AIG MEA has partnered with UAE-based InsurTech Democrance to better serve its existing customers and move into new market segments.
In addition to this AIG is hoping to boost the efficiencies of its existing distribution, administration and operation processes.
Through this partnership, Democrance will support the digitisation of AIGs operations across the UAE, Kuwait, Egypt, Lebanon, Bahrain, Jordan and Oman. To achieve this, it will integrate the Democrance platform with mobile and digital channels in order to attend to existing and new customer segments.
Democrance is an insurance technology company which partners with insurance and telecommunication companies. Through this, it can unlock new markets for businesses, while opening up insurance to those previously excluded.
Democrance offers front-end solutions such as digital and mobile distribution of personal lines insurance products, as well as back-end policy and claims administration support. This enables the company to automate processes and reduce administration costs.
AIG MEA head of personal insurance Claire Ryan 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 digitisation 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 secured a $800,000 in 2017, which was its first round of funding. Contributions came from venture firms including Jabbar Internet Group, Eos Venture Partners, Turn8, F-Horizon Group and Seedstars, as well as a handful of angels.
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