In the first episode of Hacking Insurance, our host Rodrigo Alfonso talks with Martin Ferrari, CEO of 123Seguro, about the challenges of the Insurtech industry in Latin America.
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 will talk with guests about technology, innovation, and the impact of Insurtech on the insurance industry.
Insurtech pioneers in Latin America
123Seguro is considered the insurtech with the most presence and projection in the region. In this episode of Hacking Insurance, Martin Ferrari tells us the key to his company’s success and reflects on the evolution of Insurtech in Latin America.
He also tells us the story of how 123Seguro started as a project that no insurance company believed in, as there was a lot of skepticism about the digital solution they created. But with insistence and perseverance the company began its operations, and the traction it quickly generated caught the attention of the industry.
Today, following a pandemic that changed the industry’s perspective on digitization, the conversation is much more open. Martín explains that much of 123Seguro’s success is due to its strategy of putting the customer at the center and focusing on operational excellence. In addition, he adds that its proposal is characterized by being innovative, transparent, and digital. And so it is that the renowned Columbia University uses the company as a case study for its MBA.
123Seguro is proof that it is possible to build scalable, regional, and efficient businesses in the insurance industry. In this episode, Martin and Rodrigo talk about the inefficiencies that exist in the traditional insurance industry, the future of embedded insurance and 123Seguro, and much more. In addition, Martin shares his best recommendations for entrepreneurs.
Outline of this episode:
- [00:22] – Introduction to Martin Ferrari
- [02:03] – The evolution of insurtech in Latin America
- [06:05] – Digitalization in the insurance industry
- [07:01] – The key to 123Seguro’s success
- [13:29] – The importance of putting the customer at the center of the business
- [14:05] – 123Seguro as a Columbia case study
- [17:35] – Next steps for 123Seguro
- [21:31] – The future of embedded Insurance
- [23:39] – What can we expect from 123Seguro in 2022?
- [27:40] – Martin’s recommendations for entrepreneurs
- [32:18] – 123Seguro’s strategies for hiring IT talent
- [35:30] – How to create a culture within a company
- [38:27] – Book and podcast recommendations.
Resources and people mentioned: