Fintech Pier receives unprecedented authorization from SUSEP to operate under permanent license throughout Brazil

December 20, 2021
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JRS Digital
After a year at Sandbox, the insurance company grew 312% in annualized revenue

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Pier, the first insurtech to become an insurance company in Brazil through the Sandbox of the Superintendency of Private Insurance (SUSEP), is now also the first to receive authorization to leave the experimental environment and operate with a permanent license in 2022. With this permission, the company will become an insurance company in the S3 segment in the grouping of damages and persons throughout the national territory.

The plans to operate permanently were already foreseen since the announcement of the contribution of R$108 million, in August of this year. “The company's accelerated growth made obtaining definitive authorization the natural path, as we operate close to the limits of the amount insured and premiums written under the Sandbox program”, comments Igor Mascarenhas, CEO and Co-Founder of Pier

In addition, in the announcement of its Series B, the company projected an expressive growth in its annualized sales, which already reached R$ 48 million in October 2021, an increase of 312% when compared to the same month of the previous year. Another achievement of the period was the strengthening of the team, which grew to 170 employees, including the arrival of Carla Marchese to assume the position of Chief Marketing Officer (CMO). The executive, former Global Director of Johnson & Johnson, has already accumulated 30 years of professional experience, 16 of which as a director in large multinationals.

For next year, the definitive license, which removes the limitations and expands the insurance company's field of activity, will allow Pier to consolidate itself as a complete platform, and continue to revolutionize the insurance industry with customized products that meet the individual needs of people.

“We are very happy with this achievement and with what we will build going forward. We will continue using artificial intelligence to improve the insurance experience, just as we did with instant reimbursement and Simple Theft coverage for cell phones”, concludes Igor.
Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

Pier, the first insurtech to become an insurance company in Brazil through the Sandbox of the Superintendency of Private Insurance (SUSEP), is now also the first to receive authorization to leave the experimental environment and operate with a permanent license in 2022. With this permission, the company will become an insurance company in the S3 segment in the grouping of damages and persons throughout the national territory.

The plans to operate permanently were already foreseen since the announcement of the contribution of R$108 million, in August of this year. “The company's accelerated growth made obtaining definitive authorization the natural path, as we operate close to the limits of the amount insured and premiums written under the Sandbox program”, comments Igor Mascarenhas, CEO and Co-Founder of Pier

In addition, in the announcement of its Series B, the company projected an expressive growth in its annualized sales, which already reached R$ 48 million in October 2021, an increase of 312% when compared to the same month of the previous year. Another achievement of the period was the strengthening of the team, which grew to 170 employees, including the arrival of Carla Marchese to assume the position of Chief Marketing Officer (CMO). The executive, former Global Director of Johnson & Johnson, has already accumulated 30 years of professional experience, 16 of which as a director in large multinationals.

For next year, the definitive license, which removes the limitations and expands the insurance company's field of activity, will allow Pier to consolidate itself as a complete platform, and continue to revolutionize the insurance industry with customized products that meet the individual needs of people.

“We are very happy with this achievement and with what we will build going forward. We will continue using artificial intelligence to improve the insurance experience, just as we did with instant reimbursement and Simple Theft coverage for cell phones”, concludes Igor.
Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.
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