Sigo Seguros, a Latino-led car insurtech company, announced today that it has saved its customers over $2 million dollars in down payment fees after growing sales 1,276% in Q1 2023, as compared to Q1 2022. The company has insured over 15,000 drivers in 18 months since the launch of their proprietary product.
“Our vision is to revolutionize car insurance by providing accessible and equitable coverage for immigrants and the working class,” said Nestor Hugo Solari, CEO, and Founder of Sigo Seguros. “Today’s results show our progress towards our goal of providing fairer car insurance and unlocking the economic surplus currently trapped due to ineffective distribution channels.”
The insurer developed the first bilingual, mobile-first car insurance platform with the Hispanic community in mind. They offer affordable options by not charging additional fees or using biased rating factors like credit score or education level, which have traditionally driven up costs for the Hispanic community.
Sigo Seguros has expressed confidence in their online-first product recognizing the potential of the underserved market. According to the 2021 data from Pew Research Center, 83% of Hispanics in the United States own smartphones. Furthermore, a report from Geoscape shows that Hispanics are more likely to use mobile devices for online activities, including purchasing insurance online.
As a part of its growth strategy, Sigo Seguros intends to expand its presence to the top 10 states with the largest Hispanic populations over the next five years. By doing so, it will provide a seamless, user-friendly experience to its customers, further solidifying its commitment to offering accessible and equitable car insurance to immigrant and working-class communities.