Trailblazing LatAm insurtech Hello Zum gets Marsh approval

Thursday, December 20, 2018

Insurance broker Marsh has given the stamp of approval to Peruvian insurtech Hello Zum's policy administration system.

The software-as-a-service platform digitally restructures how information from brokers, carriers and policyholders is collected, shared and analyzed.

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By streamlining and automating various administrative processes, the solution drives down costs and slashes the time it takes for a policy to be issued, giving adopters a competitive edge in an industry that is still paperwork heavy.

A key aim, via the likes of real-time quotation and CRM functions, is changing the role of the distribution channel from one that is administrative and process-focused to one that is client-centric and advisory.

The Marsh contract was signed earlier this week following internal evaluation and analysis by the broker.

"After ten months of testing and assessments in IT architecture, scalability and security, as well as successful integration with three insurance carriers, we proudly announce the signing of an agreement with Marsh Peru to become their insurance policy admin system," said Hello Zum, co-founded by Peruvian insurance veteran Carlos Vidal (pictured), at the time.

The three local carriers, Rimac, Pacífico and Mapfre, have already plugged into the Hello Zum platform.

By getting a locally developed solution authorized by a global player like Marsh, Hello Zum broke new ground within the Latin American insurtech sphere.

"For Peru it is the first time it's been achieved and, as far as I know, it is the first time in the region, too," Vidal told BNamericas. "And what's more it is for a software-as-a-service platform, which they are not used to working with as a company."

The platform - while not licensed exclusively to Marsh - can now be used by the broker in Peru and beyond.

"It's a very important step. We've achieved an objective and can now start to move within the Marsh world," Vidal said, adding that having gone through the authorization process for the first time, obtaining the green light from other brokers should be quicker.

Hello Zum is looking at where to begin its international expansion.

"We're in the middle of determining what will be the next country, both in terms of Marsh and other companies that we're working with, with Marsh being the most advanced," said Vidal, who embarked upon his insurtech journey in 2012, when he left the corporate world and started to plan the solution.

"After doing this for six years, I'm in a good place in terms of what we've achieved and the solid foundations we have in order to start growing quickly," Vidal said.