Swiss Re and Democrance, the Dubai-based InsurTech startup, have joined forces to empower regional insurance companies to automate and digitise their businesses with a focus on life insurance, while at the same time leveraging the project innovation capabilities developed by one of the largest reinsurers in the world.
The partnership will give insurers access to Democrance’s intelligent platform at a reduced rate to automate the life insurance back-end processes, cutting costs and processing time. This will allow life insurers to offer more competitive premiums when selling online via a multitude of digital channels, agents&brokers, bancassurance and non-traditional partners such as online aggregators. Insurers will also be able to benefit from the product innovation and reinsurance capabilities of Swiss Re.
Speaking on the partnership, Mr Michele Grosso, co-founder and CEO of Democrance, said: “From today, life insurers in the region have the possibility to offer the digital insurance-in-a-box solution powered by Democrance at a reduced rate, if they reinsure their business with Swiss Re. Our solution integrates easily and effectively with existing back end systems, providing insurers with important insights into how to effectively target customers from the high value end all the way down to untapped population segments using one single tool. This will benefit the industry but most important the end consumer, with life insurance products accessible and affordable”.
Mr Khalil Mechahougui, Senior marketing actuary at Swiss Re, said: “We are particularly proud of partnering with Democrance as this will not only allow us to boost the life insurance market in the region, but it also gives us the opportunity to go beyond our role of product developer and capital provider. By joining forces with high-tech local partners that bring the highest level of automation, IT security and the latest cutting-edge technologies to our industry, we will be able to offer end-to-end solutions to our clients and consumers.”
Democrance, founded in 2015, is an insurance technology startup with a mission to enable partnerships that make insurance accessible and affordable for all segments of society. It has created a digital platform that brings together insurance with other key industries – telecommunications and money transfer organisations.