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.