Insurama

About Insurama

Founded in 2018, Insurama operates as a Managing General Agent (MGA) in the insurtech sector, headquartered in Madrid, Spain. The company was established by Sergio Balsa Pardo. Insurama functions as a digital hub for insurance products and services, focusing on the online, end-to-end distribution and management of insurance solutions.

The firm's core business is providing specialized insurance coverage for consumer electronic devices for both individual and business clients. Its product portfolio includes modular insurance for single mobile phones and multi-device plans, as well as coverage for items like scooters. A key feature of their offering is the inclusion of coverage for theft, such as pickpocketing, and extending protection to both new and used devices. The business model leverages an omnichannel distribution strategy, utilizing direct-to-consumer (B2C) sales through its own digital channels and call centers, and a business-to-business-to-consumer (B2B2C) approach through strategic partnerships with tech retailers and consumer finance companies. Strategic partners have included prominent names like Amazon, Xiaomi, and Banco Santander. Revenue is generated through the sale of these insurance policies.

Insurama has built a proprietary, scalable platform that manages the entire insurance lifecycle, from quoting and sales to claims processing, ensuring a fully digital customer journey. The company has secured significant funding to fuel its growth, raising a total of $20.8 million over three rounds from investors including Inveready, All Iron Ventures, and BBVA Spark. This capital supports an aggressive international expansion plan which began in 2021. After establishing itself in Spain and Portugal, the company has expanded its operations into Latin America, with a presence in Mexico, Chile, Peru, and Colombia.