Sigo Seguros, an auto insurance provider serving the Spanish-speaking community, has launched its product in Texas.
"Minorities in the United States have enough challenges to overcome—easily finding and accessing fair-priced auto insurance shouldn't be one of them," said Nestor Hugo Solari, co-founder and CEO of Sigo Seguros, in a Aug. 3 press release.
More than 90% of Spanish speakers in Texas said Spanish-language support was important, according to a survey conducted by Sigo Seguros.
The Hispanic population in Texas has grown by two million in the last decade, according to the U.S. Census Bureau and is predicted to be the largest population group in the state this year.
The insurtech uses mobile-enabled distribution and telematics to serve its customers. However, it also removes several biased factors from its underwriting process including credit scores, employment history and level of education.
Race and nationality are specifically excluded from being considered in insurance rating and underwriting, but auto insurers use geographic and educational standards which can group customers into higher rate classes, according to
Digital Insurance’s previous coverage of Sigo Seguros can be
The company also accepts all forms of ID and removes charges like cancellation fees and payment fees.
"Not only was removing biased variables from Sigo Seguros' rating process non-negotiable, but by offering discounts for things like using our telematics app, the first Spanish-language safe driving app in the U.S., we're able to help our customers save even more money,” said Solari. “We also know that the Hispanic community, in particular, is extremely mobile-savvy so we've removed the need for traditional brick-and-mortar interactions by providing an app where customers can make changes to their policy, access customer support, and pay their policy, all from the comfort of their home.”
The company plans to expand to other states in the future.
