Insurtech Simplee raises first seed spherical and expands to Mexico
After 5 years of working for the SMEs market in Chile and with greater than 7000 shoppers, Insurtech Simplee raised its first seed spherical led by Magma Companions to proceed delivering high quality service to small and medium corporations in Latin America.
Simplee Seguros was born in 2018 as a conventional insurance coverage dealer, however its founders, Diego Fernandez (CEO) and Alvaro Lopez (CFO) noticed the chance within the uncared for SMEs market.
Quickly after launch, they realized that one of the simplest ways to achieve extra corporations was via the incorporation of expertise, which is why since 2019 Simplee grew to become an insurtech.
As an insurtech, the startup has integrated expertise into its course of, as a way to guarantee availability, increase the variety of insured entrepreneurs and in addition decrease the related prices.
In accordance with ECLAC (Financial Fee for Latin America and the Caribbean), up to now, there are round 30 million SMEs in Latin America which might be key gamers to extend the financial development of nations.
These symbolize greater than 90% of all corporations and make use of about 67% of staff.
That is the place Simplee involves stage the taking part in subject since it’s estimated that solely 10% of those SMEs have safety in opposition to unexpected occasions via contracted insurance coverage, whereas in giant corporations, that proportion goes as much as 90%.
Simplee Seguros landed in Mexico in March of this 12 months with 3 merchandise: legal responsibility insurance coverage, cyber safety insurance coverage, and hearth and theft insurance coverage. Simplee Seguros has the problem of positioning itself as a related participant within the Insurtech trade in Mexico throughout 2022 and consolidating itself because the No. 1 digital insurance coverage dealer for SMEs in Chile.
For 2023, the aim is to discover the US market and search companions in Colombia and Peru, along with elevating a brand new funding spherical.
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