Insurance Should Be Available to Everyone: Kinsu

Q: How can innovation become a facilitator for insurance contracting in a country with low insurance penetration?

A: In the insurance sector, innovation should not prioritize processes digitalization, but also promote a greater insurance culture. We are using technology and the development of a new generation of salespersons (native digital), to solve the penetration problem. Our approach is to work on the problem through people, this new distribution model will act as amplifiers, creating awareness & increasing adoption of insurance products.

Young people still think that insurance is expensive and unnecessary, they don´t really know the available products and their prices; moreover, the insurance agent, the main actor in the insurance industry, has an average age of 60, a profile quite distant from digital innovation. There are high growth possibilities via technology and a new distribution model: Kinsurers

Q: How has Kinsu tackled innovation in a sector as traditional as insurance?

A: Our strategy at Kinsu, and the essence of what we do, revolves around the understanding that the insurance industry is a relationship business. For this reason, the human element continues to be essential in the purchase journey.  We believe in a phygital business model. We understand that updating the market’s foundations is not easy but the returns of making them digital will be unparalleled.

Q: What are the most common complaints among insurance clients and how does Kinsu approach them?

A: Insurers and clients face different problems. Clients almost always fail to understand the value proposition of the products or to recognize that the coverage they acquired does not cover their needs. The industry, on the other hand, faces a huge issue, the traditional agent, the most important actor in the supply chain, has an average age of 60 years old, and they are not making efforts in the development of a new generation of agents.

Q: How is Kinsu helping SMEs and startups?

A: In Mexico, only 5 percent of companies are insured, according to INEGI (while there are more than 5.5 million registered companies). Kinsu offers a platform where small businesses can quote, compare, and hire policies from our insurance partners. Our platform improves traceability and helps companies navigate through the sometimes-confusing insurance market.

Q: How does being a Kinsurer benefit insurers and give them access to more and better customers?

A: We aim to increase access to insurance products while making them more profitable.

We´ve developed a free platform and app easy to onboard, quote, sell, track commissions, and manage policies, enabling a new generation to become insurance agents. Not only non-licensed individuals can generate income by offering insurance products in their communities; but also, licensed traditional agents can access our free platform and manage their portfolio (they become insurtechs themselves since they access their personal links).

Q: What are Kinsu’s strategies to increase insurance penetration in the Mexican market?

A: We have a long-term vision. This year, we will focus on registering 20,000 Kinsurers on our platform, with at least 25% of the active (quoting and generating income); and expand to Guadalajara, Monterrey, and Merida. We want insurance products to be part of regular conversations, we believe that if there are more people taking and offering insurance products, there will be more people buying insurance products.

Kinsu is an insurance management platform that offers car, health, life and home policies for individuals and families, through a new distribution model:  Kinsurers. We are introducing gig workers into insurance to solve the distribution problem, reducing the protection gap.