Five Questions With: 123Seguro

Bruno and Martín Ferrari have the insurance industry in their blood. Their parents met while working in an insurance company, and the brothers took their own path by creating 123Seguro, a company focused on innovating within a very conservative industry.

This online insurance broker was one of the pioneers in the industry. Founded in 2010, they are today “the insurtech with the largest operational presence in Latin America”. In December 2020, they acquired Seguro Com Voce, setting foot in the giant Brazilian market. Then, they continued their regional expansion plan, which today covers Chile and Colombia, in addition to Argentina, their country of origin. 

Among its investors are Meli Fund (Mercado Libre’s fund), NXTP Ventures, and Alaya Capital Partners. At the beginning of this year, they landed in Mexico, where they expect to take a fundamental step in their Latin American consolidation.

Martín Ferrari, CEO and co-founder of 123Seguro, answered Contxto’s questionnaire. 

What problem does 123Seguro solve?
123Seguro’s mission is to facilitate access to insurance policies for Latin Americans. In doing so, we work to improve the financial education of prevention and protection of assets and working capital of the population.

The automobile insurance gap (the main type of insurance we sell) in the region is high. This means that a large percentage of the population does not invest in financial protection and prevention. This leaves them in a zone of financial vulnerability.

Only about 58% of the vehicle fleet in the five largest Latin American markets has some kind of coverage. This represents a significant economic burden for society, as it exposes people to financial hardship resulting from liability payments to third parties, loss of income due to temporary/permanent disability or death, out-of-pocket expenses to cover medical costs, and property damage.

Strengthening the culture of prevention and insurance is our mission.


Martin Ferrari, CEO y cofundador de 123Seguro. (Foto: 123Seguro)

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Martin Ferrari, CEO and co-founder of 123Seguro (Photo: 123Seguro).

How is it different from others that have tried this idea before?
In Latin America, we do not have a precedent in this vertical. We are the first insurtech founded in Latin America and the first to provide Latin American users with a platform that allows them to compare, choose and contract the insurance policy that best meets their needs and payment capacity.

During these 12 years of operations, we have managed to become a platform of regional scope with a solid product offering. Our differential lies in our technology integrated with the best after-sales service in the region.

A Latin American startup you admire.
Mercado Libre, without a doubt. Beyond the fact that 123Seguro has received investment from Meli Fund, they are a clear example of a vision for the future and a high level of execution for more than 20 years. They have not been satisfied with their country of origin and have managed to compete and lead in the main markets of LatAm. Advancing, in addition to e-commerce, with strong innovations to constantly improve the customer experience. With great success in that sense in their incursions into the world of financial services and logistics. 

Outside Latin America and within our vertical, I would highlight Wefox (Europe) and Policybazaar (India).

What achievement of your company are you most proud of?
Several milestones. Being the company with the largest coverage in the region, with operations in Argentina, Brazil, Colombia, Chile, and Mexico, entails consolidating a team of multidisciplinary professionals of the highest caliber throughout Latin America. Building this team is our greatest pride. 

Also, in 2020 CB Insights has chosen us as one of the 70 companies that are transforming insurance distribution in the world, not to mention that Columbia University selected us as a case study.

What is the next step for the company?
We have recently announced our opening in Mexico, and that is our next big challenge: just as we have achieved in Brazil, Argentina, and Colombia, we seek to be one of the main insurtech players in Mexico. At the same time, we are expanding our product portfolio in the rest of the market with policies focused on commercial and life.

Responses were slightly edited for length.
Main image: 123Seguro

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