Generation Start-up: Dubai’s Democrance to help region’s poorest access insurance
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.”
