Pier adopts artificial intelligence (AI) for enhanced user experience, and attracts consumers through its easy-to-process and rapid refunds offering
Latin America-based full-stack insurance provider Pier has secured $14.5m in a Series A financing round, led by monashees, a Brazilian venture capital firm.
Along with monashees, other investors including Canary, Mercado Livre and BTG Pactual also participated in the financing round.
Pier has adopted artificial intelligence (AI) for enhanced user experience, and attracted consumers through its easy-to-process and rapid refunds offering in the market.
The company claimed that it has the world’s most advanced technology for Auto insurance.
Monashees said that its investors considered the investment as a cultural fit and saw a disruptive potential of positive impact for the sector.
Pier co-founder and CEO Igor Mascarenhas said: “With the received funds, we will make major investments to increase the auto market. We want to be in every state of Brazil in the first semester of 2021.
“We offer the best flow to buy auto insurance in the world. There is no one who can approve an auto insurance policy as fast as we do, and in such a simple way.
“Not even insurtechs that are references all over the globe. We have developed an extremely robust technology and added a very refined anti-fraud predictive capability.”
Pier invested in marketing and communication in 2019
Pier intends to raise its business with Series B investors, planned for 2021.
Established in 2018, the company’s founders invested in technology and a qualified team including previous NASA employee, AI specialists and executives from global start-ups.
In 2019, Pier invested in marketing and communication to create a customer base of less than 15,000 customers to cell phone insurance, which can be availed online. The company also began offering auto insurance at the same time.
Pier has paid R$5.6m ($1.05m) in refunds till date, and broke its own record by refunding a mobile phone insurance claim within 38 seconds.
In 2020, MVP was tested in Belo Horizonte, Brazil, and the firm launched auto insurance offering for the state of São Paulo.
Monashees partner Marcelo Lima said: “The insurance market is very large and presents several opportunities for innovation through the use of technology, whether in customer experience, product design, distribution or use of sensors.
“As in other financial segments, this market will accelerate a lot. Pier has an excellent team and is very well positioned to lead this movement, offer great value to customers and become a giant company.”