The traditional insurance experience in Latin America is an inefficient, non-tech process. Most people don’t want to buy it but know they have to. At the same time, customer expectations of instant digital transactions sustained seamlessly across digital channels are increasingly the norm. This is exactly what Juanma Gironella is providing with Guros, the operating system for insurance in Latin America.
After working in financial services consulting, Juanma decided to build digital tools to help bring the insurance industry into the digital age.
In this episode, I sat down with Juanma to discuss how Guros is making inroads into the insurance industry and gaining market share with a digital model that is democratizing access to insurance and bringing new opportunities to innovate, improve customer experience, and ultimately, driving growth.
Improving the insurance experience
Juanma contrasts the experience of comparing and purchasing auto insurance in Guros as easy as booking a flight or a hotel online. But the innovation opportunities do not stop there: on top of offering a better buying experience, what sets Guros apart is the fact that they provide value to the customers after purchase with new products, like a wallet that allows users to have multiple insurance products, and an API integration for fintech companies. This integration works like an embedded marketplace, enabling fintech companies to rapidly deploy integration into their app and allowing users to self-serve with a few clicks.
Learn more about how Guros is helping customers and fintech partners in this episode of Crossing Borders.
The insurance opportunity in Mexico and Latin America
Guros is building their business model by addressing the pain points customers experience in their relationships with incumbent insurers. Of the $240 billion a year industry in Latin America, no player has over 5% of the market, which reflects that the (poor) value proposition essentially is pretty much the same in the entire region.
Check out this episode of Crossing Borders to learn more about this massive opportunity in Latam and why Guros is already thinking of other verticals.
Fundraising during Covid times
Juanma’s first fundraising experience was with Guros during the Covid pandemic. He explains that finding the right partners and bringing in the right people is key to getting the insights that allow things to start happening at a faster pace.
Learn more about Juanma’s fundraising journey with Guros, and how it is to have never met in person over 95% of his team in this episode of Crossing Borders.
In Mexico and other relevant Latin American markets, insurance in general, and especially auto insurance, are radically fragmented markets. Consumers have to go through a painful experience when signing up for and purchasing insurance, and even after purchasing, it’s hard to get value from the insurer provider. Guros is leading the change to disrupt innovation in the insurance industry.
Outline of this episode:
- [03:01] – About Guros
- [03:44] – Before and after for insurance retail users
- [08:20] – Doing partnerships with potential partners
- [14:51] – From the idea to real traction
- [18:27] – Insurance opportunities in Mexico and Latin America
- [21:47] – The growth opportunity in the insurance industry
- [25:00] – The fundraising experience during the pandemic
- [28:20] – Resources and recommendations
- [29:49] – Advice to Juanma’s younger self
Resources & people mentioned:
- Juanma Gironella
- Growth Series by Reforge
- Training courses at ConversionXL
- First Round Review
- Mexico Investment %of GDP
- “Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” ― Thomas Alva Edison
- “What the mind can conceive and believe, and the heart desire, you can achieve.” ― Norman Vincent Peale
This episode of Crossing Borders is brought to you by AWS Startups.
AWS Startups supports entrepreneurs in Latin America across multiple programs, including Cloud Credits to help startups test features and extend runway, technical support to help optimize AWS solutions and integrations with your product, and – on the business side – help you build strategic contacts with investment funds, accelerators, and corporations to accelerate your growth.
For more information, check out aws.amazon.com/es/campaigns/founders, where you can access $1,350 in AWS credits for your startup.