“No insurer in the U.S. has any digital infrastructure for the native Spanish-speaking population”, says Nestor, “despite the U.S. being the second largest Spanish-speaking country in the world after Mexico.”
Born and raised in New Jersey, the son of Uruguayan immigrants shares his journey of stumbling in to insurance after helping his aunt with monthly budgeting.
“I had no idea how hard it was for some immigrants and working class people in the U.S. to access auto insurance”, explains Nestor, as he highlights the challenges of credit score, education, employment and postcode as well as the dearth of digital infrastructure.
With minimum liability limits, Sigo Seguros launched its own auto insurance product in August 2021 with a focus on providing affordable, accessible insurance.
“We’re working towards starting to remove some of that bias that a lot of the legacy products have.”
Nestor talks loss ratios, customer-centricity and the benefits on offer to policyholders.
“Ultimately, there’s the opportunity here to provide a fully digital experience for a market that’s a little different.
When we talk about our target customer, we’re fully bilingual and end customers can onboard digitally, pay, receive proof of insurance in their native language.”
Nestor goes on to highlight the impact of technology, future growth plans, the biggest challenges to scaling and the evolving culture.
“We’re willing to talk about the tough topics. Culture changes, culture shifts, it evolves. I think it’s driven by the team and who you hire.”
Nestor shares his thoughts on business sustainability, remote-working and the value insurance knowledge brings to the Sigo team as well as moving from growth to managing a book and harnessing potential demand.
“Many states have billions of dollars of premiums of auto insurance, when you look at the immigrant and working class population The demand for the products is there. We’re looking how to build and reach the massive market not only in Texas but beyond.”
Nestor concludes by encouraging entrepreneurs to learn from other founders and underlining the importance of clear communication and story-telling.
“Grow as a communicator and storyteller. Find the right talent, motivate the team and learn from other founders. It’s unlocked a lot for me.”
The Insurance Coffee House Podcast is hosted by Nick Hoadley, CEO, Insurance Search, the Executive Search Consultancy for growing Insurance and Insurtech businesses across the globe.