Madrid, November 2020. Asistensi, the startup founded to improve the medical coverage of relatives of migrants and transform health insurance, has obtained the support of two large international venture capital funds in its 3 million dollars seed round. It is an insurtech that launched its first product in March 2020.
Asistensi makes it easier for migrants to take care of their loved ones back home by allowing them to acquire a medical emergency insurance with immediate medical attention that is easily purchased 100% online without any medical admission tests.
This seed round will be used to accelerate the international expansion of their value proposition in other Latin-American countries of strategic relevance. The round was co-led by the venture capital funds Alma Mundi Ventures, who manages one of the leading insurtech funds in Europe, based in Madrid, Barcelona, London and Tel Aviv and founded by Javier Santiso; and by Mountain Nazca, one of the leading funds in Latin America, based in Mexico and led by Héctor Sepúlveda, Jaime Zunzunegui and Gaspar de Osma.
Seeking to solve some of the challenges that migrants face when supporting their relatives that remain in their countries of origin, Asistensi offers a product with a better customer experience and a lower cost because they redesigned the traditional service channels and are leveraging new technologies as much as possible. They offer telemedicine through their proprietary platform, make medical visits at home, provide ambulance transfers, deliver medicines and offer insurance coverage for hospitalization through agreements with the best insurers in each country. As a result, migrants can care and support their families who remain in their country of origin, regardless of the distance, by providing them comprehensive emergency medical coverage.
Asistensi was founded by Dr. Andrés Simón González-Silén, Dr. Luis Enrique Velásquez Díaz and by Armando Baquero Ponte. The three of them have more than 16 years of experience as seasoned executives in the Latin-American health care sector and top management positions in global financial, insurance and venture capital institutions.
Dr. Andres Simon Gonzalez-Silén, Executive Chairman and Co-Founder of Asistensi, highlights that “in Asistensi we believe in a world where everyone can have access to health coverage for emergencies regardless of their status or where they live. That is why we took on the purpose of delivering peace of mind to those that need it the most, creating the best insurance for medical emergencies with immediate medical attention and building a digital platform that allows migrants to take care of their loved ones regardless of distances”.
As a result of their proprietary technology and digital operating model the insurtech is able to deliversignificant benefits. For example, the capacity to insure people regardless of their age, the capability to answer request for medical care in less than 20 seconds, the ability to deliver medical emergency care at home in 45 minutes or less, and being able to offer plan with a price that can be up to one third less than what incumbents charge for comparable coverage.
With regards to the reason for investing in Asistensi, Javier Santiso, CEO & General Partner of Mundi Ventures stated “we are very motivated to join this business project. The leadership is first-rate, and it has a vast potential to scale. Furthermore, the problem they aim to solve in Asistensi is one of impact investment: seeking insurance solutions for groups of migrants, that are increasingly broader, who are in need of innovation and coverage of the type that Asistensi is proposing”.
One out of every two Latin-Americans do not have health coverage, as a result nearly one hundred million of them have financial difficulties when facing a health emergency.
For this reason, each year, 13 million households fall below the poverty line when a health emergency becomes a financial emergency. “We believe that solving this challenge is one of the main barriers to reducing poverty, thus we created Asistensi, an insurance that covers medical emergencies in an accessible way, with a minimum of exclusions and that is incredibly easy to acquire for those who are abroad and want to help their families back-home”, says González-Silén.
Learn more: Asistensi
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