Existing investors, including Kaszek, Prosus, Maya Capital, and Propel, also participated in the investment, reaffirming their confidence in the company’s growth trajectory.
Founded in April 2021, Azos leverages Artificial Intelligence (AI) to streamline the sale of life insurance, enhance risk assessment, and prevent fraud. With this latest round of funding, the company has now raised more than R$100 million in total investments.
The fresh capital will be used to accelerate growth, invest in new technology and innovation, and expand operations across Brazil, particularly in the Northeast, Central-West, and North regions. While Azos operates nationwide, it maintains a strong presence in 22 cities across 20 states, primarily in the South and Southeast, and has recently launched operations in Campo Grande (MS).
This marks Lightrock’s first investment in Brazil’s insurance sector and the second investment from its latest $300 million fund.
“We are excited to have Lightrock as a shareholder, a fund that not only understands Latin America but also the insurance market and can help accelerate growth in this sector,” said Rafael Cló, CEO and co-founder of Azos.
Lightrock sees significant market potential in Brazil’s life insurance sector, which has a lower penetration rate than Peru, making it a compelling opportunity for social and environmental impact investments.
“Life insurance today is very complex for the customer, and it can take over a week to get a response. What attracted us to Azos was its ability to simplify access to insurance and eliminate bureaucracy,” said Marcos Wilson Pereira, Executive Partner and Head of Lightrock for Latin America.
Azos utilizes AI technology to enable faster policy acquisition, improved risk pricing, and more effective fraud prevention. This has allowed the company to reduce insurance costs by an average of 20% to 25%, depending on the type of policy. Additionally, its fraud prevention measures contribute to a 25% to 30% lower loss ratio compared to industry averages.
Despite its AI-driven approach, Azos remains committed to its broker network, which includes 40 in-house sales managers and 9,000 partner brokers.
“I see AI as a tool to support brokers and distributors on the front line, not as a replacement for people,” Cló emphasized.
Azos operates in partnership with Excelsior, a traditional insurance company that provides the balance sheet and assumes policy risks, while Azos focuses on product sales, pricing, and customer service.
Currently, more than 50% of Azos’ insurance premiums come from life insurance coverage, including disability, critical illness, temporary income loss, and hospitalization benefits. The company also offers additional services such as funeral assistance, with total insured capital reaching R$60 billion.
One of Azos’ key differentiators is its expanded critical illness coverage, which includes mild to moderate cancer treatments, setting it apart from traditional insurers.
Azos was founded by Rafael Cló (former retail analysis leader at Kraft Heinz), Bernardo Ribeiro (former marketing manager at Burger King), and Renato Farias (former head of Latin America at DogHero).
Since its first funding round in 2020, Azos has attracted major investors, including Kaszek, Maya Capital, and Propel, followed by a R$55 million round led by Prosus in 2021. The company later gained the backing of reinsurer Munich Re and has businessman Marcos Buaiz as an advisor.
Azos is now focused on customer growth in Brazil and aims to reach its first net profit by the end of 2026.
“We grew 2.4 times last year,” Cló noted, though financial figures were not disclosed.
With strong investor backing, cutting-edge AI capabilities, and a strategic expansion plan, Azos is positioning itself as a leading force in Brazil’s evolving insurtech landscape.
