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The process of buying auto insurance is riddled with inefficiencies for consumers: the tedious nature of meeting with sales representatives and the time-consuming process of sifting through policy information. SeguroSimple.com is ready to be the preferred online insurance broker for consumers and businesses in Latin America.
Founder Nicolas Droguett grew up in Chile with parents who owned a retail shop. Nicolas admired their entrepreneurial spirit and always hoped to start his own business. After attending MIT’s Sloan School, he went on to work as a consultant. He married a Peruvian woman and moved to Lima in 2005. There he worked in the retail industry as CEO of Falabella, the largest personal insurance broker in the country. There he noted the huge inefficiencies in the market.
By introducing transparency to the insurance industry, SeguroSimple.com helps consumers make smarter policy decisions. Its comparison site allows consumers to compare and purchase insurance policies, pay premiums, and secure policy renewals. By eliminating the middleman and allowing comparison across carriers, SeguroSimple.com’s policies are up to 35% cheaper, and can be purchased in five minutes compared to the seven-day average. In addition, the company offers a B2B2C platform that helps companies such as car dealerships increase their revenues by offering insurance as a cross-sale to their core offering. Its proprietary algorithm navigates these permutations to deliver pricing quotes to the consumer in a matter of seconds, in comparison to the offline brokers who take from three to four days to deliver quotes.
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