Contxto – Most of the times, obtaining the proper insurance can be a royal pain. It can be especially convoluted and overwhelming in Latin America, where insurance companies have yet to make the leap into digital services and improved customer services. However, this innovative Fintech startup is making life a bit easier here in Mexico.
Take a look at what Mango Life is doing to ease the burden for Mexicans. Based out of León, the fledgling startup has developed an efficient digital platform for your retirement and life insurance needs.
Recently I spoke with founder and CEO Maik Schaefer to learn more about the company and its participation at StartupBootcamp Scale FinTech in Mexico City.
During our informative conversation, Shaefer informed me of Mango Life’s accomplishments, future aspirations, as well as some of the challenges persisting in the insurance industry.
Who is Mango Life?
Mango Life is a digital insurance platform used to obtain life insurance and invest in retirement funds.
Mexico has so much to offer but it’s still in the Stone Age when it comes to insurance. To even be considered for private health insurance, Mexicans must go through a tediously long process of applying and waiting for approval.
With that said, Mango Life expedites this process ten-fold with its automatic system. Answer four questions online and you’ll soon find out whether or not you’re qualified. This means no waiting, no paper trails and no confusion.
Schaefer is originally from Germany but has been living in Mexico since 2015. Before starting his own venture, he worked for a German car insurance group with a Mexican subsidiary. Soon enough, he and his team identified an opportunity to sell life and health insurance online.
“There was literally no offer at that time,” said Schaefer. “We couldn’t do it internally, so that’s why we left the company in 2017 and started Mango Life last year in January.”
What is Mango Life doing in Mexico City?
Finnovista recently choice Mango Life to participate in the second generation of StartupBootcamp Scale FinTech in Mexico City. It makes sense considering that Mango is the first of its kind in Mexico’s – a 100 percent digital insurance platform with lightning fast quotes and an automatic system.
“The main goal for us is growth and to generate more traction. We also want to offer health insurance and build partnerships with other Fintech startups in a B2B or B2C setup.”
– Mango Life CEO CEO Maik Schaefer
Beginning March 4 and lasting for six months, Mango Life will receive valuable mentoring from various experts. Every month participants travel to Mexico City for productive sessions with corporate partners, mentors, local Fintech actors as well as others from Latin America.
Participants receive invaluable advice to propel them in becoming scale-up ventures. Finnovista considered over 100 applicants only to choose Mango Life and four other other Fintech ventures.
The end result will be Demo Day where participants present projects to more than 400 investors and Fintech investors.