Sigo Seguros — Securing Insurance for the Latinx Community
Chingona Ventures remains excited to have co-led Sigo Seguros’ Seed round, alongside Listen Ventures. Sigo Seguros is an insurtech startup that aims to close the insurance gap in the Latinx and immigrant communities. Our team loves the growth Sigo has experienced in the last few months — over 10k policies have been sold since launching their product and over half of their traffic is organic. Sigo Seguro’s progress exemplifies our conviction in the Latinx market and in the importance of listening to your customer. Our team has seen Sigo Seguros grow its brand and connect closely to the Latinx community they serve; we have continuously seen them scale and grow.
Sigo Seguros removes biased rate factors (credit score, level of education, or type of employment) and predatory fees from the underwriting process for their customers — thus, creating an inclusive auto insurance provider that serves their Spanish-speaking customers with fair and transparent coverage. Sigo Seguros is the only insurance company in the US that can digitally onboard and support its customers fully in Spanish. This is incredibly important, as Spanish-speaking customers/the Latinx community are often overlooked and not well-served in the insurance market.
Sigo’s CEO, Nestor, worked in investment banking, where he focused on emerging markets. He witnessed many new sustainability business models but ultimately wanted to build a venture where he could feel closer to his customers. He personally understands his consumers, as the idea behind Sigo Seguros comes from his own family’s struggles with getting auto insurance. Nestor started the business as a brokerage direct-dialing customers, building it brick-by-brick into the omnichannel experience it is today. You can hear Nestor talk more about how Sigo Seguros is intentionally building Sigo Seguros to address his users’ pain points on the Insurtech Leadership Podcast.
Our team at Chingona Ventures understands the growing importance of 1) how Latinx communities are mobile-first and are among the fastest adopters of new technology and 2) how the U.S. has the second-largest population of Spanish speakers. Sigo Seguro speaks to and embodies these characteristics to build a brand that speaks to its users. Customers with foreign identification can easily go to the Sigo Seguros site on their phone and leave with proof of insurance, without paying excessive agent fees or being penalized for things like credit score or immigration status
We know that this is just the beginning and are looking forward to seeing what the rest of 2023 has in store for Sigo Seguros! For more information on Sigo Seguros, visit www.sigoseguros.com. “Sigo Seguros está siempre contigo”
