With the mission to design insurance for the emerging Latin American middle class, the Insurtech start-up company Super.MX was built.
The Mexico-based company was found in 2019 by the trio Marco Antonio, Ahedo Azuara, and Sebastian Villareal. The objective of this start-up was to create insurance that is easy to buy and has easy payment options. They use data technology and the latest scientific knowledge to create better insurance for all people and companies. Unlike other insurance companies which act as an aggregator or a carrier, Super. MX is more of an MGA or managing general agent. This approach allows them to handle the user experience just like a direct-to-consumer carrier but also offers the product choice which maybe property, natural calamity, or life insurance.
The main reason which led them to build an insurance company was the "underinsurance problem" faced by people. It was highlighted that people in the Latin America and Mexico tend to buy insurance policies less than people in the US. It was also stated that the high cost of these products, along with the complexity they create and the little amount they pay to the users, makes the user reluctant to buy them.
The company recently raised $7.2 million, in its series A round of investment led by ALLVP. The round witnessed participation from Goodwater Capitals, Kairos Angels, Bridge Partners. Angel investors such as Joe Schmidt IV (former investor at Accel and VC of business development at Ethos) and Kyle Nakatsuji (founder and CEO of auto insurance start-up Clearcover). The firm's technical knowledge and industry expertise was the prime reason for attraction, as stated by Federico Antoni, co-founder ALLVP.
Their prospects include the introduction of property, renter's, and health insurance. They are even planning to navigate their focus on increasing the number of products. With their new strategies, they plan to imbibe trustworthiness within their users.
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