In the ninth episode of Hacking Insurance, our host Rodrigo Alfonso talks with the chief operating officers of two Colombian companies: Daniel Botero, CEO of Lizit, and Andres Tobon, CEO of Efinti.
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.
Insurance to mitigate operational risks
In this episode, Rodrigo talks with the CEOs of two successful Colombian startups that include insurance as part of their portfolio. Lizit is a Marketplace/SaaS company that digitalizes and centralizes good and service rental businesses. On the other hand, Efinti is a fintech startup that provides SMEs with liquidity through invoice factoring and confirmation. Both companies have incorporated digital insurance products into their offerings.
In today’s episode, Rodrigo discusses with Daniel and Andres their business models, the motivations behind their companies and how insurance products help them mitigate the inherent risks of their operations. Additionally, the conversation turns to the mindset change that the Latin American society has had to embrace digitalization, and how it has beaten mistrust, which is an intrinsic cultural problem.
Listen to this episode and find out more about these startups’ fundraising processes, business models and their discussion on the importance of data for scoring and for creating a dynamic analysis of users to evaluate potential risks.
Outline of this episode:
- [00:36] – Daniel Botero introduction
- [00:49] – Andres Tobon introduction
- [01:19] – Revolutionizing the product rental industry
- [03:13] – Liquidity through financing
- [05:28] – Managing product rental risks
- [11:58] – Digital insurance for financing
- [15:13] – Improving the risk underwriting process through data analysis
- [22:28] – Transactional proximity in insurance
- [23:57] – Fintech evolution
- [26:56] – Digitization: adaptation and acceptance
- [34:48] – Establishing value-added relationships
- [41:38] – Challenges in fundraising
- [46:09] – Lizit’s next steps
- [47:18] – Efinti’s next steps
Resources and people mentioned: