Hugues Bertin is CEO of Digital Insurance LatAm and an insurtech advisor at HCS Capital Partners. Hugues has more than 20 years of experience in insurance in various roles including Digital Transformation Leader, Chief Financial and Risk Officer, Sales Manager, Consultant, and Broker. We caught up with Hugues to ask a few questions about how insurance companies operating in Latin America – and the insurtech ecosystem that serves them – are responding to the COVID-19 crisis, the pace of digital transformation in the region, and what comes next for the insurance industry.
Hugues, on a recent LinkedIn Live Show with Dr. Robin Kiera, you noted that Latin America is 2 to 3 years behind the US, Europe and China when it comes to insurtech investment and adoption. Can you provide a sketch on what is happening with insurtech in Latin America today, and what particular challenges – and opportunities – exist for insurtech companies in the region?
Leaving out the Brazilian insurtech ecosystem, which alone encompasses over 100 insurtech companies, our last radar displays 144 insurtechs from Monterrey in Mexico to Ushuaia in Argentina.
12% of insurtechs are challenging current insurance business models – 4 of these insurtechs are full stack, some are providing telematics solutions or embedded insurance. For example, we can mention Iunigo (ARG), a full-stack insurtech company born from a spin-off of San Cristobal Seguros, a traditional carrier from the insurance cooperative sector. Another example is Zenda.la (MEX) that is displaying a very original freemium business model in the healthcare sector.