One of the biggest opportunities in Latin America is unlocking the potential in legacy industries that haven’t been disrupted yet. Insurance is one of the biggest. Many Latin American insurance products are extremely expensive compared to people’s income and compared to more developed markets. There haven’t been many new entrants into the market yet.
That’s why I’m excited to announce our investment in Jooycar, a usage based car insurance service (UBI) that charges customers for how much and how well they drive. Drivers using the Jooycar system are saving up to 30% per month on their premiums and improve their driving behavior, because they can see how well they’re driving: how often they’re speeding, turning sharply, slamming on the brakes or driving erratically.
Jooycar uses a device that plugs into your car and transmits information back to the insurance company. Customers can view their progress in real time on Jooycar’s mobile app.
Jooycar’s founders, Maria Paz Gillet Martin, Emilio Figueroa Torres and Mario Ugemach Marin are serial entrepreneurs who also have significant experience working with large companies. They’ve been amazing to work with so far and I’m extremely excited to work with them as they expand across Latin America in 2017.