Betterfly, a Chilean life insurance startup, announced its arrival in Brazil after raising the largest round ever received by an insurtech in Latin America: a $60 million Series B round from DST Global, QED Investors, Valor Capital Group, Endeavor Catalyst and Softbank. In addition to accelerating the start of operations in Brazil in the coming months, the money will also be used for platform improvements and new partnerships.
Founded by Eduardo della Maggiora in 2018, Betterfly has stood out in the life insurance market with a B2B2C product that mixes life insurance and wellness aimed at companies that want to offer life insurance to their employees. Today, more than 400 companies use Betterfly in Chile, with more than 500 thousand insured employees. Companies pay a monthly fee per employee starting at $4.
The insurance policies start at the same value for everyone – $8,000 on average. Through a technology that uses gamification and behavioral science principles, the startup tracks users’ good habits and increases the value of life insurance as users score points. The score considers healthy practices such as exercise and regular sleep. In other words: people with healthier habits receive higher insurance policies than people with less healthy habits.
Betterfly offers telemedicine, mental health support, meditation, nutritionist, financial education and wellness services. Each of these activities generates some score. The platform also has integration with other health apps to transfer information, also converted into points.
Della Maggiora explains that Betterfly’s goal is to democratize access to physical, mental and financial well-being. “Our goal is to bring 70% of the population into our ecosystem. With our unique, integrated insurance platform, which offers more affordable and personalized life insurance, we are positioning ourselves for that,” he said.