Key milestones/success achieved?
There have been a number of exciting milestones in the Democrance journey so far. Starting off with the building of our technology platform from the first line of code up; the coming together of our amazing team of 15 people from 12 countries across three continents; getting the first pilots up and running and others planned in several countries; as well as the first round of funding closing along with several grants received.
What does the future look like for Democrance?
Definitely bright! We look forward to new clients and significant partnerships with telecommunication companies, remittance houses and other providers that will promote better understanding of our business model, starting up microinsurance markets around the world.
Why did you decide to start an InsurTech start up?
Through technology, Democrance aims to restore insurance to its original purpose of providing mutual aid for those who need it most but can afford it least. We want to challenge the way insurance is done and the segments insurers are selling to.
High points/low points in last 12 months
The high point has been seeing our team, partners, clients and investors sharing an idea and a mission that began as a personal passion and dream.
The low point was the difficulty initially faced when I was alone, now made much easier with so many supporters around.
What surprised you?
What surprises me the most is how much passion you can infuse into people with your conviction. So much support, belief and trust!
What are you excited about?
I’m excited about the future, of growing Democrance even further and finding new ways to make insurance accessible and affordable to those who need it the most.
What lessons do you have for people thinking about jumping into this space?
My one piece of advice is make sure you are passionate about your idea because it will require a lot of effort and sacrifice, but passion beats it all!
Message you’d like to send to insurers/incumbents?
Our message to the insurers and other service providers is – do not be scared to try new products, business models and customer segments. There is no need for big budgets either, start small and scale up before going big.
Why you love Eos!?!
Eos brings tremendous value with its specialised insurtech knowledge and insights on new trends and global perspective.
Democrance are an insurance technology company with a mission to create partnerships that make insurance accessible for those who need it most but can afford it least.
By harnessing the power of technology and forging unique partnerships, Democrance unlock new markets for businesses, while at the same time creating social value for those populations which have previously been excluded from the benefits and protection insurance can afford.