Legal Name: Sigo Insurance Services
Location: New York City, New York
INDUSTRY – US Insurtech Market
Projection: $90B by 2022 (Source: S&P Global Market Intelligence)
Sigo claims to “give everyone the tools and technology to make car insurance simple at a fair price”. It connects underserved, bilingual (primarily Spanish-speaking) drivers, who may have limited insurance histories, with low-cost auto insurance policies. As a mobile first platform that charges no extra fees, it eliminates brokers and brokerage fees from the process of getting auto insurance, and uses data and technology to match drivers with the auto insurance policy that suits them best. The service is therefore specifically aimed at bilingual auto owners, although of course, anyone looking for an auto insurance policy can use Sigo.
Currently available in California to drivers with all categories of driving licenses, customers can use the Sigo website to key in their basic information, like their age, occupation, marital status, coverage limit, driving limit and more. The website uses this information to match customers with the lower-cost insurance policy and provider that would suit their needs and provide them with the best quote. Customers therefore don’t have to operate through misleading brokers, and in fact don’t need to pay anything at all to use Sigo Seguros—they only need to pay the insurance premium for their respective policy.
Their website currently claims to work with insurance providers like Aspire and Clearcover, among others. The website also provides clear, concise, and comprehensive explanations of how insurance works, various terms associated with insurance, and an explanation of the factors that are used to determine the best insurance policy for customers, helping customers truly understand the services they’re signing up for, demystifying the process for people with varying levels of education who may not be familiar with the intricacies of insurance policies.
Origin and Founding Team
Sigo Seguros was founded by Nestor Hugo Solari and Julio Erdos in January 2018 because they were “tired of seeing people waste their time and get ripped off when getting car insurance”, and were frustrated by an inefficient insurance purchasing process.
Nestor Solari received his MBA from the Wharton School of the University of Pennsylvania in 2019. Prior to this, he worked at Goldman Sachs, Developing World Markets and Creation Investments Capital Management, before co-founding Sigo in 2018.
Julio Erdos also received his MBA from the Wharton School of the University of Pennsylvania in 2019. He worked at Bain & Company, Biolite, Technoserve and Signpost in strategy and operations roles before co-founding Sigo Seguros in 2018.
Performance and trends
Sigo received $100K in a round of seed funding on June 17, 2019.
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