How is Digitisation Revolutionising LATAM’s Insurance Brokerage Channel?

• Digitisation is transforming the traditional insurance broker channel in Latin America (LATAM).
• Bogotá-based startup, Figuro, is leading this revolution by streamlining how insurance is bought, sold, and designed through a digital platform.
• More than 60% of insurance sales in LATAM are still made through outdated and inefficient methods.
• Figuro’s effective and efficient model presents a significant game-changing potential for the insurance industry in the region.

The technological revolution is not just changing how we communicate or access entertainment; it is also redefining traditional business processes across various industries. One such significant transformation is happening in the insurance brokerage channel in Latin America (LATAM), led by pioneering startups like Figuro. Founded by Carlos Rivera, Juan Camilo González Trujillo, and Mathilde Viola, Figuro is revolutionising the antiquated insurance market in LATAM, which predominantly relies on human activity, paper, or Excel sheets.

Figuro is a fintech startup based in Bogotá, Colombia, shaking up LATAM’s insurance scene by digitising the buying, selling, and designing processes of various types of insurance policies, including health and life. Their mission? To replace bureaucratic procedures and make insurance more accessible, quicker, and cheaper for individuals and families in the region.

What separates Figuro from other insurers in LATAM? As a tech-driven platform, Figuro streamlines the insurance acquisition process, eliminating the need for photocopies and printed forms, and eradicating day-long waits to secure a quote or a policy. This digital approach not only makes it convenient for consumers but also enables Figuro to offer competitive rates by minimising operational costs.

Moreover, Figuro provides a unique value proposition by designing personalised packages based on individuals’ specific needs and situations, something which traditional insurance companies fail to deliver. Ditching the one-size-fits-all approach for a customised and customer-centric model, Figuro is offering a new blueprint for the insurance industry.

In conclusion, Figuro’s innovation-driven approach promises to disrupt the insurance industry in Latin America – a sector that has been resistant to change. As more individuals and businesses embrace digital platforms for their insurance needs, Figuro is poised for significant growth and could soon become a leading player in LATAM’s insurance market.

Beyond Figuro, the impact of digitisation on the insurance brokerage channel marks a promising future for the industry, promising convenience, personalisation, and accessibility. Indeed, if current trends persist, it wouldn’t be surprising to see a predominantly digital insurance market in LATAM in the foreseeable future. Stay on top of Figuro’s journey here. Follow them on Facebook, LinkedIn, and Twitter.