Global insurtech firm Democrance expands footprint in Saudi Arabia

Image: Supplied

Democrance, the global insurtech firm, has announced its expansion strategy in Saudi Arabia following the launch of the company’s Riyadh HQ.

The firm is supported by investment from Wa’ed Ventures, the venture capital arm of Saudi Aramco, and Global Ventures.

Democrance’s Saudi expansion aligns with the principles of the Financial Sector Development Program (FSDP).

“The FSDP plays a crucial role in shaping the kingdom’s financial services industry (FSI) sector,” said Hussain Almarhoon, founding managing partner of HALA Ventures and chairman of the newly created regional HQ, Democrance (Saudi Arabia). “Democrance’s mission to bring insurance to underserved markets and communities makes us an ideal contributor to the program and a key partner in the realisation of Vision 2030. Our commitment to the country and the people of Saudi Arabia is absolute and unwavering.”

“Achieving financial inclusion is a global mission and one that is incredibly important to spread in the region. Democrance has shown great potential to elevate available insuretech products, and we are excited to partner with them on their journey to diversify and digitise insurance solutions,” said Mazen Alasnag, head of Venture Growth at Wa’ed Ventures.

“Global Ventures partners with entrepreneurs that leverage disruptive technologies to build industry-changing and sustainable businesses,” said Medea Nocentini, senior partner, Global Ventures.

“Democrance exemplified this when we first decided to invest and has continued to do so two years later on its mission to reshape the frontier market of insurtech. It is fitting that the company’s next chapter will be written in Saudi Arabia as the kingdom transforms its FSI sector,” he added.

How Democrance supports the insurance sector

Democrance helps insurers increase their digital sales and access new customer segments.

With its B2B white-label SaaS technology platform, insurance products and digital sales channels can be launched in a few weeks, without impacting any legacy IT system. P&C, life and health insurance products are currently supported on the platform.

“The global insurance sector is in the midst of a dramatic surge in digital transformation,” said Michele Grosso, co-founder and CEO of Democrance. “Democrance has emerged as the leading B2B insurtech firm in Saudi Arabia by aligning with SAMA’s vision and that of broader government efforts on Vision 2030.

“Some of the largest insurers in Saudi Arabia count themselves among our clients because they have seen the value in our mission to digitize insurance processes and increase the sector’s penetration in all levels of society, from digital millennials to low-income families.”

Other than Saudi Arabia, the firm is active in 15 other markets in the Middle East, Africa, Southeast Asia, and Latin America.