The Finance World Magazine| Edition: December 2023

Fintech
Fintech Innovators: Reshaping the
Financial Landscape of the UAE
In recent years, the United Arab Emirates (UAE) has emerged as a hub for
technological innovation, particularly in the financial sector. Fintech companies
have played a pivotal role in transforming the traditional landscape of finance,
introducing innovative solutions, and democratising access to financial services.
The UAE has consistently embraced innovation, offering abundant opportunities
for new talents to contribute and diversify the country’s financial landscape.
Among the innovators in this arena, three companies stand out for their disruptive
approaches and contributions, including Democrance, Brine.fi, and Zest Equity.
Democrance
Michele Grosso, the visionary
founder and CEO of
Democrance, embarked on
a transformative journey in 2015.
Recognising the immense potential
of microinsurance in uplifting low-income
communities, Grosso was astonished
to find its absence in the UAE.
Fueled by this realisation, he birthed
Democrance, an insurtech startup
dedicated to democratising insurance
accessibility.
Democrance operates as a Software
as a Service (SaaS) insurance technology
platform, facilitating insurers
and insurance brokers in digitising
the entire insurance value chain. Its
inception in the UAE was driven by a
mission to redefine insurance, making
it not just accessible but also affordable.
Over time, it evolved into a global
force, servicing insurers and brokers
in diverse insurance sectors, spanning
from high-ticket to micro-insurance.
From its headquarters in Dubai,
Democrance has expanded its footprint,
establishing offices in Saudi
Arabia, Kenya, Ghana, the United
Kingdom, Japan, and Pakistan. The
team, comprising over 30 professionals,
operates seamlessly across time
zones. Their client roster includes
industry giants like AIG, AXA, and
MetLife, serving 16 emerging markets,
from Mexico to the Philippines.
Democrance’s global reach underscores
its commitment to revolutionising
insurance accessibility on a truly
international scale.
Democrance emerges as a
game-changer in the insurance sphere,
boasting a multifaceted suite of facilities
that revolutionise how insurers,
intermediaries, and customers interact
within the realm of insurance. At its
core, Democrance champions the integration
of insurance products into
diverse ecosystems through its robust
APIs, enabling seamless interactions
with customers via distribution partners
such as Super Apps, Mobile Wallets,
HR Platforms, and Governments.
Moreover, Democrance’s D2C
Sales Journey Builder enhances direct-to-customer
sales by offering
optimised, user-friendly journeys that
seamlessly align with a company’s
branding, transforming customer interactions
into enticing and smooth
“Buy Now” experiences.
Additionally, the platform empowers
agents, brokers, and Banca partners
through a centralised Intermediaries
Portal, streamlining quote management,
referrals, rate adjustments,
renewals, and other partner-related
functionalities.
Democrance’s adaptability shines
through its ability to configure and
distribute diverse insurance products
Michele Grosso,
CEO
across various lines of business, covering
life, health, property & casualty,
personal, and commercial lines.
Lastly, the platform serves as an
integrated hub for leveraging external
data sources, underwriting engines,
and third-party services, allowing
insurers to gain insights, enhance
customer experiences, and boost sales
by integrating payment gateways,
eKYC, AI-driven analytics, and existing
core systems for accounting and
reinsurance.
18 www.thefinanceworld.com December 2023