2023-08-02 23:37:18
The Hispanic community currently represents 19% of the total population and is one of the fastest growing cultural segments in the country. Kanguro Seguro, a Miami-based insurance technology (InsurTech) company, is targeting that market with its intuitive and fully bilingual (Spanish and English) digital insurance platform, made by Latinos for Latinos. As of July 2023, the company has successfully expanded to 24 states across the country, offering the highest quality pet insurance options to the underserved Latino market.
“The insurance industry customer journey over the past 100 years has not evolved or deviated from its basic business model. Kanguro is on the verge of a perfect storm; the magnitude of technology availability and changing demographics in the US The US has the potential to disrupt and reshape almost every aspect of the insurance customer journey, especially in the Hispanic market,” said Andrés Mishaan CEO of Kanguro Seguro.
Launched in 2022, Kanguro Seguro entered the sector with the aim of cornering the market among Latino pet owners, since almost 61% of Hispanics/Latinos own a dog or cat. Today, the tech company serves more than 4,000 Latino and general market customers with its line of pet insurance packages. Through its InsurTech model, Kanguro has become one of the fastest companies when it comes to processing claims and even offers direct payment to the vet to eliminate or reduce any out-of-pocket costs for consumers.
“We decided to create a company focused on health insurance for pets aimed at Latinos in the United States due to the opportunities we saw in this niche market. Statistics show that the Latino community is one of the fastest growing population segments in the country and it is projected that they will drive 62% of the total growth of the US population until 2025. The Latino population is expected to reach 111.2 million by the year 2060, representing 28% of the total population” explained Nick Hanabergh , president of Kanguro Seguros.
For their part, both executives recalled that Hispanics are the largest individual minority group in the United States and are also known for being the group that spends the most in the country. “With the Hispanic market measured by GDP reaching $2.6 trillion in 2018, 9% more than in 2017, we saw a clear opportunity to meet the needs of this growing community in the pet health insurance sector,” they said.
In this sense, they highlighted that Kanguro Seguro offers the first health and wellness plans for pets that are “easy to understand, easy to buy and easy to use.” Fully bilingual (Spanish and English) and 100% digital deliveries in a simple and easy-to-understand way to protect your pets. They cover everything related to accidents and illnesses and wellness plans.
Therefore, the main characteristics stand out:
Kanguro has a complete offer of productsPrice level lower than the competitionThe only one that offers its policy documents and APP in Spanish and EnglishOne of the fastest in reimbursing clientsDirect payment to veterinarians without limiting users to a network of veterinariansDonation program for unused premiums to causes that concern our customers. Whether it be to non-profit organizations dedicated to fighting climate change, animal shelters or organizations in the Hispanic community. “We offer a frictionless experience, 100% bilingual and digital from end to end, our content hub adds value to customers, the discount we have on hotels, food, 24/7 claims processing, we donate part of the premium, financial tool and relief for parents so that they can provide the best health service to their pets,” said Mishaan.
Regarding how they observe the industry, they say that according to NAPHIA, the total premium in the pet insurance market as of 2021 was 2.6 billion. “The US market continues to grow with a double-digit increase and historical highs and with an average annual growth rate of 26% from 2017 to 2022. We are confident that the industry will have the same growth rate in the next 5 years” they concluded.
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