Democrance

insurtechsoftware/whitelabel/apis-insurtech

FOUNDING YEAR: 2015
LOCATION: United Arab Emirates
Last Update: 08/09/2020

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive WhatsApp community where you can engage in discussions with global industry experts!

About

Democrance aims at democraitizing insurance by making it available to the lower-income population of the Middle East and North Africa region. Our technology platform makes insurance accessible and affordable to those who need it the most through the only channel they have available- the mobile phone.

MEDICI Analysis

Democrance helps insurers tap into new customers segments by offering industry expertise, project management, and Financial Technology solutions.

Focus

PRODUCTS & SERVICES

Helping insurers tap into new customers segments

REVENUE MODEL

Commission-based

MAIN CLIENTS

Individuals Clients

PRIMARY PROBLEM SOLVED

Democrance makes insurance affordable and accessible to the lower-income population. Our technology platform markets and distributes insurance products, collects insurance premium, administers individual policies, provides the customer service and manage claims through any mobile channels- which are considerably cheaper than traditional insurance channels.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

company provided insights

Traction

REVENUE

$0 - $99k

REVENUE COMMENT:

Implementing our first partnership as we speak

People

FOUNDERS

Michele Grosso

Alberto Perez

BOARD MEMBERS AND ADVISORS

Benoit Pastorelli

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Eos Venture Partners

Financial Horizon

Hala Ventures

Jabbar Internet Group

Seedstars

Seedstars World

Turn8

KEY EMPLOYEES:

Michele Grosso(CEO); Alberto Pérez(COO); Damian Dimmich(CTO)

Momentum

FUNDED

NO

TOTAL FUNDING

$800 K

DATE OF LAST FUNDING

Oct 2017

TOTAL FUNDING COMMENT

The company is planning to use the funds to continue to develop its tech platform and grow the team. (Nov. 2017)

SEED & PRIOR FUNDING

$800 K

SEED CLOSED ON

Oct 2017

LISTED

NO

Innovation Programs

Join the exclusive global FinTech community

Be a part of the global FinTech community on WhatsApp

Democrance

About

Democrance aims at democraitizing insurance by making it available to the lower-income population of the Middle East and North Africa region. Our technology platform makes insurance accessible and affordable to those who need it the most through the only channel they have available- the mobile phone.

Focus

PRODUCTS & SERVICES

demo: https://vimeo.com/168756029/ password: democratizing-insurance

REVENUE MODEL

Commission-based

TOP PROBLEM SOLVED

Democrance makes insurance affordable and accessible to the lower-income population. Our technology platform markets and distributes insurance products, collects insurance premium, administers individual policies, provides the customer service and manage claims through any mobile channels- which are considerably cheaper than traditional insurance channels.

PRODUCT DEVELOPMENT STAGE

MARKET TRIAL

KEY DIFFERENTIATORS

When using our platform, insurance companies can save 50% to 75% of the operating costs of traditional insurance and access the 99% of the population they would not be able to target otherwise.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Others

Traction

ANNUAL REVENUE:

$0 - $99k

REVENUE COMMENT:

Implementing our first partnership as we speak

LIVE USERS/TRANSACTIONS:

No live users/transaction yet

CHANNEL STATUS

INITIAL CLIENTS

NUMBER OF CLIENTS OR PAYING CUSTOMERS

0

People

NUMBER OF EMPLOYEES

1-10

TEAM COMMENT:

Everyone is working without a salary in some of the most expensive cities in the world because they believe in the power of microinsurance to empower the lives of lower-income communities. Amazing CTO with proven records of technology development in Africa as a CPO/CTO for a Rocket Internet venture, backed by an oustanding product agency, hungry Head of Sales used to selling content to telcos in Africa,previous CEOs of several investor-backed startups

Momentum

FUNDED

YES

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES
Seed
Jan 2016
USD110 K
at a USD0.00valuation
Comment on Seed
Friends&Family (loan agreement)

Comment on Valuation

loan agreement