Insurtech - Image Source: Mint Intuit
AI Cybersecurity Fintech Insurtech Middle East & Africa Partnerships Trending

Digital Insurance Coming to the Gulf as Democrance and MetLife Form a Partnership

Democrance, the UAE-born insurtech startup, has entered a partnership with MetLife as part of the global insurer’s commitment to simplifying interactions with customers through innovation and digitisation.

The partnership will offer MetLife customers easy access to its range of targetted critical illness, accident, and health insurance retail solutions via their mobile devices.

In the initial stage, products will be available via SMS and mobile web and eventually included in mobile applications, providing a fully digital insurance experience.

The Democrance platform will allow MetLife to deploy intelligent automated processes that drive efficiency, accessibility and deliver insurance solutions to its customers within a matter of minutes.

Through digitising the Direct to Consumer model, MetLife and Democrance aim to address the customer need for convenience while increasing the potential of distribution partners and MetLife to combine forces, expand their reach, and cross-sell their services.

The model also ensures a seamless customer process while offering advanced profiling to personalise financial solutions for end customers. Customers can benefit from access to an insurance solution best suited to their needs via the channel they prefer.

Michele Grosso, Chief Executive Office, Democrance
Michele Grosso, Chief Executive Office, Democrance

Speaking on the formation of the partnership, Michele Grosso, Chief Executive Officer at Democrance, said, “With financial service customers embracing digital channels and social distancing becoming the norm, banks and insurers today must refine their partnerships to ensure they can jointly respond to changing consumer demands. Through pooling their customer, product, and technology expertise, they can transform the way they serve their shared client base.

“We are confident that this partnership with MetLife will enable Democrance to deploy its digital platform across the customer value chain to expand customer access to a broad range of need-based products and services. In doing so, we hope to enhance efficiencies further and leverage the existing ecosystem to facilitate superior experiences for banking and insurance customers.”

Apostolos Ailamakis, Head of Bancassurance and Direct to Consumer at MetLife in the Gulf, added, “Continuously enhancing our processes and actively looking for opportunities to simplify and automate manual activities is embedded in the core of our strategy. We are committed to investing in tools that place our customers in the driver’s seat. The new partnership with Democrance will enhance our customers’ insurance buying experience by creating a seamless digital process that caters to their ever-evolving needs.”

Author

  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

Related posts

How is Scotland Transforming Itself Into a Global Fintech Centre?

Tom Bleach

Demystifying ESG Reporting: Insights from EthicsGrade

The Fintech Times

Ranqx Attempts To Fix North America’s $1Trillion SMB Credit and Lending Gap

Tyler Pathe