In a highly regulated sector such as insurance, it has appeared on the scene Aina Marketa digital alternative to traditional insurance mediation for companies. This startup proposes a change in the rules of the game with the aim of improving transparency in contracting and guaranteeing greater control of operations. Behind this project are Juan Duce, CEO & CMO and Amaya Fernández, COO & Sales, both founders. The first, with more than two decades working in the technology and digital marketing sector. The second, with more than 15 years of experience advising large companies in the insurance sector.
Although Aina Market was established in 2023 and launched on the market this year, the project began to be designed in 2018, aware of the lack of transparency in the sector and an outdated user experience. The pandemic hit the insurance sector and changed the market. Thanks to the digital platform they have developed, “any company can enter the data of its insurance project and the priorities it wants. The insurers receive this information all at the same time,” explains Juan Duce. To understand this ‘revolution’ we must keep in mind that in traditional mediation three insurance offers are offered by law “And many times the mediator guides towards the one that earns the most commission,” comments the CEO of AinaMarket.
They highlight the fact that with this platform companies operate anonymously and can set their priorities. “Thanks to the comparative reports they obtain during the process, they make decisions based on data, without interference from other types of biases,” the company clarifies. On the other hand, insurers access the market freely and transparently, without the limitations posed by traditional mediation. «Insurers also receive anonymized competition reports to know in real time how your offer compares to that of your competitors,” he adds. They compete in two rounds to adjust their offer, thanks to the competition reports they receive.
This new model for the insurance sector was already used with other financial products such as mortgages and investments. Juan Duce makes it clear that they are not a digital brokerage or a comparator. They are defined as “a private contracting platform where people can have their safe space to carry out these operations.”
So far, 30 insurance companies have joined this project and the founders are optimistic about the good reception their proposal is having. “I see a vitality that I have not seen in a long time in this sector of searching for alternatives, novelties, they are moving to modernize, to get closer to users,” highlights Juan Duce. Remember that the Spanish insurance market handles a volume of more than 76,000 million euros in premiums.
So far, around thirty insurers have already joined this project.
Aina Market sees business insurance (which has had constant and sustained growth in the last five years) as a niche with significant potential, with the ability to impact 80% of companies with more than five employees in Spain. “Our final audience is all companies, normally those that are not very large, since these usually have their own offers from insurance companies,” says the CEO. But thousands of companies until now have had limited access to those prices and conditions reserved for large contractors. «Aina’s proposal seeks democratize access to the insurance market for these companies, allowing them to operate on equal terms with the large players and reduce the intermediation costs that make their policies more expensive,” the startup emphasizes.
This service is free for the company and it is the insurer that pays a fee to be able to start quoting, in addition to a commission for the insurance contracted. Once established in Spain, they want to make the leap to other countries, although they already operate in Portugal.
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