Denario and Theate: Building a Latin American Insurance Culture, Ep 8

In the eighth episode of Hacking Insurance, host Rodrigo Alfonso sits down with Denario CEO Juan Carlos Durán and Teate CEO and analytics manager Andrés Delgado and Victor Rosa.

Hacking Insurance is a podcast where you can join industry leaders to learn about the latest digital trends in the world of insurance and insurtech. Host Rodrigo Alfonso is the co-founder of Sekure, an insurance distribution network embedded in the LATAM marketplace. Throughout the episode, Rodrigo talks with guests about technology, innovation, and the impact of Insurtech on insurance.

The role of digitization of insurance in financial inclusion

In this episode, Rodrigo speaks with the leaders of two Colombian fintech companies that have integrated insurance into their product portfolios. Denario is a startup that provides credit services through salary and pension discounts. Denario has a contract with a company to finance his 100% of its employees.

Teaté, on the other hand, connects micromerchants in neighborhood stores with offerings of products and services specifically built for their needs. In addition, we will provide nanocredits to provide the working capital needed to avoid product shortages.

Both fintechs are facilitating financial inclusion for those who are underserved by financial institutions and traditional insurers. In this episode, Rodrigo speaks with guests about how Teate and Denario are using technology to solve structural problems and contribute to the country’s development. Unlike traditional insurance distribution channels, new digital channels are essential in accelerating financial inclusion as they reach people who were previously inaccessible due to cost or other obstacles.

Additionally, in this episode, guests discuss the difficulty of communicating the benefits of insurance and therefore of creating an insurance culture in Latin America. Insurance is an invisible product and its importance is difficult to convey. But once people understand the benefits it provides, they spread it to their communities and an insurance culture is gradually formed.

Listen to this episode to discover Andrés, Victor, and Juan’s perspectives on the democratization of insurance and its new distribution channels, technology as a catalyst for industry transformation, and more.

Synopsis for this episode:

• [01:00] – About Denario
• [02:35] – About Theate
• [06:20] – Victor’s Role at Teaté
• [08:25] – Insurance that complements other financial products
• [14:30] – Communicate insurance benefits
• [18:05] – Financial inclusion
• [19:55] – Role of new insurance distribution channels
• [22:35] – Customer Loyalty
• [25:18] – Flexible insurance
• [27:05] – Neighborhood shops as community leaders
• [30:10] – Juan’s Experience with Incorporating Insurance at Denario
• [33:30] – Andrés and Victor’s experience in the insurance industry
• [40:30] – Future plans for Denario
• [43:40] – Future plans for Teaté
• [47:06] – Technology as a lever for transformation
• [48:05] – Juan’s recommendation for entrepreneurs

Resources and People Mentioned: