After 5 years working for the SMEs market in Chile and with more than 7000 clients, Insurtech Simplee raised its first seed round led by Magma Partners to continue delivering quality service to small and medium companies in Latin America.
Simplee Seguros was born in 2018 as a traditional insurance broker, but its founders, Diego Fernandez (CEO) and Alvaro Lopez (CFO) saw the opportunity in the neglected SMEs market.
“We wanted to be present in a market where nobody wanted to be, given the complexity generated by the diversity of SMEs for the creation of customized insurance, with a close and reliable proposal that would allow them to grow”, points out Diego Fernandez, CEO at Simplee.
Soon after launch they realized that the best way to reach more companies was through the incorporation of technology, which is why since 2019 Simplee became an insurtech. As an insurtech, the startup has incorporated technology to its process, in order to ensure availability, expand the number of insured entrepreneurs and also lower the associated costs.
According to ECLAC (Economic Commission for Latin America and the Caribbean), to date there are around 30 million SMEs in Latin America that are key players to increase the economic growth of countries. These represent more than 90% of all companies and employ about 67% of workers. This is where Simplee comes to level the playing field, since it is estimated that only 10% of these SMEs have protection against unforeseen events through contracted insurance, while in large companies, that percentage goes up to 90%.
“We hope that the entrepreneurs behind each startup can fulfill their dream of working in freedom at the same time that they feel protected and accompanied,” says Alvaro Lopez, CFO and Founder of Simplee.
Simplee Seguros landed in Mexico in March of this year with 3 products: liability insurance, cyber protection insurance, and fire and theft insurance. Simplee Seguros has the challenge of positioning itself as a relevant player in the Insurtech industry in Mexico during 2022 and consolidate itself as the No. 1 digital insurance broker for SMEs in Chile. For 2023, the goal is to explore the US market and seek partners in Colombia and Peru, in addition to raising a new investment round.