Azos raises $10 million

Brazilian digital life insurance provider Azos has received $10 million in a funding round led by asset manager Prosus Ventures, along with Kaszek Ventures, Maya Capital and Propel.

Founded in 2020, Azos claims to offer faster, more flexible, and affordable coverage. Since going live in April, it reached $400 million in life insurance coverage but it isn’t clear if that figure is in USD or Brazilian Real.

Azos will use the funds to improve its tech, launch new products, and expand access to education around financial protection and planning. In addition, the startup will focus on its brokerage options – Azos currently has a waitlist of over 500 brokers interested in becoming distribution partners.

“The lack of transparency, high premiums, and long wait times with current life insurance products are just a few reasons why many consumers and brokers neglect to purchase or sell life insurance at all. We created Azos precisely to fix these problems. Leveraging technology and data science to automate our application process, we’re able to offer a novel product, and simplify the process for anyone in Brazil to access life insurance.” – Azos CEO Rafael Cló.

“Insurtech in Brazil is dominated by a few players resulting in archaic models with subpar life insurance offerings. In line with our investment thesis to zero in on sectors of the economy where technology can lead to meaningful change in consumer behavior and economics, we predict life insurance is the next big industry ripe for transformation in Brazil. We believe in Azos’ potential to innovate this market in the interest of the consumer, and we’re thrilled to partner with the team to modernize life insurance in Brazil.” – Banafsheh Fathieh, head of Americas investments, Prosus Ventures.