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.