated to increasing the financial inclusion of populations excluded from conventional banking channels in developing countries.

Among the Gulf countries – with 20 million migrants – the UAE, with an estimated 8 million migrants, has been selected as the right country to pilot this project. It has a favourable payments system environment and a well-developed remittance industry, with more than 139 registered and authorized foreign exchange and remittance companies, with 835 branches across the UAE. Within the UAE, the target groups will be the represented Indian and Filipino communities with 2.3 and 0.9 million people, respectively.

Arnaud de Lavalette, Senior Digital Finance Officer, ADA, said: “The migrant workers in the UAE have access, through governmental plans, to basic health insurance coverage, but this is still a limited offering. If they are affected by a mishap and cannot send remittances for a period of time, their own families can descend rapidly into poverty. The objective of this project is to reduce this gap in risk coverage by leveraging on an already established financial transaction, the remittance, and providing insurance to the migrant workers.”

The UAE is one of the largest remittance-sending countries in the world. According to IFAD figures in 2015, USD 30.1 billion was sent from the UAE to other countries, with India being the largest beneficiary with USD 12.6 billion (#1), and the Philippines with $3.5 billion (#3). Insurance, together with credit, savings, remittances and, in general, payment systems is an instrument to achieve financial inclusion among unbanked persons.

ENDS

About Democrance
Democrance, founded in 2015, is an insurance technology start-up with a mission to enable partnerships that make insurance accessible and affordable for those who need it most. Democrance has created a digital platform that brings together two key industries  – insurance and telecommunications companies.
By forging new partnerships, we unlock new markets for businesses, while at the same time creating social value for those populations, which have previously been excluded from the benefits, and protection insurance can provide.
Through tapping into technology, we aim to restore insurance to its original purpose of providing mutual aid for those who need it most but can afford it least.

About ADA
ADA, Appui au Développement Autonome, is a Luxembourg based NGO created in 1994.  Its mission is to develop and promote inclusive finance as a means to alleviate poverty throughout the world and primarily on the Less Developed Countries. ADA has focused its activities on the support of microfinance institutions.

About IFAD
The International Fund for Agricultural Development (IFAD) invests in rural people, empowering them to reduce poverty, increase food security, improve nutrition and strengthen resilience. Since 1978, we have provided over US$18 billion in grants and low-interest loans to projects that have reached about 462 million people. IFAD is an international financial institution and a specialized United Nations agency based in Rome – the United Nations’ food and agriculture hub.

For media enquiries, please contact:
Magdalena Stepien
Email: media@democrance.com
 

Press Release: USD 800,000 in Seed funding led by Jabbar and Eos Venture Partners

22 Oct 2017

Press Release: USD 800,000 in Seed funding led by Jabbar and Eos Venture Partners Expand


22 Oct 2017 Share link

The first investment in a social enterprise led by Dubai based investment fund Jabbar and London based Eos Venture Partners 

Dubai, UAE, 22 October, 2017 — Democrance, a UAE based insurance technology startup with a mission to enable partnerships that make insurance accessible and affordable for those who need it most, raised USD 800,000 during its first round of funding.

Leading regional and global individual and institutional investors participated in this round, including Jabbar Internet Group, one of the most prominent investors in internet and technology companies in the Arab World and Eos Venture Partners, a global InsurTech (Insurance-Technology) Venture Capital investor based in London.

Other investors included Turn8 from the UAE, F-Horizon Group from Saudi Arabia, Seedstars from Switzerland and several angel investors from the UAE and broader MENA region, Europe, South Asia and the United States.

Michele Grosso, Co-Founder and CEO of Democrance, said: “We are excited to implement ground breaking technology through a social enterprise model and provide insurance to income groups that need it, but face numerous barriers in attaining it. Democrance is the first regional insurance technology platform of its kind, and this important first investment will enable us to further develop our technology and broaden our reach.”

Democrance is set to pave the way in developing the InsurTech industry along with educating the public about its usages and benefits. The digital platform brings together insurance and telecommunication companies, allowing users to get access to insurance through their mobile phone, without even having access to a bank account.

Samih Toukan, Chairman of Jabbar, said: “Investing in Democrance aligns with our vision to embrace entrepreneurs in the Arab World who are willing to innovate and take risks to create something great. The technological advancement that Democrance has brought to the market is not only pivotal in terms of developing the insurance industry but critical to society’s welfare as it is inclusive and covers the working class that would typically not have easy access to insurance.”

Sam Evans, Founder and General Partner of Eos Venture Partners said: ” At Eos we have a strong focus on developing markets where we believe the impact of new technology, like Democrance, can have a profound impact. Our focus as a global InsurTech specialized fund is to bridge the ‘digital chasm’ between InsurTech start-ups and traditional insurance companies. Democrance embodies this principle perfectly.”

Worldwide insurance penetration stands at 6%, while emerging markets reach only half of that figure. In the MENA region, only 1% of the lower-income population can access and afford microinsurance. Democrance has set itself a target to provide access to basic life and health insurance to 15 million low-income people across the MENA region by the year 2020 – a population segment in which majority have never been insured before.

Ends

About Democrance

Democrance, founded in 2015, is an insurance technology start-up with a mission to enable partnerships that make insurance accessible and affordable for those who need it most. Democrance has created a digital platform that brings together two key industries  – insurance and telecommunications companies.

By forging new partnerships, we unlock new markets for businesses, while at the same time creating social value for those populations, which have previously been excluded from the benefits, and protection insurance can provide.

Through tapping into technology, we aim to restore insurance to its original purpose of providing mutual aid for those who need it most but can afford it least.

For media enquiries, please contact:
Magdalena Stepien
Email: media@democrance.com
 

Democrance ranked among Forbest Best Startups for the second year in a row

03 Oct 2017

Democrance ranked among Forbest Best Startups for the second year in a row Expand


03 Oct 2017 Share link

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2016: 50 UAE Startup to Watch [link]
2017: Top 100 Startups in The Arab World [link]

Singapore: UAE InsurTech firm receives award from MetLife

23 May 2017

Singapore: UAE InsurTech firm receives award from MetLife Expand


23 May 2017 Share link

UAE-based startup, Democrance, has received the “Judge’s Selection” award from LumenLab’s inaugural corporate-startup engagement programme, collab.

LumenLab, MetLife’s Singapore-based innovation centre, announced this after Demo Day last Friday that took place in Singapore.

Democrance is the first mobile microinsurance partner in the Middle East and Northern Africa. It aims to make insurance available to a wider population by working as a strategic partner with insurance companies on one side, and telecom operators on the other, to utilise the mobile phone as a tool to reach the low- and middle- income segments, which can then just use their mobile phones to “buy, pay for and use insurance products”. The startup, founded in 2015, focuses solely on the MENA market for now.

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Startup Democrance Makes Insurance Accessible For MENA's Low-Income Population

05 May 2017

Startup Democrance Makes Insurance Accessible For MENA's Low-Income Population Expand


05 May 2017 Share link

20160721062432-EntrepreneurMiddleEastlogo-white

Sindhu Hariharan

In the MENA region (and perhaps the world over), ask fintech entrepreneurs about their startup’s core business, and chances are that it’s likely to be around digital payments, peer-to-peer lending, or blockchain. While these fintech businesses have dominated investor and funding action for a while now, one can’t exactly say the same for innovations happening in the insurance space. However, globally, upstarts are emerging to change this scenario, and the insurance industry is seeing increased collaborations between the old and new guard.

According to CB Insights data, the annual deal activity in the insurance-technology (insurtech) space clocked US$1.69 billion in 2016, with the number of deals rising 42% on a year-on-year basis. Not just that, in a positive sign for aspiring insurtech entrepreneurs, “two of every three deals in 2016” took place at the early-stage. Be it through the application of artificial intelligence in insurance, or by facilitating microinsurance, this new breed of fintech startups are beginning to make their presence felt. One such entrepreneur who has entered the MENA region’s insurance sector is Michele Grosso, founder and CEO, Democrance, an insurtech startup based in the UAE. Given his passion for microinsurance (a model focused on insuring low-income people) and its impact on society, Grosso was surprised to learn that the concept was “simply not available” in the region.

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Fincluders Startup Challenge

07 Apr 2017

Fincluders Startup Challenge Expand


07 Apr 2017 Share link

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And the Winner is…

After 15 exciting pitches and demanding questions by the high level jury, a very difficult choice had to be made to select the three winners of the Fincluders Startup Challenge prizes. Out of the all round excellent field of contenders the following startups were awarded prizes at the thrilling award-ceremony.

The main sponsor of the event, the SANAD Fund for MSME’s Technical Assistance Facility, congratulates the winners of the pitching competition and expresses its gratitude to everyone who contributed in making the Fincluders Event such a success.

Third place and its cash award of USD 5,000 went to UAE-based Democrance, a micro-insurance provider for low-income populations. The prize was sponsored by ZAIN, the leading mobile and data services provider in MENA. The trophy was presented by ZAIN Jordan CEO Ahmed Hanandeh.

Democrance’s mission of making insurance accessible and affordable for the lower-income population through the power of modern technology convinced the jury in nominating this promising fintech as the third startup on the winners’ podium.

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Making insurance accessible for everyone

03 Apr 2017

Making insurance accessible for everyone Expand


03 Apr 2017 Share link

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There are 350 million low- to middle-income people in MENA who do not have access to any sort of insurance. For this segment, risk protection tools such as life insurance, social security, public healthcare, personal and family savings would be life-changing.

Recognising the opportunity, Michele Grosso, founder and CEO of Democrance (www.democrance.com), decided to do something about it. He has spent over seven years in the insurance industry, first with AXA and then with MetLife, across Paris, Cairo and Dubai. He has seen first-hand how providing insurance to the masses could solve social challenges in the region. He decided to channel his knowledge and passion for this business and convert it into a profitable and meaningful venture.

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Microinsurance - Protecting migrant workers from risk

01 Sep 2016

Microinsurance - Protecting migrant workers from risk Expand


01 Sep 2016 Share link

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With one in two residents in the GCC being a migrant worker, there is much that insurers can do to protect their interests, say Ms Annalisa Bianchessi of the Microinsurance Network and Mr Michele Grosso of Democrance.

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Our Supporters

Democrance is indebted to a number of supporters, who continue helping us on our journey:

Meet the founders

Our team of seasoned professionals is working towards making our vison a reality, by creating social value and a level playing field for all. A combined 200+ years of experience in the region’s insurance and telecommunications industries and building technological platforms have equipped us with the right skills and knowledge to create and drive these initiatives hand in hand with our partners

Michele Grosso

01 Sep 2017

Michele Grosso Expand


01 Sep 2017 Share link

Chief Executive Officer of Democrance

Driven by the desire to restore insurance to its original purpose of providing mutual aid for those who need it most, but can afford it least, he founded Democrance in 2015.

Prior to that, Michele worked in strategy and distribution at global insurance powerhouses AXA and MetLife in France, Egypt and the UAE.

Italian by birth, Michele holds a Master in Management / Grande Ecole from ESCP Europe in Paris and MSc in Economics from Turin University. He is also a graduate of Carlos III University in Madrid and City University in London.

Michele is a frequent speaker and contributor to microinsurance, entrepreneurship and social innovation events and publications in the Middle East and worldwide.

Alberto Perez

01 Sep 2017

Alberto Perez Expand


01 Sep 2017 Share link

Chief Operating Officer at Democrance

Alberto is the Chief Operating Officer of Democrance.

Alberto Pérez was educated at ICAI School of Engineering and EOI Business School in Spain.

Driven by his passion to provide access to telecommunications services to underserved regions, he spent over four years reshaping the mobile Value Added Services (VAS) ecosystem in several Sub-Saharan African markets together with leading MNOs, such as Safaricom (Vodafone), Airtel and MTN.

Seeking new horizons, he relocated from South Africa to the UAE as the CEO of a newly born B2C enterprise and soon after founded his own award-winning venture, an on-demand fuel service.

Damian Dimmich

01 Sep 2017

Damian Dimmich Expand


01 Sep 2017 Share link

Chief Technology Officer at Democrance

Damian Dimmich is the Chief Technology Officer of Democrance.

Founder of his own boutique software development company Tauri-Tec, throughout his career he built cutting-edge software for a diverse range of clients, including the United Nations, the UK government, a Nigerian electricity operator and a variety of startups in e-government, fintech and media.

Damian holds a PhD in Parallel Programming from the University of Kent and BSc in Physics at King’s College.

He is fluent in English, German and Polish.