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Contxto – Insurtech in Colombia has been growing continuously and steadily over the past few years. However, these insurance startups have not grown as fast as other financial services. But why do you think that is?
The reason may well be because of the naturally more conservative nature of the industry. This makes giant insurance corporations, like Sura—a multi-national insurance provider dominant in Colombia—, dominate the market.
Yet, have you ever spent an entire evening with an insurance salesperson? Some people have seen this pain point as enough of a reason to develop disruptive alternatives
These 13 insurtech startups from Colombia are proof of it.
Insurtech in Colombia
You might be wondering why something that could be considered a subsector of fintech has so many sub-categories of its own.
The reason stems from the world of complexity behind the insurance market.
On one hand, you’ve got the demand and sales side of things. This subsector of insurtech in Colombia has created comparative digital marketplaces to see who’s who and what benefits they afford your individual insurance profile. AgenteMotor and SeguroCanguro fall within this category.
However, insurance is also a massively important workplace benefit. Thus, we have also seen B2B insuretechs looking to make companies’ lives easier (and cheaper) by offering and automating bulk employee packages.
Furthermore, there is room for specialization within individual insurance schemes. For instance, Credivalores—the oldest company in this market map—provides “less financially able” individuals and SMEs with bank loans, along with microinsurance, which protects them in the event of a loan loss.
But it’s not all life or health insurance, many insurance brokers specialize in a variety of other living and nonliving ensurables. The range goes from pets, auto, education, home, ARL, SME, machinery, and even video game console insurance packages.