4 InsurTech platforms bridging the Insurance gap in Latin America

By Gloria Mathias

The rise of Insurtech in Latin America is transforming the region’s insurance landscape, addressing issues of underinsurance, high costs, and inefficient processes that have plagued traditional insurers.

With a growing middle class, increasing internet penetration, and the widespread adoption of smartphones, digital Insurtech companies are stepping in to meet the needs of previously underserved populations. These platforms are introducing innovative technologies like AI, telematics, and data analytics to make insurance products more accessible, affordable, and transparent. Insurtech companies in LATAM are playing a critical role in promoting financial inclusion and democratizing access to essential insurance services, particularly for low-income populations and small businesses.

Below listed are 4 digital Insurtech platforms reshaping the insurance industry in LATAM:

• Clara (Mexico)

Clara offers a fully digital platform that focuses on providing corporate insurance products to businesses. As one of Mexico’s leading Insurtechs, Clara emphasizes creating seamless digital experiences for businesses to purchase and manage insurance. It combines expense management and insurance offerings to provide enterprises with greater control over their financial operations. Clara’s platform is designed to handle everything from corporate credit cards to health and life insurance plans, making it easier for companies to manage employee benefits under one roof. Its digital-first approach has helped it quickly scale across Mexico, meeting the needs of SMEs and large businesses alike.

• Betterfly (Chile)

Betterfly is a digital insurance company with a unique focus on promoting well-being. It offers life insurance that grows based on the user’s healthy habits, such as walking more or meditating. Betterfly turns these healthy behaviours into increased coverage and charitable donations. This innovative approach to insurance ties wellness to financial security, making it a standout player in LATAM’s Insurtech scene. Betterfly targets individuals and companies, allowing employers to offer their employees life insurance that promotes health and well-being. In 2022, Betterfly became Chile’s first unicorn, highlighting its rapid growth and impact on the region.

• Jooycar (Chile)

Jooycar specializes in usage-based auto insurance through telematics, which monitors driving behaviour to offer personalized insurance rates. This model is particularly well-suited for gig economy workers and part-time drivers, who may not require traditional, fixed-rate auto insurance. Jooycar’s digital platform uses real-time data to adjust insurance premiums based on how safely someone drives. Operating in Chile, Mexico, and the U.S., Jooycar has become a pioneer in digital auto insurance in LATAM. Its usage-based model not only increases affordability but also encourages safer driving habits, aligning financial incentives with positive behaviour.

• 180° Seguros (Brazil)

180° Seguros is a digital-first insurance platform offering “insurance-as-a-service.” The company partners with businesses to integrate insurance products into their existing digital ecosystems through APIs, enabling seamless embedded insurance solutions. With a mission to democratize insurance in Brazil, 180° Seguros focuses on creating products that cater to the unique needs of the region’s consumers. By integrating insurance into everyday transactions, 180° Seguros makes insurance more accessible to underserved populations, including low-income individuals and small business owners, who often find traditional insurance products difficult to access or too expensive.​