Figuro: InsurTech in LATAM

Top notes from my conversation with Juan Camilo co-founder of Figuro

Figuro: InsurTech startup

Focus: Latin America

• Platform: Simplifies insurance buyingStreamlines quotes, buying, managingMore transparency, ease for users

• Approach: Uses tech to digitize old processesData-driven insightsGoal: Make insurance access equal for all

1. Outdated Insurance Distribution Is the Real LATAM Problem

In LATAM, it's extremely difficult to get insurance in a streamlined, easy way. Figuro saw this as a huge opportunity.

2. Data, Not Products, Is Figuro's True Superpower

Figuro sees insurance as a data science problem. The more policies they sell, the more data they have to enhance experiences.

3. Flywheel Model Fuels Explosive Growth

More data powers more sales and platform growth. More sales means more data. Rinse and repeat.

4. Global Vision Is Crucial for LATAM Founders

Programs like 500 Startups and Y Combinator gave Juan Camilo the global perspective to think beyond just Colombia.

5. Partnerships Are Key to Cracking Distribution

Figuro has partnered with 70%+ of insurance companies in Colombia by solving their distribution challenges.

6. Trust Is Still a Major Hurdle in LATAM

Startups must build consumer trust in their brand and products in a market skeptical of new entrants.

Figuro proves that with the right vision, huge opportunities exist to transform antiquated LATAM insurance.

#LATAM #startups #funding #InsurTech

"What's ironic is that none of our investors are actually from Latin America. They're all from the US, Europe, and other parts of the world. This highlights that local investors haven't yet recognized the opportunity that exists here."

Juan Camilo González T. Co-founder of Figuro