CUVRO co-founders by Gabriel Casellas and César Campillo introduced animal insurance coverage for cats and dogs. The start-up has actually established 7 items and strategies to launch more in the future.
With the objective of offering the very best digital experience for customers and present brand-new items based upon client requirements, CUVRO, previously called Pop Insured, formally introduced its animal insurance coverage today.
Co-established by Gabriel Casellas and César Campillo, the start-up works as a platform for insurance coverage representatives and brokers. It provides a digital service for offering insurance coverage items online throughout numerous channels. This allows them to accelerate their digital improvement with very little effort and expenses, leading to more effective sales and greater development capacity.
“We work closely with insurance companies to develop new products, digitize existing products and processes,” Casellas said in an interview with News is my Business. “We use our platform to create a quote and purchase process that is easy, simple and safe for the consumer.”
CUVRO has the assistance and business of insurance companies that the marketplace “already knows and trusts,” he said, describing companies such as Zurich-based CHUBB; Puerto Rico’s Antilles Insurance, Tolic and Universal Life; along with Madrid-based Maprfre, and Venezuela-based Multinational Insurance.
The start-up provides customers the chance to acquire personal lines insurance plan “quickly, reliably and effectively,” he said
Casellas said the concept to produce CUVRO, previously called Pop Insured, emerged after the creators, who had actually lived stateside for several years, “saw the type of innovation and technology offered to consumers.”
“Trying to adapt to the reality in Puerto Rico, the insurance industry hasn’t had many changes over the past few years, and we wanted to help boost innovation and the improvement of the industry with a technological solution,” Casellas said.
Campillo explained that CUVRO is a technological platform concentrated on the insurance coverage market, where they establish insurance coverage items together with ingenious circulation channels or sales channels, “meaning that these currently don’t exist, or the existing channel or product hasn’t been able to cover the needs of the market or the client.”
In recent years, the insurance coverage market has actually gone through many modifications, however few have actually been based upon preparation or executing brand-new innovation to enhance procedures, and in turn, the existing items and protections used.
“So, we are focused on developing a platform that, thanks to our technology, we can introduce new products that adapt to the clients’ real needs, and at the same time, it offers the client the coverage they need at the moment they need it,” Campillo included.
Products that satisfy requirements
Casellas explained they presently do not use insurance coverage strategies, however rather produce insurance coverage items that adjust to the existing reality of customers.
“We saw that there wasn’t a pet insurance offering for Puerto Rico’s clientele, so we created a comprehensive plan that covers accidents and illnesses,” Casellas said.
The executive even more explained that in the middle of the pandemic, there was a boost in the variety of family pets in individuals’s houses, “and that had to be addressed.” The animal insurance coverage strategy covers dogs and cats.
Casellas kept in mind that there are more family pets in individuals’s houses today than there are individuals themselves.
“So, we look at these trends, these habits, the way consumers are living their lives, and we try to bring products to the market that relate to that reality,” Casellas explained.
Campillo, on the other hand, said the item is a thorough insurance coverage for family pets that any broker or insurance coverage representative in Puerto Rico can contribute to their item portfolio and deal.
“Right now, the product can be sold directly to the consumer. So regardless if the consumer has an insurance plan or not, it can be sold to an insurance agent, an insurance broker, who can then sell it to their client as a pet insurance,” he said.
The strategy is for insurance coverage representatives and brokers to get more information about the item and see how “we are offering it on our website, so they can also integrate it into their business plan,” he said.
Casellas said the insurance coverage covers health problems, medical diagnosis, injuries and healing. The protection has 3 elements: mishaps, health problems and preventive care.
“The preventive care component has more to do with dental cleaning and sterilization,” Casellas said.
Campillo even more kept in mind that the item and its protection provide to a 90% repayment of “your veterinary expenses.”
“So, a client goes to a veterinarian because their dog suffered a fracture or has symptoms of an illness, and the veterinarian charges $1,000, with our coverage the client only pays $100, after having paid an annual deductible of $250,” Campillo said. “The most important aspect is that since it works through reimbursement, it works with any veterinarian islandwide.”
Campillo and Casellas said that the start-up was at first called Pop Insured, however they altered the name to CUVRO, based upon market patterns.
“For us, as we studied the market, we understood that we needed to find a name more aligned with what we are trying to achieve,” Campillo said. “At completion of the day, what we provide are protections in a virtual or digital way, which is how we got the name CUVRO.
“It is a virtual coverage, but more than anything, we wanted to keep the essence of our offering, continuing with the same focus, but being in the insurance industry, we wanted to let [the industry] know that we are a young enterprise, a different enterprise, and that we always look to meet the clients’ future needs, understanding that the current clients are different clients, modern clients. We are a company that considers itself to be modern. That is why we changed the name to one that has more to do with the service or product that we offer.”
CUVRO has actually developed 3 direct jobs to date and is wanting to include 2 more staff members in the innovation location prior to the year ends.
“We are very focused on being able to improve the offerings that we give brokers and agents, who at the end of the day, are our business partners, and our investment is very focused, very directed toward that aspect,” Casellas said. “On the business side, in what relates to sales and operations, that part is managed mostly by César and I, and any future investment, particularly on the personnel side, will be directed in the technology area in all that we can do to improve that experience and the functionality,” Casellas said.
Product lineup
CUVRO provides 7 items: animal insurance coverage, 2 life insurance coverage items, one travel insurance coverage and 3 items in the cancer and crucial health problems insurance coverage location.
“It should be noted for the benefit of brokers and agents that are interested in our technology and services that we don’t only have innovative products such as the pet insurance product… We are the only company right now [in life insurance] that allows you to obtain a quote and buy the insurance in less than 5 minutes without requiring a doctor’s certification, and with a value of up to $250,000,” Campillo said.
CUVRO intends on releasing more ingenious items in the future, such as car and home insurance coverage.
Maria Miranda is an investigative press reporter and editor with twenty years of experience in Puerto Rico’s English-language papers. In that capability, she has actually dealt with long-lasting jobs and has actually covered breaking news under rigorous due dates. She excels at mining information from public databases and talking to individuals (both public figures and economic sector people). She is likewise a translator, and has actually modified and equated an economy book on Puerto Rico’s financial crisis. She worked as an interpreter for FEMA throughout the recent healing efforts of Hurricane María and made her FEMA badge.
