Miituo

About Miituo

Miituo is a Mexican insurtech company that provides a flexible and cost-effective approach to car insurance. Founded in 2016 by Leonardo Cortina, the company operates primarily in Mexico, targeting drivers who use their vehicles infrequently. The firm's core business model is centered on usage-based insurance, allowing customers to pay per kilometer driven. This model is distinct in that it does not require the installation of a telematics device; instead, users upload a monthly photo of their car's odometer via a mobile application to calculate the premium. If a customer does not drive during a month, they pay nothing for coverage.

The company offers two main plans: a variable pay-per-kilometer option and a fixed monthly payment plan for more frequent drivers. Rates for the pay-per-kilometer plan start as low as $0.19 MXN for limited coverage. A key feature, called "miiflex," allows customers to seamlessly switch between the variable and fixed-rate plans, providing adaptability to changing driving habits without penalty. This business model aims to promote equitable consumption, where clients pay only for what they use. The policies are underwritten and supported through a partnership with Atlas Insurance, ensuring reliable coverage.

Miituo has secured funding from venture capital firms focused on mobility, including Proeza Ventures and Angel Ventures. The company is utilizing these investments to expand its operations across Latin America and to further develop its Software-as-a-Service (SaaS) and Insurance-as-a-Service verticals. These initiatives allow other insurers and commercial channels to use miituo's technology to offer similar pay-per-kilometer products.