InsurTech firm looks to continue democratizing insurance in line with the principles of the Financial Sector Development Program
Dubai, United Arab Emirates
Democrance, the global InsurTech firm with a mission to make insurance accessible and affordable for those who need it most, today announced a bold expansion strategy in the Kingdom of Saudi Arabia following the launch of the company’s Riyadh HQ.
Supported by investment from Wa’ed Ventures, the Kingdom-based venture capital arm of Saudi Aramco, and long-time partner Global Ventures, the move is designed to support Saudi Arabia’s economic aspirations. Democrance’s Saudi expansion aligns with the principles of the Financial Sector Development Program (FSDP), a critical part of Saudi Vision 2030 that collaborates with bodies such as the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) to enhance the country’s financial sector industry.
“The FSDP plays a crucial role in shaping the Kingdom’s FSI sector,” said Hussain Almarhoon, Founding Managing Partner of HALA Ventures and Chairman of the newly created regional HQ, Democrance KSA. “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 realization 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 digitize 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.”
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.”
Outside of Saudi Arabia, Democrance is active in 15 other markets in the Middle East, Africa, Southeast Asia, and Latin America.
