Sigo Seguros

Sigo Seguros is an insurtech company established in 2019, targeting a significant gap in the auto insurance market by focusing on immigrant and working-class communities, particularly Spanish speakers. The company was founded by Néstor Hugo Solari, Julio Erdos, and Ivan Arambula. Solari, the CEO, was inspired by his family's own difficulties with obtaining auto insurance and his prior experience in investment banking focusing on emerging markets. This background provided him with insight into creating sustainable business models for underserved populations. Both Solari and co-founder Júlio Erdos are graduates of the Wharton School at the University of Pennsylvania.

The firm operates as a digital-first, non-standard auto insurance provider, distinguishing itself by eliminating biased rating factors that disproportionately affect minority populations. Sigo Seguros does not use credit scores, employment history, or education levels in its underwriting process, which directly addresses a major barrier for its target clientele. This approach has enabled the company to offer more equitable and affordable coverage. The business model is direct-to-consumer, utilizing a mobile-first platform that allows for a fully bilingual experience, from getting a quote to processing claims. This digital approach circumvents the traditional broker-run, brick-and-mortar model, which often involves onerous fees.

Revenue is generated from the underwriting of non-standard auto insurance policies. Initially launched in Texas in August 2021, the company provides coverage for customers with both U.S. and foreign licenses or IDs. The platform's efficiency and focus on a historically overlooked market have resulted in substantial growth, with Gross Written Premiums increasing by over 500% in 2023. The company has achieved significant funding milestones, including a $5.1 million pre-Series A round and a subsequent $10.5 million Series A round, to fuel expansion into new markets with large immigrant communities, such as Florida and California.

Keywords: auto insurance, insurtech, non-standard auto insurance, Hispanic market, Spanish-speaking services, immigrant financial services, digital insurance, fair underwriting, inclusive insurance, mobile-first platform, Texas insurance, financial inclusion, direct-to-consumer insurance, minority-focused business, affordable car insurance, no credit check insurance, foreign license insurance, insurtech funding, working-class insurance, accessible insurance