In the eighth episode of Hacking Insurance, our host Rodrigo Alfonso talks to Juan Carlos Duran, CEO of Denario, and Andres Delgado and Victor Rosa, CEO and Analytics Manager of Teaté respectively.
Hacking Insurance is a podcast where you can learn about the latest digital trends in the world of insurance and insurance technology with industry leaders. Our host, Rodrigo Alfonso, is the co-founder of Sekure, the integrated insurance distribution network of the LATAM market. Throughout the episodes, Rodrigo talks to guests about technology, innovation and the impact of Insurtech on insurance.
The role of insurance digitization in financial inclusion
In this episode, Rodrigo talks to the leaders of two Colombian fintechs that have included insurance in their product portfolio. Denario is a startup that offers credit services through payroll deductions or pensions. Denario makes agreements with companies to lend 100% of its employees.
In turn, Teaté connects micro-merchants in neighborhood stores with an offer of goods and services tailored specifically to their needs. In addition, it offers them nanoloans that provide them with the working capital they need to avoid product shortages.
Both fintechs are promoting the financial inclusion of populations that are underserved by traditional financial institutions or insurers. In this episode, Rodrigo talks to the guests about how Teaté and Denario use technology to solve structural problems and contribute to the country’s development. Unlike traditional insurance distribution channels, new digital channels are essential in accelerating financial inclusion because they reach populations that were previously inaccessible, either due to cost or other barriers.
In addition, in this episode, the guests discuss the difficulty in communicating the benefits of insurance and, consequently, in creating an insurance culture in Latin America. Insurance is an intangible product, so it is difficult to communicate its importance. But when a person realizes the benefit it provides, he or she passes it on to his or her community and a culture of insurance is gradually created.
Listen to this episode to discover Andrés, Victor and Juan’s perspectives on the democratization of insurance and its new distribution channels, on technology as a catalyst for industry transformation and much more.
Summary of this episode:
- [01:00] – For Denario
- [02:35] – About Teaté
- [06:20] – Victor’s role in Teaté
- [08:25] – Insurance as a complement to other financial products
- [14:30] – Communication of the insurance benefit
- [18:05] – Financial inclusion
- [19:55] – The role of new insurance distribution channels
- [22:35] – Customer loyalty
- [25:18] – Flexible insurance
- [27:05] – Neighborhood stores as leaders in their community
- [30:10] – Juan’s experience in incorporating insurance into Denario
- [33:30] – Andres and Victor’s experience with the insurance industry
- [40:30] – Future plans for Denario
- [43:40] – Future plans for Teaté
- [47:06] – Technology as a lever for transformation
- [48:05] – Juan’s recommendation for entrepreneurs
Sources and people mentioned:
