Cactus

Cacttus is a Chilean insurtech company established in 2021, specializing in digital insurance products for pets. The company was founded by CEO Agustín Escobar, a theoretical physicist turned data scientist; COO Vicente Escobar, a former Chilean Marine Officer and data scientist; CTO Andrés Espinosa, a computer scientist; and CPO Milan Rafaeli. The inspiration for the business stemmed from a personal experience one of the founders had with a sick dog, which highlighted the need for more accessible and comprehensive pet insurance.

Operating within the growing pet market in Chile, Cacttus targets pet owners, a majority of whom are between 24 and 34 years old and have never purchased voluntary insurance before. The company provides 100% digital insurance policies for dogs and cats, which are underwritten by BCI Seguros. Clients can purchase and manage their policies entirely online through the Cacttus website and mobile application. The business generates revenue by retaining 15% of the sold policies and an additional 10% for administration.

The core service is a customizable health insurance plan for pets that covers expenses related to accidents and illnesses. This includes veterinary consultations, diagnostic tests, surgeries, hospitalizations, and medications. A key feature is the freedom for clients to use any veterinarian in Chile, eliminating the restrictions of a specific network. Cacttus distinguishes itself with a rapid reimbursement process, leveraging an internal artificial intelligence tool that allows many claims to be processed within minutes after users upload receipts and necessary documents through the app. The company offers plans with and without deductibles to cater to different customer preferences and budgets. Customers can also add preventive care packages that cover annual vaccinations and check-ups.

Since its inception, the company has shown significant growth, securing US$228,000 in its first investment round in 2022 with participation from Platanus Ventures and notable angel investors. By early 2024, Cacttus had sold over 4,000 policies.

Keywords: pet insurance, insurtech, Chile, digital insurance, veterinary expenses, cat insurance, dog insurance, financial services, online reimbursement, BCI Seguros, Platanus Ventures, Agustín Escobar, pet health, animal insurance, mobile application, AI claims processing, veterinary care coverage, accident and illness insurance, pet financing, South American startups