{"id":45882,"date":"2023-08-08T09:41:27","date_gmt":"2023-08-08T13:41:27","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/latams-mercadolibre-reaches-5-million-clients-in-insurance-business\/"},"modified":"2023-08-08T09:41:29","modified_gmt":"2023-08-08T13:41:29","slug":"latams-mercadolibre-reaches-5-million-clients-in-insurance-business","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=45882","title":{"rendered":"LatAm’s MercadoLibre reaches 5 million clients in insurance business"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Employees work at headquarters MercadoLibre (Online marketplace company) in Sao Paulo, Brazil, July 10, 2017. REUTERS\/Nacho Doce\/File Photo<\/span>
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By Carolina Pulice<\/p>\n

MEXICO CITY (Reuters) -Latin American e-commerce company MercadoLibre <\/span><\/span> (NASDAQ:) has reached five million clients in its insurance business, according to a senior executive, marking another step forward in its bid to become the largest financial and e-commerce ecosystem in the region. <\/p>\n

MercadoLibre reached the milestone in less than four years thanks to heavy investments in technology and a focus on users, Carlos Cernadas, head of Insurtech LatAm for the company, told Reuters. <\/p>\n

“Our main clients are low, mid-low income people, because there is where we found the most insurance needs,” Cernadas said, adding that offering insurance via the company’s marketplace and Mercado Pago has enabled improved access. <\/p>\n

All across the region, Latin Americans lack access to insurance products and coverage, Cernadas said. <\/p>\n

According to data from the OECD, Latin American countries rank far lower than peers in North America, Europe and Asia for their gross insurance premiums.<\/p>\n

The Argentine-based company, which operates in 18 countries, has not disclosed how much it invested in the insurance business this year, but said it planned to invest 19 billion reais ($3.90 billion) in logistics, technology and fintech in Brazil and $1.6 billion in Mexico. <\/p>\n

Caroline Sanchez, an analyst at investment consultancy Levante, said the five million mark was the result of an “assertive move” by MercadoLibre that reinforces the company’s primary business offerings. <\/p>\n

“Deep down, each of MercadoLibre’s recent launches are like a subdivision of the company’s core e-commerce and fintech businesses, which the company has bet on and which have been bearing fruits,” Sanchez said.<\/p>\n

The company last Wednesday reported a 113% rise in its second-quarter net income to $261.9 million, amid higher sales volume and an increase in users.<\/p>\n

In the fintech division, MercadoLibre said it added 7.1 million new users across its operations in the last 12 months, bringing its active financial user base to 45.3 million.<\/p>\n

($1 = 4.8733 reais)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Employees work at headquarters MercadoLibre (Online marketplace company) in Sao Paulo, Brazil, July 10, 2017. REUTERS\/Nacho Doce\/File Photo By Carolina Pulice MEXICO CITY (Reuters) -Latin American e-commerce company MercadoLibre (NASDAQ:) has reached five million clients in its insurance business, according to a senior executive, marking another step forward in its bid […]<\/p>\n","protected":false},"author":1,"featured_media":45883,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-45882","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nLatAm's MercadoLibre reaches 5 million clients in insurance business | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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