The Chilean unicorn Betterfly, a reference in the technological insurance field, has been distinguished as one of the world’s most promising insurtechs by the consultancy firm CB Insights. The platform, offering a variety of flexible insurances for workers, has caught the industry’s attention with its innovative products, among them life insurance that increases with healthy habits, cancer insurance, pay-per-use bicycle insurance, and its recent addition, collective insurance for companies that is charged only in the event of a claim.

“It’s a great honor for us to be recognized by CB Insights in the ranking of the 50 most promising insurtechs in the world,” affirmed Eduardo della Maggiora, founder and CEO of Betterfly. “This supports our work in providing innovative insurance solutions and facilitating access to financial protection for thousands of people through our platform.”

Betterfly has stood out in its work to democratize access to insurance in a context where only 3% of small and medium-sized businesses provide insurance as part of their employee benefits, according to the company.

To make the delivery of its protection solutions possible, Betterfly has established alliances with local partners, including Icatú in Brazil, Interseguro in Peru, and Chubb in Mexico, Chile, Colombia, Peru, and Ecuador.

The companies selected by CB Insights in this recognition were evaluated based on various criteria, including innovation and development activity, business relations, investor profiles, news sentiment analysis, competitiveness and team strength, technological novelty, and market potential.

Since its relaunch in January 2023 under the identity of Betterfly Universe, the company has shown remarkable innovation ability and has promised to announce new functionalities throughout this year.

This recognition comes at a critical time for the insurtech market in Latin America. Although the 464 companies in the region represent 7% of the global insurtech ecosystem, they only capture 2% of the total funding. Despite a decline in investment during 2022, funding in the sector surpassed the barrier of USD $1 billion for the first time in the last five years.

Insurtech concentration in Latin America
Insurtech concentration in Latin America. (Source: InsurMarket)

Betterfly’s recognition as one of the world’s most promising insurtechs highlights Latin America’s potential to become a key player in the digital transformation of the insurance sector.