From automation to intelligence: AI-enabled SAAS platform for SME insurance Qorus Innovation in Insurance Awards 2021

Facilitating Seamless, Human-centric SME Customer Journeys Democrance’s new SME platform enables insurers to underwrite digitally segment-specific customized policies (Business Owner’s Policies) or fully customised products from a drag-and-drop menu of coverages tailored to the needs of a specific business. In doing so, we help the insurer and the broker to focus on selling products covering the actual needs of SMEs through seamless cross-channel (Broker, 3rd party or Direct to Consumer) customer journeys. Enabling Sales Channels Our platform enables insurance carriers as well as their sales channel partners such as agents, brokers and bancassurance stakeholders to serve their customers online. The built-in AI and intelligence layer empower them to target new customer segments, generate sales leads, and optimize hit rates (submission to quote) and sales conversion rates (quote to bind) through leveraging internal and external structured and unstructured data. Balancing Speed with Underwriting Effectiveness In addition to advisory services and ease of doing business, SMEs value pricing and speed when it comes to submission, quotation, and binding. Democrance’s SME platform enables insurance carriers to fully automate their end-to-end sales, underwriting and pricing, as well as servicing and claims processes through connecting to their existing underwriting and rating models, or implementing online models. Automation helps insurance carriers enhance Straight-through Processing (STP) of policies, while lowering their expense ratios, and improving the accuracy of pricing. Optimizing the SME Ecosystem SME ecosystems are expanding – from customers, agents and brokers to technology and data providers to industry consortiums, banks, and beyond. Democrance’s open API architecture platform enables seamless and real-time connectivity to these ecosystem partners that are growing increasingly significant in enabling insurance carriers to deliver the highest value to SMEs. Democrance implemented its SME platform with AIG in the United Arab Emirates, the first-of-its-kind in MEA. The Democrance and AIG teams worked together in stealth mode during the second half of 2019 to build the platform together from scratch and started testing it in the market from January 2020. By the second quarter of 2020, the platform was rolled out to more than 270 brokers who are selling AIG SME policies every day using Democrance platform. following a successful implementation, AIG is now committed to replicating it across their 9 geographies in the Middle East and Africa with Democrance.