Sigo, which helps underserved populations to access affordable auto insurance, has bagged $1.5m in its seed funding round.
The round was supported by Amicle Capital, Bonded Capital Ventures, Demeter Capital, Financial Solutions Lab, Park City Angels and gANGELS.
With the funding, the InsurTech hopes to launch an auto insurance product that removes bias rate factors from day one of the underwriting process, it claims.
Founded in 2019 by Néstor Hugo Solari and Júlio Erdos, the company helps
Since its launch, the company has written hundreds of thousands of dollars in premiums through its agency business and maintained a customer retention rate of over 80% in Texas and California.
The InsurTech is soon to launch its own insurance product in Texas, which will remove discriminatory metrics with tools like telematics, such as a Spanish-language safe driving app.
Sigo co-founder and CEO Néstor Hugo Solari said, “Traditional auto insurance companies favour a specific type of customer—affluent, suburban drivers who have consistent coverage and can afford increased coverage limits.
“But this largely excludes a demographic that’s made up more than half of America’s growth in the last decade—the Latinx population. Customers are left penalized for having limited credit, education, or insurance history, factors that have zero impact on how you drive.”
The company provides the Latinx community with access to auto insurance. Its mobile app helps a consumer easily get a policy and manage the policy.
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