Contxto – The insurance industry is definitely in need of some tech TLC—especially when it comes to approaching millennial and Gen Z markets. Fortunately, one Mexican fintech, Zenda.la, has emerged to tender to this segment and its ever-changing needs.
The startup is officially launching an insurance products with pricing structures that adapt to each users’ needs.
This was made possible through its closing of an investment round with Angel Ventures, G2 Momentum Capital, and individual investors. The amount for the deal wasn’t disclosed though. Zenda.la also partnered with insurers Swiss Re and Prevem Seguros to build its solutions.
These business dealings, coupled with a year’s worth of research have led Zenda.la to create a health insurance compensation package at reportedly no cost. Users can hype up their coverage by paying MXN$100 (almost US$5) a month, according to Zenda.la’s website.
Zenda.la ponders on exposure
When you really think about it… millennials and Gen Zers are really exposed when things unexpectedly go awry. As more young people work as freelancers or lack full benefits from their employers, they’re financially exposed to footing some hefty bills. That’s something that Zenda.la’s co-Founder, Diego Muradás constantly mulled over.
“This currently grows in relevance as we confront the economic and social consequence of self-quarantine,” concluded Muradás.
Insurance companies are often viewed as dull and inflexible with high premiums and whose usefulness only comes in handy if “things go wrong.” Otherwise, it’s considered an “unnecessary expense” by younger generations.
- Related article: Fintech meets insurtech: a perfect marriage
But Zenda.la wants to change that mindset.
“Breaking down paradigms on traditional insurance packages means paying attention to the user experience and to think completely outside the box when designing a business model,” reflected Eva Sander, co-Founder of Zenda.la.
“Our dynamic coverage ensures [people] get the best price with the right adjustment to face whatever they’re going through.”
Related articles: Tech and startups from Mexico!