Insurance Creation By Disruption: Jorge Enrique Gómez Vásquez, CEO, WeSURA

The concept of WeSURA, which launched several months before market debut of U.S. insurance startup Lemonade, is to build private insurance communities derived from social networks.

(Town of Jardín, Antioquia, Colombia. Photo credit: Scabredon.)

Editor’s Note:  Jorge Enrique Gómez Vásquez, CEO, WeSURA, is one of 16 finalists for Insurance Innovation Reporter’s Four Stars Award, which recognizes outstanding insurance IT innovators across four regions of Latin America: Mexico, Central America & Caribbean, Andean, and Southern Cone.

Many entrepreneurs and investors wonder what shape insurance disruption might take; Jorge Enrique Gómez Vásquez didn’t wonder but rather decided, leading the effort to create and launch carrier startup WeSURA (pronounced with an English “We,” the company is owned by Grupo SURA). Based in Medellín, in the Department of Antioquia, the company bills itself as the provider of the first peer-to-peer (P2P) insurance in Latin America. WeSURA launched for business several months before the Sept. 2016 market debut of U.S. insurance startup Lemonade, which also publicized itself as a P2P insurer.

Jorge Enrique Gómez Vásquez, CEO, WeSURA.

Jorge Enrique Gómez Vásquez, CEO, WeSURA.

Building Insurance Communities from Social Networks

The concept of WeSURA is to build private insurance communities derived from social networks. Through participation in these communities, anyone can share risk and invite more participants to the community to spread the risk further—the bigger the community, the greater the benefits, which include extra coverage and the right to approve claims within the community without insurer’s approval.

WeSURA operates on a direct business model, saving commission of up to 20 percent of premiums, or a cost reduction of 7.4 percent which the company can return to customers in the event that no claim is filed.

Connecting with a New Client Segment

Wesura strove to create the conditions for a flow of organic traffic to the WeSURA Platform, and has enjoyed 10,000 visits per month, with a conversion rate of 2.6 percent—a high figure for an InsurTech venture. Between WeSURA’s launch in April 2016 and the end of that year, the company logged sales amounting to US$200,000, more than 16,800 subscribers, and 2380 customers, that have created more than 1400 private communities.

WeSURA seeks to connect with a new segment of clients that traditional Insurance business and channels have failed to reach because their poor value proposition. The company is off to a strong start in Colombia, and has enjoyed significant recognition from industry observers in the U.S. and Europe.

Technology-Driven Product Innovation: Juan Camilo Bueno Delgadillo, La Previsora Seguros (Andean Region)

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For over a decade he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

Leave a Comment

(required)