A bad experience with an insurance company led Diego Muradás, CEO of Zenda.la to think, develop and implement an option that not only compensates those who have a mishap “without fine print”, but also cover those who You do not have the financial resources to have insurance for major medical expenses.
“A couple of years ago they operated on my son for angina and I had to live this experience where you are waiting for a certain amount in the reimbursement and they end up giving you a lower amount. I was expecting 70% because I was calculating the deductible and coinsurance and it was the other way around, they reimbursed me 30% and I paid 70%, ”Muradas commented in an interview with Expansión.
“So, we came up with this type of coverage: indemnity insurance. This product is designed for a very large segment of the population that has never been insured and is a blue ocean that no one has managed to take, ”added the 36-year-old manager.
How does it operate?
The company operates under a freemium model, something that people are already familiar with, although not in the field of insurance, since that is how platforms such as Spotify operate. Whoever has the ability to pay for insurance gives protection to eight other people, the manager details.
A person can choose between the essential plan of 139 pesos per month and the pro plan of 400 pesos per month and with that free spaces are freed so that those who cannot pay for insurance have access to it and receive compensation in case of hospitalization, fractures, serious illnesses and accidental death.
If the demand for free insurance is great, a waiting list will have to be made and as new insurances are contracted, new spaces will continue to be released, explained Diego Muradás.
People will be able to register on the company’s website and must bear in mind that their free insurance will last as long as the client remains paying for their own policy.
In Mexico, only 9% of the population has health insurance, according to figures from the Mexican Association of Insurance Institutions (AMIS).
“A medical emergency can be overwhelming, from a financial point of view. For us, what was important was to solve the systemic problem of not being insured and its implications. Financially, what we did is build insurance that is accessible and, from the business, allows us to be paying the insurance of people who do not have the capacity, “said Muradás.
What is Zenda.la’s secret recipe? Build a volume model. We are betting you to generate a lot of volume. So, we do not seek to generate a large profit from each person, but a small profit, but when we generate a lot of volume, the company can be very profitable, ”said Muradás, who is an actuary and has a master’s degree in Applied Mathematics.
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After knocking on doors at Mexican insurers, Diego came to co-insurer SweeRe and Prevem Seguros.
“From this alliance with SweesRe and Prevem Seguros, we began to build Zenda.la. It was also a great challenge because at the technological level, insurers have their challenges: 1. Design the products, register them with the commission, integrate with Prevem ”, said the manager.
Zenda.la recently raised seed capital of 2 million dollars with national and foreign funds such as Angel Ventures, Lotux, G2 Momentum; K50 Ventures, Cloud Capital.
“There is a lot of uncertainty, but there is also a very good appetite for risk because there is great potential in many ways, because we are not going towards people who are already insured. Our product is not a substitute for GMM insurance, it is a good complement because in the end this compensatory product can help you with the deductible and coinsurance ”, Muradas pointed out.
