Seguro Canguro is a Colombian insurtech (technology-based insurance company) that was born in 2015 with Swedish capital, which allows users to learn about, compare and acquire various health policies.
It plans to close 2025 with 21,000 active policies, which represents an advance of 25% compared to the previous year, according to Martín Alvemo, manager and co-founder of Seguro Canguro.
Read: Personal insurance market in Colombia already moves $15 billion
How has a Colombian insurtech managed to compete with traditional insurance sales channels?
Seguro Canguro competes with traditional channels thanks to its own technology and 100% digital processes that reduce costs and times. The client obtains quotes from all the insurers in the country in seconds and can purchase without in-person intermediaries. The regulatory environment also favors consumer free choice, weakening historical barriers. The key has been to combine variety, speed and human support in a more efficient and profitable experience for all actors.
What drove Seguro Canguro’s 50% annual growth?
Due to operational efficiency, digitalization reduced the cost of acquiring and managing policies. In addition, habits changed as the pandemic accelerated digital adoption in insurance and economies of scale as a data-based model allowed for improved prices and conversion.
In a challenging macroeconomic context, innovation has been the differentiating factor that kept us growing well above the market average.
What is the economic impact of completely digitizing the insurance sales process in Colombia?
Digitizing the process reduces distribution costs by up to 70%, making previously neglected segments, such as motorcycles and vintage cars, profitable.
Martín Alvemo, manager and co-founder of Seguro Canguro.
Courtesy
What are the figures and variations with which Seguro Canguro expects to close this year?
In 2025 we hope to close with 21,000 policies, a growth of 25% annually, despite the contraction of the automobile industry. Our model has demonstrated resilience by maintaining positive profitability in an environment of general market decline.
What does this foreign investment represent for the Colombian insurtech sector?
Swedish capital provided a long-term vision and a culture of efficiency, simplicity and transparency that marked our model. Colombia offered opportunities, and Sweden provided the method. We have not raised capital since 2019 because today we prioritize profitability over financed expansion. We represent a successful case of foreign investment that generated qualified employment and knowledge transfer to the Colombian insurtech ecosystem.
What does it mean for the Colombian insurance market that owners of insured vehicles purchase policies through a digital platform?
Digitalization is no longer marginal: close to 1% of the insured vehicle fleet in Colombia purchases its policy through Seguro Canguro. The annual double-digit growth demonstrates a structural change in consumer behavior. Rather than replacing traditional brokers, platforms expand the market by offering coverage to clients previously excluded by high operating costs.
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