Latin American digital broker 123Seguro launches in Chile

Buenos Aires, July 2019.- The growth of the distribution of Digital Insurance is consolidated according to the growth data reported by 123Seguro, the InsurTech with greater coverage in Latin America. The firm that has just announced its landing in Chile leads its vertical in Argentina and Colombia, two of the largest markets in the region.

InsurTech was born in 2010 as a digital broker of vehicle insurance policies, however it has quickly diversified into other services and products such as the Life Insurance platform that the company offers in Argentina.

Data published by the company reaffirm the growth potential since in some markets where it operates, 123Seguro plans to triple the number of customers by the end of the year compared to 2018.

In the countries where it lands, 123Seguro carries out its operations with a specialized local team. In the case of the launch in Chile, its offices are located in Santiago. With more than 140 employees, 123Seguro doubled its equipment in one year and has its own offices in the three countries where it operates. Together, Argentina, Chile and Colombia represent a market of more than 100 million people.

The Insutech innovation developed by 123Seguro is based on the search to improve the user experience with more personalized offers, taking advantage of the high penetration of Mobile telecommunications in the region. By 2025, about 79% of the Latin American population is expected to have at least one smartphone, according to a study by Mobile Economy 2019.

“With the current panorama of low penetration of the financial sector and mainly of the insurance vertical in Latin America, we have the responsibility as InsurTech to promote tools to reach a population that is not covered,” says Martín Ferrari, co-founder and CEO of 123Seguro .

The InsurTech startup ecosystem in the region is close to 200, of which 180 come from Argentina, Brazil, Mexico, Chile and Colombia.