EPISODE · Apr 12, 2023 · 42 MIN
Pablo Duarte & Hilario Itriago: InsurTech LATAM
from Scouting for Growth · host Sabine VdL
On this episode of the Scouting For Growth podcast, Sabine VdL talks to Pablo Duarte and Hilario Itriago, founders of The LATAM InsurTech, a fast-growing insurance technology accelerator for startups wanting to enter the Latam market via Miami. Both Pablo and Hilario have been leading insurance innovation in LATAM for years. They both come from industry, and you will discover during our discussion that we are all in the fractional world of tech, where we split our time across those projects that matter most to us. For instance, alongside supporting The LATAM InsurTech, Pablo is also the director of client engagement at Bain and Company, and Hilario is also the president at BOXX Insurance, a leading cybersecurity provider. During the podcast, they discuss the InsurTech ecosystem in LATAM, how they support the incumbent, broker, and startup worlds, InsurTech LATAM in numbers, and their InsurTech portfolio and opportunities across the LATAM market. KEY TAKEAWAYS The insurance space, as we know it, has a phenomenal opportunity with the transformation technology brings. There's clearly a before-and-after technology that came into our world. That technology is now in consumers' hands, and we believe that is a massive change. One of the critical things we want to ensure in our markets is that more people get insurance. We're convinced that the more people get insurance coverage, the better their social and economic development will be. InsurTech can bring insurance products closer to everyday individuals who can benefit from insurance coverage, and do so straightforwardly and efficiently. This opportunity must be leveraged by both incumbents and InsurTechs alike – and they both can do so. As collaborative as insurance has been over the centuries, the opportunities of InsurTech are no different. We believe that incumbents and InsurTechs can collaborate across the entire value chain, and that we can promote and influence this more and more, the better everybody's going to be, from industry insiders to consumers. The InsurTech sector in Latin America remains very active. Unlike what we’ve seen in other markets where valuations plummeted, we haven't seen an effect in the LATAM market. There are over 400 InsurTechs in LATAM. The growth rate is about 20% year-on-year, and about 6% of companies die each year (just like any venture ecosystem). Some of the fastest-growing markets are in Colombia and Brazil, with one-third of the market in Brazil. We saw the early days of InsurTechs focusing on personal distribution, that type of disruption, which typically is the sexy aspect of where people want to go. But over the years, we’ve seen more and more companies tackling the commercial space – whether it's small commercial or more traditional, larger-scale commercial. There's a great deal of opportunity in the sustainability space of commercial insurance. We're starting to see more opportunities there and, therefore, more InsurTechs. That's one of the angles that will drive many of the region's economies to see more solutions and innovations in that space, which could also be taken to other markets. BEST MOMENTS ‘I've been on this InsurTech journey since 2016. Back then, InsurTech was just starting in Latin America, so there wasn’t much activity going on, and sometimes we even wondered if we made the right choice to get into InsurTech then!’ ‘Through InsurTech, we see greater customization and personalization of value propositions. That is key because traditionally, insurance has been very structured and hard to tailor to customers' specific needs.’ ‘Argentina is a country that has been known for innovation way before FinTech and InsurTech, it's a very entrepreneurial country, and precisely because of the economic circumstances, they have a robust pipeline of solutions created and grown in Argentina, but want to go elsewhere for growth.’ ‘In terms of smaller markets that punch above their weight, our first InsurTech unicorn comes from Chile. It's a great balance between large pipelines of InsurTechs coming from big markets and smaller quantities but tremendous quality coming from smaller markets.' ABOUT THE GUESTS Find out about our guest using those links. Pablo Duarte: https://www.linkedin.com/in/duartepablo/ Hilario Itriago: https://www.linkedin.com/in/hitriago/ InsurLab LATAM: https://www.latam-insurtech.com/ ABOUT THE HOST Sabine VanderLinden is a corporate strategist turned entrepreneur and the CEO of Alchemy Crew Ventures. She leads venture-client labs that help Fortune 500 companies adopt and scale cutting-edge technologies from global tech ventures. A builder of accelerators, investor, and co-editor of the bestseller The INSURTECH Book, Sabine is known for asking the uncomfortable questions—about AI governance, risk, and trust. On Scouting for Growth, she decodes how real growth happens—where capital, collaboration, and courage meet. If this episode sparked your thinking, follow Sabine VanderLinden on LinkedIn, Twitter, and Instagram for more insights. And if you’re interested in sponsoring the podcast, reach out to the team at [email protected]
What this episode covers
Insurance isn’t being disrupted in Latin America — it’s being quietly, strategically redesigned. And the world is only just starting to notice. In this episode of the Scouting for Growth Podcast, Sabine VanderLinden sits down with Pablo Duarte and Hilario Itriago, co-founders of The LATAM InsurTech, the fast-scaling accelerator helping InsurTech startups enter and expand across Latin America via Miami — one of the most powerful gateways between North and South America. This is not a conversation about hype. It’s a masterclass in how ecosystems really scale. Pablo and Hilario are not career “innovation tourists.” They are operators who live in what they describe as the fractional world of tech — where senior leaders divide their time across the projects that matter most. Alongside building The LATAM InsurTech, Pablo leads client engagement at Bain & Company, while Hilario serves as President at BOXX Insurance, a global cybersecurity insurance leader. That dual perspective — corporate scale meets startup speed — is exactly why their insights matter to incumbents, brokers, and founders alike. Together, we unpack why LATAM has become one of the most resilient and opportunity-rich InsurTech markets globally. While other regions have faced sharp valuation corrections, Latin America continues to grow steadily, with over 400 InsurTechs, ~20% year-on-year growth, and a healthy — not alarming — venture churn rate of around 6% annually. Brazil alone represents nearly a third of the market, with Colombia and Chile emerging as standout innovation hubs punching well above their weight. But the real story isn’t just the numbers. It’s the shift in focus. Early LATAM InsurTechs concentrated on personal lines and digital distribution — the “sexy” end of disruption. Today, the momentum is moving decisively toward commercial insurance, sustainability-driven risk models, and solutions that support SMEs and larger enterprises alike. This evolution is creating exportable innovation — solutions born in LATAM that can scale globally. At the heart of the discussion is a powerful belief: insurance access drives social and economic development. Technology has placed insurance literally into consumers’ hands, enabling personalization, speed, and relevance that legacy models struggled to deliver. And this isn’t an “InsurTech versus incumbents” story. Quite the opposite. Pablo and Hilario make a compelling case that collaboration across the entire insurance value chain — incumbents, brokers, and startups — is the only path to sustainable growth. Insurance has always been collaborative by nature. InsurTech simply accelerates that truth. You’ll also hear why countries like Argentina, despite economic volatility, continue to produce exceptional entrepreneurial talent, and how Chile delivered LATAM’s first InsurTech unicorn by balancing scale, quality, and regulatory pragmatism. This episode is essential listening for: Insurance leaders looking beyond saturated markets Corporate innovators exploring LATAM expansion Founders seeking structured, credible entry into the region Investors searching for resilient, long-term growth plays The takeaway is clear: LATAM InsurTech isn’t a regional story — it’s a global growth blueprint in motion. The only question left is: are you paying attention early enough to lead?
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Pablo Duarte & Hilario Itriago: InsurTech LATAM
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