Insurance in Brazil Inspiring Startups Analysis¶
Inspiring Startups¶
The Brazilian insurance market, while dominated by large, established players, is experiencing significant innovation driven by a growing ecosystem of insurtech startups. These new entrants are introducing changes and new business models across the value chain, often leveraging technology to enhance efficiency, improve customer experience, and address underserved market segments. The Brazilian insurtech sector is expanding, with a 6% growth in the number of startups between August 2024 and January 2025, and the country is a leader in Latin America regarding the number of insurtechs and attracted investments. The regulatory sandbox implemented by SUSEP has also played a role in fostering this innovation by providing a controlled environment for testing new models.
Several inspiring startups and technology providers operating in or impacting the Brazilian market have been identified:
- Pier: This insurtech is recognized for offering digital insurance policies, notably for mobile phones. Their model simplifies the insurance acquisition process through digital channels.
- ThinkSeg: Known for introducing a pay-per-use car insurance model, ThinkSeg allows customers to pay based on their actual usage of the vehicle. This innovative pricing model represents a shift in how automotive insurance is offered and consumed. ThinkSeg was also recognized globally for its innovation in 2019, highlighting its pioneering approach.
- Ciclic: This startup is noted for providing a fully digital insurance contracting experience, particularly targeting a younger demographic. Their emphasis on a 100% digital journey streamlines the sales and policy issuance process.
- Rede Mais Saúde: Operating as a Healthtech, Rede Mais Saúde is presenting a new business model focused on providing health solutions for brokers in the B2B market. They offer customizable health programs, enabling brokers to provide diversified health services beyond traditional insurance plans.
- Picsel: This insurtech specializes in agricultural insurance, utilizing technologies like machine learning, deep learning, and big data to create customized insurance platforms and policies for producers. Their approach leverages advanced analytics for risk assessment and product tailoring in the rural segment.
- Techficient: While not explicitly stated as a Brazilian insurtech, Techficient offers a Dynamic Platform for life insurance that is being adopted by companies. The platform uses predictive data and pre-underwriting to expedite policy issuance. Its mention in the context of Brazilian insurtech growth suggests its relevance to the local market's technological advancements.
- Mawdy: Referenced in relation to MAPFRE's innovation efforts in Brazil, Mawdy provides assistance services and is utilizing virtual reality for attending elderly clients. This indicates innovation in customer service and support within the value chain.
These startups are contributing to changing the Brazilian insurance landscape by introducing new business models, leveraging technology to enhance various stages of the value chain, and challenging traditional approaches to product design, distribution, and customer interaction.
Table of potential impact of the startups¶
| Value Chain Stage | Potential Impact of Inspiring Startups |
|---|---|
| Product Development & Underwriting | Introduction of innovative products and pricing models (e.g., pay-per-use by ThinkSeg, customized agricultural insurance by Picsel). Development of niche insurance offerings (e.g., digital mobile phone insurance by Pier). Utilization of advanced data and analytics for more accurate risk assessment (e.g., Picsel, Techficient's platform). |
| Marketing & Distribution | Expansion of digital distribution channels and online sales platforms (e.g., Pier, Ciclic). New models for engaging intermediaries and offering diversified products through existing networks (e.g., Rede Mais Saúde's model for brokers). Streamlined and fully digital customer acquisition journeys (e.g., Ciclic). |
| Policy Administration & Customer Service | Enhanced digital customer interaction and self-service options through online platforms and apps. Improved efficiency in policy issuance and administration through automation and technology (e.g., Ciclic, potentially Techficient's platform). Innovative approaches to customer support (e.g., Mawdy using virtual reality). |
| Claims Management | Potential for faster and more efficient claims processing through technology. Improved fraud detection capabilities through advanced data analytics (e.g., Picsel's use of big data, potentially Techficient's platform's data utilization). Innovation in assistance services related to claims (e.g., Mawdy). |
| Investment Management | While the direct impact of these specific startups on the core Investment Management stage is less pronounced, their success and growth can attract further investment into the insurtech sector in Brazil. Their focus on efficiency across the value chain can indirectly contribute to improved overall profitability, influencing the funds available for investment. |
References¶
Startups de seguros crescem no Brasil e taxa de mortalidade cai quase pela metade, aponta estudo - CQCS: https://cqcs.com.br/noticia/startups-de-seguros-crescem-no-brasil-e-taxa-de-mortalidade-cai-quase-pela-metade-aponta-estudo/ Startups explica: o que são as insurtechs? - Startups: https://startups.com.br/startups-explica/startups-explica-o-que-sao-as-insurtechs/ O mercado de insurtechs no Brasil está promissor? - Revista Cobertura: https://www.revistacobertura.com.br/revista/o-mercado-de-insurtechs-no-brasil-esta-promissor/ Insurtechs podem fomentar inovação e superar os desafios do setor pensando fora da caixa em 2025 - Insurtalks: https://insurtalks.com.br/insurtechs-podem-fomentar-inovacao-e-superar-os-desafios-do-setor-pensando-fora-da-caixa-em-2025/ A hora e a vez das insurtechs, novos negócios do mercado de seguros - Conjur: https://www.conjur.com.br/2024-jun-29/a-hora-e-vez-das-insurtechs-novos-negocios-mercado-seguros/ Startups de seguros no Brasil se destacam na América Latina - Sonho Seguro: https://sonhoseguro.com.br/2025/02/25/startups-de-seguros-no-brasil-se-destacam-na-america-latina/ Radiografia do ecossistema insurtech na América Latina em 2024 | MAPFRE: https://www.mapfre.com/pt/media/radiografia-ecossistema-insurtech-america-latina-2024/ Brasileiras no ranking das 100 insurtechs mais inovadoras - Sonho Seguro: https://sonhoseguro.com.br/2019/10/25/brasileiras-no-ranking-das-100-insurtechs-mais-inovadoras/ Rede Mais Saúde apresenta novo modelo de negócios para corretores no CQCS Insurtech & Inovação 2024: https://www.revistacobertura.com.br/eventos/rede-mais-saude-apresenta-novo-modelo-de-negocios-para-corretores-no-cqcs-insurtech-inovacao-2024/ Diretório InsurTechs: ENS: https://bibliotecadigital.ens.edu.br/wp-content/uploads/2023/05/Diretorio-Insurtechs-2023.pdf