Founded in 2020, Azos is democratizing life insurance access in Brazil, by offering consumers coverage and benefit options that fit their individual needs, often at a lower cost. The company is bringing innovation to insurtech in Brazil, where existing incumbents lack flexibility and transparency, and policy holders pay a premium for benefits they don’t always want or need. Additionally, Azos offers policies with digital contracting in less than one business day, compared to the 10-day average Brazilians typically wait for approved policies.
“The lack of transparency, high premiums, and long wait times with current life insurance products are just a few reasons why many consumers and brokers neglect to purchase or sell life insurance at all. We created Azos precisely to fix these problems. Leveraging technology and data science to automate our application process, we’re able to offer a novel product, and simplify the process for anyone in Brazil to access life insurance,” said Azos CEO Rafael Cló.
This funding round comes at an important moment for the Brazil insurance market, which has shown consistent growth in 2021. In the first seven months of this year, the insurance sector earned R$ 172.4 billion, a 16.4% year-over-year growth. Yet, it is estimated that only 15% of the country’s population has life insurance.
“Insurtech in Brazil is dominated by a few players resulting in archaic models with subpar life insurance offerings. In line with our investment thesis to zero in on sectors of the economy where technology can lead to meaningful change in consumer behavior and economics, we predict life insurance is the next big industry ripe for transformation in Brazil,” commented Banafsheh Fathieh, Head of Americas Investments, Prosus Ventures. “We believe in Azos’ potential to innovate this market in the interest of the consumer, and we’re thrilled to partner with the team to modernize life insurance in Brazil.”
Azos will use the funds to scale the company further, improving technology and launching new products, as well as expanding access to education around financial protection and planning. In addition, funds will go towards expanding Azos’ brokerage options. The company currently has a waitlist of over 500 brokers interested in becoming distribution partners, as Azos provides a unique and valuable product for their customers.
Azos has seen significant growth in less than six months since their launch in April 2021, and has already reached $400 million in life insurance coverage. Additionally, the company has an 85% Net Promoter Score (NPS), which translates to excellent customer service and is nearly three times higher than the average life insurance industry (30%).
