In the eighth episode of Hacking Insurance, our host Rodrigo Alfonso talks with Juan Carlos Durán, CEO of Denario, and Andrés Delgado and Victor Rosa, CEO and Analytics Manager respectively of Teaté.
Hacking Insurance is a podcast where you can learn about the latest digital trends in the insurance and insurtech world with industry leaders. Our host, Rodrigo Alfonso, is co-founder of Sekure, the LATAM market’s embedded insurance distribution network. Throughout the episodes, Rodrigo talks with guests about technology, innovation, and the impact of Insurtech on insurance.
The role of insurance digitization in financial inclusion
In this episode, Rodrigo talks with the leaders of two Colombian fintechs that have incorporated insurance into their product portfolio. Denario is a startup that offers credit services through salary or pension discounts. Denario makes agreements with companies to lend to 100% of its employees.
On the other hand, Teaté connects micro-merchants in neighborhood stores with an offer of goods and services built especially according to their needs. In addition, it offers them nanocredits that provide them with the working capital they need to avoid product shortages.
Both fintechs are promoting the financial inclusion of populations that are underserved by financial institutions or traditional insurers. In this episode, Rodrigo talks with guests about how Teaté and Denario leverage technology to solve structural problems and contribute to the country’s development. Unlike traditional insurance distribution channels, the new digital channels are fundamental in accelerating financial inclusion because they reach populations that were previously not accessible, either due to cost or other impediments.
In addition, in this episode, the guests discuss the difficulty in communicating the benefits of insurance and, therefore, in creating an insurance culture in Latin America. Insurance is an intangible product, so it is difficult to communicate its importance. But when a person understands the benefit it provides, he or she transmits it to his or her community, and this is how an insurance culture is gradually created.
Listen to this episode to discover Andrés, Victor, and Juan’s perspectives on the democratization of insurance and its new distribution channels, on technology as a catalyst for industry transformation, and much more.
Outline of this episode:
- [01:00] – About Denario
- [02:35] – About Teaté
- [06:20] – Victor’s role in Teaté
- [08:25] – Insurance as a complement to other financial products
- [14:30] – Communicating the benefit of insurance
- [18:05] – Financial inclusion
- [19:55] – The role of new insurance distribution channels
- [22:35] – Customer Loyalty
- [25:18] – Flexible insurance
- [27:05] – Neighborhood stores as leaders in their community
- [30:10] – Juan’s experience incorporating insurance at Denario
- [33:30] – Andres and Victor’s experience with the insurance industry
- [40:30] – Future plans for Denario
- [43:40] – Future plans for Teaté
- [47:06] – Technology as leverage for transformation
- [48:05] – Juan’s recommendation to entrepreneurs
Resources and people mentioned: