Sigo helps the US’ underserved Latinx auto insurance market
It will do so in its characteristic way: no broker fees, personalised coverage options, and full transparency.
"Traditional auto insurance companies favour a specific type of customer: affluent, suburban drivers who have consistent coverage and can afford increased coverage limits,” Néstor Hugo Solari, Co-Founder and CEO.
“But this largely excludes a demographic that's made up more than half of America's growth in the last decade: the Latinx population. Customers are left penalised for having limited credit, education, or insurance history, factors that have zero impact on how you drive.”
Maximising the auto insurance market
Karl Gouverneur, Chief Technology Officer at Struxtion, former CTO at Northwestern Mutual, and one of Sigo’s investors, estimates that the emerging US standard auto insurance market is worth $20bn. However, he is critical of legacy insurers for not maximising profitability and not delivering value or quality service to customers.
“Sigo has built a solution for a vastly underserved segment of customers who, unfortunately, may only know a discriminatory system.”
This makes an important argument: discrimination in the market is ultimately a negative for everybody, both individuals and businesses, and the case for greater financial inclusion is a clear.
The global insurance sector is already contending with a number of different are threatening its profitability. Alienating profitable markets is a risk that cannot be afforded, and meeting underserved needs will require empathy, a tech-based approach, and leadership familiar with the issues.
"How can insurers serve immigrants and Latino customers if the industry itself lacks an understanding of their experiences and needs?" questioned Júlio Erdos, COO and Co-Founder.
"The lack of diversity within senior levels of insurance creates blind spots. That's why Sigo is proud to serve our community with a team that is 100% Black- and Latinx-led."
Pictured: Sigo executive leadership team (left to right): Ivan Arambula (VP of Engineering); Randel Bennett (VP of Insurance); Néstor Hugo Solari (CEO); Júlio Erdos (COO)
Image source: Sigo
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech event will bring together influential executives from around the world. Streamed live from Tobacco Dock, London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach.
Already confirmed speakers include Colin Payne, VP & NextGen FS Global Lead at Capgemini; Dipu KV, President and Head of Operations & CX at Bajaj Allianz General Insurance Company; Bryan Caroll, CEO at TNEX; and Lucy Demery, Managing Director at Barclays.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
- Fireside discussions
- Inspirational Speakers & Presentations
- Extensive networking opportunities
Meet the Speakers
Each week, from now until the event, we’ll be announcing the latest speakers who are set to grace our physical or virtual stage, prepared to share their knowledge and insight with attendees.
Our second batch consists of:
Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.”
Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.
In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.
Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.
Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:
"I am passionate about developing talent and our Young Professional CRG provides a brilliant community for our Young Professional colleagues to discuss key issues relevant early in their careers, as well as an environment to promote the skills, learning and network for success."
Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.
An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.
His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.
This event is set to be one of the year's most unmissable. If you want to get leading perspectives on the future of fintech and insurtech, go to Eventbrite and purchase your tickets now.