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Insurance Business Mag: UAE start-up makes insurance available to low-income groups
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.
