The company is faced with an interesting opportunity in Brazil, where the insurance industry lags behind other markets like the U.K. and the U.S. The sector is highly fragmented, and consumers aren’t yet accustomed to buying online.
Marcello Ursini, Managing Director of BemMaisSeguro.com, spoke with us about the details of the company’s landing and why the solution is especially relevant in Brazil.
Emily Stewart: This has had success in the U.S. and Europe. Why make the decision to go to Brazil?
Marcello Ursini: This decision was made based on the economic and social history of Brazil. The country now sees a great growth in consumption. Data shows that smartphones will account for 51.4 million new devices in the next year, while tablets are expected to have a sale volume of 10.8 million.
Brazilians are more concerned about protecting their assets and lifestyle. Based on this scenario, we developed products to meet consumers’ expectations. Brazil is ready for our products.
ES: How have you had to localize your offer for the Brazilian market? What’s changed?
MU: We’ve decided to initially focus on categories not explored by the insurance sector, knowing that such categories are essential to the majority of Brazilians. Nowadays, the insurance companies tend to prioritize autos, but there are many other essential categories related to people lives. Consumers are looking for these products, since protecting things they like most have a direct impact on their wellness.
ES: How are Brazilians using the service differently than in the U.S. and U.K.? What products are they most interested in?
MU: Brazilian consumers are buying and doing things they couldn’t before, so our goal is to help them protect their new lifestyle.
Brazilians, just like Americans and the British, are interested in technology, such as smartphones and electronics. For the pet sector, according to Abint (Brazilian Industry of Pet Products Association), the market will generate over R$15.4 billion (about US$6.8 billion) in turnover this year, which shows us a great potential. Brazilians are consuming more and also traveling more, and in the first half of 2013, we had one of the largest numbers of tourists traveling abroad. We have mapped those needs, and we created products to make them feel safe to enjoy their achievements.
ES: Do you have any special plans for the World Cup?
MU: We will have tactical plans for our consumers, investing in campaigns, brand and promotions. Nevertheless, for the time being our focus is on the company launch.
ES: What makes the solution relevant in Brazil?
MU: Brazilians are, for example, two times more likely to have their smartphones snatched or stolen on the street than in any other country. A survey by company F-Secure showed that 25% of Brazilians said they had their device stolen in the last 12 months, while the world average is 11%. We want people to feel free to use and enjoy their achievements, without being concerned about losing their phone or accidentally breaking it. This is also valid for all the categories that we cover. We protect so they can enjoy.
ES: Are there plans to expand in Latin America?
MU: Yes, there are. Protect Your Bubble, our global company, keeps studying possibilities of expanding to Latin America.