Insurance giant AIG partners with startup Democrance
Recently, large corporations in the Middle East have been more active in the start-up space. Majid Al Futtaim acquired Beam Wallet, the Chalhoub Group launched its own accelerator programme, and Ernst & Young manages the new accelerator programme that was launched by the Mohammed Bin Rashid Innovation Fund (MBRIF). Usually, this activity comes in the form of either accelerator programs, as just mentioned, or acquisitions. It is not very often that a large corporation enters into a partnership with a startup, due to the uncertainty with regards to a startup’s product as well as the amount of time and effort it takes for a startup to enter into such a large agreement.
The American International Group (AIG) MEA, however, recently announced a partnership with Dubai-based InsurTech startup Democrance, to better serve its current customer base, access new segments of the market and enhance the efficiencies of AIG’s current distribution, administration and operation processes.
Claire Ryan, Head of Personal Insurance, AIG MEA, said: “The insurance market needs digital solutions to stay relevant and drive new growth. This platform puts a whole new spin on managing the overall customer experience in the insurance industry through digitization to make the products more accessible and the processes more convenient. We are confident that this new model will enable us to better serve our existing customer base, as well as expand into new segments.” Learn more about the partnership here.