Salvadoran Insurtech Closes 38m Funding Round To Expand Digital Insurance Solutions To Underserved Markets
Founded in 2021, SOSTENGO introduced the region’s first fully manageable, accessible, and agile automotive insurance app, enabling 70% of its current customer base to insure themselves for the first time using their smartphones.
The company’s innovative approach led to a 103% year-over-year growth in premiums sold, highlighting its significant impact and rapid expansion in the insurance sector.
Despite the growing number of vehicles in Central America, less than 10% are insured, representing a vast unprotected segment. SOSTENGO aims to address this gap by offering the first user-centered, customizable, and accessible insurance solution.
Their platform allows users to quote, customize, purchase policies, report incidents, receive emergency assistance, and complete payment processes entirely via mobile, revolutionizing the traditional insurance model and promoting insurance as a vital long-term investment. LatamFintech reports that the investment round included participation from PeopleFund and established a joint operation through one of its subsidiaries.
This venture represents a significant step in digitalizing insurance services, positioning SOSTENGO as a leader in innovation and accessibility in the insurance industry across both regions.
