Lucas Prado

In Brazil, and in other countries in the region, the insurance market is underdeveloped and highly concentrated. The Latin American insurance market is estimated to have a penetration of around 3 or 4% of Gross Domestic Product, compared to 8% in other countries. This means that relatively few people have their assets insured, either because of the high price or the bureaucracy, but at the same time it represents a market opportunity, according to Lucas Prado, a business engineer from the University of Campinas. According to the Global Insurance Potential Index prepared by Fundación MAPFRE, Brazil is the ninth country in the world for growth potential in this market.

In 2018, there was no digital insurer market in Brazil. That year Lucas Prado, along with his partners Igor Mascarengas and Rafael Oliveira, saw the opportunity to found their insurance company Pier, which offers automobile and vehicle insurance with a digital experience assisted by artificial intelligence. It advertises itself as "uncomplicated insurance with instant reimbursement." This insurtech is the first digital insurer in Brazil and has earned Prado an award as one of the winners of MIT Technology Review's Innovators Under 35 Latin America 2023 in Spanish.

"Through Pier we democratize insurance to make a better society and increase economic activity. Our artificial intelligence-based technology allows us to offer very attractive prices and a delightful experience. From this technology we have designed PierBolt, an anti-fraud system that allows instant refunds to our customers," details its creator. The company shortens the time and steps to get insurance and allows the cancellation of its monthly policies with just two clicks without charging a penalty to the user.

Prado believes that insurance increases financial freedom and facilitates a calmer life by protecting people from financial loss. "By making insurance accessible to as many people as possible, through fair prices and satisfactory user experiences, Pier protects more people against risks, allowing them to focus on their personal and professional projects without worrying about losses that could be avoided with insurance," adds the engineer.

In Brazil, Pier has more than 120,000 clients and invoices US$30 million a year. In the future, Prado expects to expand its product range beyond automobile and vehicle insurance, becoming an insurance platform and expanding the security that Pier brings to its clients.