Photo - Kinsu
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Kinsu

The agent´s Insurtech.

Mexico
Market: Insurance, Financial services
Stage of the project: Prototype or product is ready

Date of last change: 12.10.2020
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Idea

Bringing protection benefits to the community through opinion leaders (offline leads generators), become a new employment alternative and a source of financial inclusion.

Digitalize the traditional insurance agent to obtain greater traceability of commercial management.

Develop individuals in the insurance profession by removing barriers to entry, focusing on turning women into protection leaders (empowering them).

We will develop systems, applications and easy-to-use APIs for insurance marketing.

Digitalize the agent, to later digitalize the customer.

Current Status

We don`t have clients yet, but we are planning to develop in the following months, two unit economics:
- B2C & B2B2C Individuals
- B2B Corporation

Market

MARKET SIZE-
The country’s young population holds potential for increased uptake of insurance products: 48+ MILLION Young Adults/Adults.
Total Available Market: 28+ MILLON- Hold income levels above two minimun salaries (A/B – D+).
Serviceable Available Market: 840 THOUSAND Kinsu Insurance Holders - Share of Market (3%).

Problem or Opportunity

- Insurance is NOT relevant for Mexicans, they believe products are expensive and not necessary or they don ́t understand the offer.
- Insurance is not where/when people need it.
- Independent agents use unefficient selling method;,manual quoting and buying processes; poor traceability; leads lost in the way.
- Agent ́s avg. age is 57 years old.
- Over 50% of citizens with informal employment, specially women; 57% of Mexican Women work in informal jobs (11.6 millions); 9 millons of Mexican Women earn little over 2 minimum salaries; 1.5 millions of Mexican Women does not receive income (subsistence activities).

Solution (product or service)

- Become relevant to next generation of buyers; approached by one of their own, new equation of trust; understand costumer journey; satisfy their changing needs and preferences among all life stages.
- Create tangible value for the agents; safely manage all applications in an ecosystem; offer simplicity and transparency; no potential costumer unattended; identify clients needs to create ad-hoc products.
- Develop individuals in the insurance business, with SOCIAL IMPACT and FINANCIAL INCLUSION; scalable in emerging economies (Regional); generate a source of formal income; social and financial inclusion for Mexican Women.

Competitors

National: Mangolife - Wee company - Kayum - Leverbox.
International: Coverwallet, Lemonade.

Advantages or differentiators

Kinsu's differentiating proposal is to digitalize the agent, be the agent's Insurtech, create an easy-to-use application for insurance marketing, and become an insurance carrier through technology. On the other hand, we will develop individuals in the insurance profession, eliminating the barrier to entry.
Locally, we mapped several operational solutions (Leverboox, Ajusch or Insurtech that are nothing more than digital sales channels); no one solves the real insurance challenges.
We are looking to solve the main problem of the insurance market in Mexico: low awareness and low sales, developing opinion leaders in communities, focusing on women, turning them into leaders of protection.

Finance

2021
Cost: $100,000 Usd
Total Revenue: U$D 482,000

2022
Cost: U$D 1,859,000
Total Revenue: U$D 2,634,872

2023- Total Revenue: U$D 5,036,058

2024- Total Revenue: U$D 9,318,417

2025-Total Revenue: U$D 13,670,986

Business model

U$D100+ MILLION: 3% of Available Market.

U$D144 AVERAGE TICKET: $12 Monthly x 12 Months.

U$D 200+ MILLION: Revenue projected by 2025.

Money will be spent on

- Salaries for initial team (CEO, CCO, CTO, SALES, OPERATIONS).
- Marketing investment ( Initial community outreach).
- Initial website development.
- Others (Office space, Hardware, Travels, etc.).

Offer for investor

We are ready to offer an equity of 10%. We are aiming at a low initial investment, since our goal is to get breakeven at the beginning of the second year.

Team or Management

Risks

There is a high cultural barrier that must be broken down, we believe that this will be the greatest difficulty in waiting for the expected sales levels.

Incubation/Acceleration programs accomplishment

DOES NOT APPLY.

Won the competition and other awards

DOES NOT APPLY.

Photos

Photo 1 - The agent´s Insurtech.
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video