Insurtech start-up Kakau inks two deals in Brazil, eyes Europe
Kakau, an insurtech start-up in Brazil, has signed deals with insurance firms American Life and Generali.
Set up in 2016, Kakau provides a digital insurance platform that uses artificial intelligence (AI) technology and big data to offer more practical and economical insurance products for users. Kakau’s platform comes with a virtual assistant, Anna.
The company says its offering is a “complete revolution in the product and user experience”.
Its star product at present is a mobile phone loss cover, which is a popular option in Brazil, said Henrique Volpi, co-founder of Kakau, speaking at the recent launch of The Insurtech Book. Volpi is among the book’s authors, his chapter focuses on “seamless insurance”.
He says the company’s goal is to make the insurance a social and financial inclusion tool.
He adds that Kakau was fortunate to sign its first client, American Life (a small insurance firm), followed by a much bigger customer, Generali.
“The first two hundred meetings they are in doubt, but then it gets better,” he jokes about the start-up’s interactions with big firms.
He emphasises the company’s commitment to making a social impact – from the outset, Kakau has partnered with Un Techo Para Mi Pais (TETO), a Latin American non-governmental organisation that builds emergency homes and runs social housing programmes. “This is very important for us,” Volpi states.
Kakau is now looking to expand to Europe, and is in talks with a number of European firms. Volpi says the scheduled date for entering the European market is 2020.