Mexican insurance technology startup Super is expanding into hurricane insurance after already offering earthquake coverage, CEO and Founder Sebastian Villarreal said in a Bloomberg report on Friday (Sept. 24), noting that the company could also pursue another fundraising round in 2022.
Super uses technology to initiate claims, then makes direct payments to clients within several days. The company’s earthquake insurance uses acceleration models from seismic engineering firm ERN to determine possible damage that a tremor thousands of miles away can inflict on a client’s home.
Super’s hurricane insurance is likely to be especially important in the Mexican states of Quintana Roo, Campeche, Veracruz, Jalisco and the Baja Peninsula. Villareal expects the offering — which will factor in the hurricane category, its path and its wind speed — to launch by the middle of next year.
Super also sells life and health insurance, particularly for COVID-19 patients. The company has a staff of 22 employees in Mexico, Canada and the U.S.
Villareal told Bloomberg that Super could pursue Series B funding next year to maintain its growth across Mexico, although the company has enough capital for its current operations. The company has raised $9.6 million in seed money and Series A funding. “We won’t raise money again if it is not from a fund of the highest caliber,” Villareal told Bloomberg.
Latin America has become a high-growth market for insurance, especially since the start of the coronavirus pandemic.
Julio Castellón, senior vice president and regional head of LatAm partnerships for Cover Genius, told PYMNTS that the pandemic has created opportunities to expand into the region, which had been difficult to develop at scale. Technology adds cohesion to the insurance process, he sai