The rate of innovation within insurtech has, in many ways, occurred alongside that of fintech. Just as we can now spend, save, and invest with ease, speed and security never before imagined, we can also assess and mitigate risk with unprecedented efficiency.

Anthemis seeks to reimagine the insurer’s role, as addressing risk has moved from paper ledgers to computers, to the cloud, to the edge. The insurance of the future is there not only when things go wrong but also to take an active role in ensuring that things go right.

A growing understanding of risk across a broad spectrum of experiences makes it clear that, around the world, there are too many people walking a tightrope without a net – especially when it comes to their health and safety. Over the past decade, only 30 percent of catastrophe losses were covered by insurance, according to research from Swiss Re. The rest – an estimated $1.3 billion – was absorbed by people, companies, and governments. The same report found that 2017 was one of the costliest years for natural disasters, with economic losses close to twice the inflation-adjusted average.

The protection gap – the difference between the coverage that people have and the coverage they need – has spurred entrepreneurs and investors into action. A more highly attuned insurance market can better address and better absorb these risks, both by consolidating and improving upon old business lines as well as creating opportunities in emerging categories.

Enter Súper – Mexico’s first approved insurance MGA and the latest venture of Sebastian Villarreal. Sebastian and his Co-founders Dario and Marco seek to address the significant protection gap that exists in Latin America. Their first product is a parametric earthquake insurance offering.

On average, Latin Americans buy less than half as much insurance coverage as the rest of the world. This is despite being vulnerable to earthquakes, hurricanes, and other natural disasters. Why? Because they mistrust local carriers. They are not wrong to be skeptical. In 2017, a massive earthquake struck Mexico City. 16 months after, 40% of claims were still open. It is clear to see that the opportunity in this market is immense. Just taking into account earthquake, health and life policies, the total addressable is an estimated $20+ billion in Mexico alone.

(Suburbia stretches almost endlessly outside Mexico City and plays home to 20 million people)

Sebastian and his Co-founders believe that designing ultra-simple, no-adjuster insurance for Latin Americans that payout immediately after an event, will win the trust of customers across the region. By starting with earthquake insurance, the team aims to build in a level of differentiation than what the market offers customers today. By building a brand around trust, the team aims to be able to provide additional insurance products alongside its quake proposition.

In these times of considerable uncertainty, having conviction around a founding team’s ability to execute and deliver in the face of strong macro headwinds is more important than ever.

As CEO, Sebastain’s product first approach and deep understanding of the MGA model from his time building his last business, Kin Insurance, gives him the context required when following a similar path in Mexico. His experience as head of product at Avant and Kin are shaping his approach to build a customer journey, from onboarding to automated claim payment – making Súper a unique product in the Mexican market.

Dario’s role as Chief Insurance Officer has already been invaluable in getting the business to where it is today. His experience and reputation in the Latin American insurance industry is second to none. His experience as a former insurance regulator and board-level experience at numerous regional carriers gives him a solid understanding of the market dynamics and what it will take to scale a business in this sector and geography.

As Chief Data & Analytics Officer, Marco brings the final piece of the puzzle. His background as a parametric insurance design expert – designing parametric products for 19 Caribbean countries – has provided a high level of trust from the local partners that Súper has chosen to work alongside. His understanding of what makes a good product succeed in the region will be critical to their success.

Together, these three founders bring an enviable set of skills and experiences to the table. At Anthemis, we have always prized good founding team composition above many other aspects when deciding whether to back a company. Suffice to say we are very excited to see what these three build in the years to come. Providing beautifully simple insurance to those who need it, when things go wrong, is an excellent place to start.