Insurtech Simplee has raised its first seed funding led by Magma Partners after 5 years of experience in Chile’s SMEs market. With more than 7000 clients, Insurtech Simplee is able to deliver quality service to Latin American small and medium businesses.
Simplee Seguros was born in 2018 as a traditional insurance broker, but its founders, Diego Fernandez (CEO) and Alvaro Lopez (CFO) saw the opportunity in the neglected SMEs market.
They quickly realized that the best way of reaching more companies was to incorporate technology. This is why Simplee, an insurtech, has been operating since 2019.
Insurtech startup, the startup has integrated technology in its process to make it more accessible, increase the number of entrepreneurs insured, and reduce associated costs.
ECLAC (Economic Commission for Latin America and the Caribbean) estimates that there are approximately 30 million SMEs in Latin America, which are important players in boosting the economies of the countries.
These are more than 90% percent of all companies, and they employ approximately 67% of all workers.
Simplee is able to level the playing fields as only 10% of these SMEs are covered by contracted insurance. Large companies have a higher percentage at 90%.
Simplee Seguros, a Mexican company that offers liability insurance, cyber insurance, and insurance against fire and theft, arrived in Mexico in march 2018. Simplee Seguros faces the challenge of establishing itself as a key player in Mexico’s Insurtech sector by 2022, and consolidating its position as the No. The No. 1 digital insurance broker in Chile for SMEs.
The 2023 goal is to search the US market, seek partners in Colombia and Peru, and raise a new round of investment.