Insurtech Pier Receives an Investment of US$ 14.5 Million
Pier, leader in full-stack insurance in Latin America, has recently received a US$ 14.5 million Series A investment led by monashees — pioneer venture capital fund in Latin America, leader in unicorn creation — and with the participation of Canary, Mercado Livre and BTG Pactual. The startup, which adopts artificial intelligence to bring a unique experience to users, has attracted consumers by offering an easy process and the fastest refunds in the market.
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The insurtech is preparing to go beyond with Series B investors in 2021. Pier’s history began in 2018. With the resources available at the time, the founders invested in technology and in a highly qualified team, which includes a former NASA employee, AI specialists and executives from global startups. In 2019, Pier invested in marketing and communication and attracted no less than 15 thousand customers to cell phone insurance, which is contracted online using only three clicks. The structure was consolidated and, at Carnival 2020, the company broke its own record: refunded a mobile phone insurance claim in just 38 seconds. Until now, Pier has already paid R$ 5.6 million in refunds.
Simultaneously, in 2019 Pier started to offer auto insurance as well. The company saw quite an opportunity in a market where only 30% of the entire Brazilian auto fleet are insured. MVP was tested in Belo Horizonte (Brazil) and, in January 2020, the insurtech launched Auto Insurance for the state of São Paulo. “With the received funds, we will make major investments to increase the auto market. We want to be in every state of Brazil in the first semester of 2021,” says Igor Mascarenhas, co-founder and CEO of Pier.
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When it comes to Auto, Pier has a technology that, until now, is unbeatable worldwide. “We offer the best flow to buy auto insurance in the world. There is no one who can approve an auto insurance policy as fast as we do, and in such a simple way. Not even insurtechs that are references all over the globe. We have developed an extremely robust technology and added a very refined anti-fraud predictive capability,” emphasizes Mascarenhas.
Monashees’ investors explain that it was the cultural fit and disruptive potential of great positive impact for the sector that most led them to invest in Pier. “The insurance market is very large and presents several opportunities for innovation through the use of technology, whether in customer experience, product design, distribution or use of sensors. As in other financial segments, this market will accelerate a lot. Pier has an excellent team and is very well positioned to lead this movement, offer great value to customers and become a giant company,” says Marcelo Lima, partner at monashees.
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