Democrance, the global InsurTech firm with a mission to make insurance accessible and affordable for those who need it most, recently announced a bold expansion strategy in the Kingdom of Saudi Arabia following the launch of the companyโs Riyadh HQ.
It is aided 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 Arabiaโs economic aspirations. Democranceโs Saudi expansion aligns with the principles of the Financial Sector Development Program (FSDP), a critical part of Saudi Vision 2030ย that partners with bodies like the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) to enhance the countryโs financial sector industry.
โThe FSDP plays a crucial role in shaping the Kingdomโs FSI sector,โ stated Hussain Almarhoon, Founding Managing Partner of HALA Ventures and Chairman of the newly created regional HQ, Democrance KSA. โDemocranceโs 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.โ
โAchieving 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 insure tech products, and we are excited to partner with them on their journey to diversify and digitize insurance solutions โ stated Mazen Alasnag, Head of Venture Growth at Waโed Ventures.
โGlobal Ventures partners with entrepreneurs that leverage disruptive technologies to build industry-changing and sustainable businesses,โ stated Medea Nocentini, Senior Partner, Global Ventures. โDemocrance 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 companyโs next chapter will be written in Saudi Arabia as the Kingdom transforms its FSI sector.โ
โThe global insurance sector is in the midst of a dramatic surge in digital transformation,โ stated Michele Grosso, Co-Founder, and CEO of Democrance. โDemocrance has emerged as the leading B2B InsurTech firm in Saudi Arabia by aligning with SAMAโs 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 sectorโs penetration in all levels of society, from digital millennials to low-income families.โ
Industry sources added that Democrance aids insurers in increasing their digital sales and accessing 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.
Industry sources further added that outside of Saudi Arabia, Democrance is active in 15 other markets in the Middle East, Africa, Southeast Asia, and Latin America.
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