Use public funding to extend runway without dilution, then negotiate from strength with private investors.
Nico Seguros centralizes corporate insurance management through technology, eliminating manual Excel-based processes with automation and ERP integration. The startup leverages strategic partnerships (Defontana, Bupa) and combines non-dilutive public funding (CORFO, Start-Up Chile) with private investment for efficient scaling.
- Nico Seguros founded during pandemic by Daniel Diez, Manuel Rodríguez, and Pablo Conn
- Expanding from Chile to Peru, Colombia, and Mexico with ~20-person team
- 2025 partnership with Defontana and Bupa for embedded insurance in ERP systems
- Funded by CORFO, Start-Up Chile (BIG 10 selection 2025), SDK Ventures, and Manutara
- B2B sales cycles in new markets extend from 3-6 months to 9-12 months
Nico Seguros, a Chilean insurtech startup, is expanding into Peru, Colombia, and Mexico with a B2B SaaS model for corporate insurance management. The expansion validates regional scalability of solutions addressing manual insurance administration across Latin America.
Daniel Diez, Manuel Rodríguez, and Pablo Conn founded Nico Seguros during the pandemic with a straightforward mission: stop companies from managing insurance policies through scattered emails, Excel spreadsheets, and unsigned PDFs. Three years later, their Chilean insurtech startup is now moving across borders. Peru is first. Colombia and Mexico follow. The team, roughly twenty people, is betting that the operational chaos they solved at home exists everywhere in Latin America.
Nico operates as a hybrid—part technology platform, part insurance broker. A company logs in, centralizes all its corporate policies in one place, receives automated renewal alerts, tracks claims, and reconciles payments without leaving the system. The platform integrates directly into existing ERPs and HR software, which means less work for finance teams and fewer spreadsheets to maintain. In 2025, Nico announced a partnership with Defontana and Bupa that lets ERP users access supplemental health insurance directly from their existing system. This kind of embedded integration is what allows a small team to reach many customers without hiring a massive sales force.
The company has raised capital from multiple sources without disclosing exact figures. CORFO and Start-Up Chile provided non-dilutive funding—the latter selected Nico for its BIG 10 program in 2025. SDK Ventures and Manutara participated in later rounds alongside angel investors. The strategy was deliberate: use public innovation programs to extend runway without giving away too much equity early, then bring in private capital when the model was proven. This is a lesson many Latin American founders overlook.
But regional expansion in insurance is not simple. Each country—Peru, Colombia, Mexico—has its own licensing requirements for insurance intermediaries. Nico may need separate legal structures in each market or partnerships with local brokers who already hold licenses. The platform must integrate with different insurance carriers in each country, which means long sales cycles and technical negotiations. Selling to corporate clients means navigating multiple stakeholders: HR departments, finance teams, legal. A deal that might close in three to six months in Chile can stretch to nine or twelve months in an unfamiliar market. Betterfly, another Chilean insurtech that expanded regionally, offers a cautionary tale: it gained presence across multiple countries but had to reshape its strategy when operational complexity mounted. The lesson is stark: unit economics that work in Santiago may not work in Lima or Bogotá without adjustment.
For founders watching Nico's move, three patterns emerge. First, validate that the problem you solved locally actually exists in the same form elsewhere. Rodríguez emphasizes that manual insurance management is a regional plague, not a Chilean quirk. Before opening an office in a new country, talk to fifteen prospects there. If they describe the same pain in the same words, you have signal. If every market demands a different product, wait. Second, prioritize partnerships over building your own sales team from scratch. Nico's integration with Defontana is distribution borrowed from an established player. Find the ERPs, payroll systems, and fintechs already trusted in your target market and propose integrations that make them more valuable to their customers. Third, layer your capital sources. Public programs in Chile, Colombia, and Mexico can extend your runway by twelve to eighteen months without dilution. Then approach private investors from a position of strength.
The insurtech landscape in Latin America is shifting. Embedded insurance—policies woven into existing workflows—is becoming standard. Machine learning is automating document classification, claims management, and fraud detection. Smaller startups with weak runways are consolidating or disappearing. Investors now demand unit economics that recover customer acquisition costs in under eighteen months. And there is growing demand for software that empowers traditional brokers and insurers rather than competing with them directly. For founders in the insurance space, positioning yourself as a technology enabler rather than a broker rival can accelerate adoption and reduce regulatory friction.
Nico's expansion from Chile into Peru, Colombia, and Mexico signals something larger: Latin American founders are thinking beyond their home markets. But international growth is not a trophy. It is a strategic choice that demands validated pain, sufficient capital, and patience for long sales cycles. If your startup solves a repeatable operational problem and you have proven positive unit economics at home, expansion may be the logical next step. Do it through partnerships before physical offices. Combine public and private capital. Build a sustainable business that scales across borders, not just the largest funding round. The Spanish-speaking startup ecosystem needs more cases like Nico: deep B2B products, thoughtful regional expansion, intelligent financing. That is how you build something that lasts.
Citas Notables
The problems of manual insurance management are common across the entire region. Before opening an office in another country, speak with 10-15 prospects in that market.— Manuel Rodríguez, Nico Seguros cofounder
La Conversación del Hearth Otra perspectiva de la historia
Why does a Chilean insurance startup expanding to Peru matter to anyone outside the insurance industry?
Because Nico is solving a problem that repeats across every country in Latin America—companies still manage corporate insurance through email and spreadsheets. If you can prove that pain is universal, you have a blueprint for regional scaling that works for any B2B SaaS founder.
But insurance is heavily regulated. How do they navigate different rules in each country?
That is the hard part. They either need separate legal structures in each market or partnerships with local brokers who already have licenses. It is not a technology problem—it is a regulatory one. That is why their Defontana partnership matters. It is distribution through an existing trusted player.
The article mentions they combine public funding with private investment. Why is that strategy important?
Public innovation programs like CORFO give you runway without dilution. If you can extend your cash eighteen months without giving away equity, you negotiate from strength with private investors. Most founders skip this and go straight to VC, which is a mistake in Latin America.
What happens if unit economics that work in Chile do not work in Peru?
Then you have a problem. You have already spent money opening the market. That is why Betterfly, another Chilean insurtech, had to reshape its strategy—operational complexity in new countries is real. You have to validate before you scale.
Is there a moment when a B2B startup should stop thinking locally and start thinking regionally?
When you have solved a repeatable problem, proven positive unit economics, and validated that the pain exists in the same form in other markets. Not before. Nico waited until they had all three before moving. That patience is what separates sustainable expansion from expensive mistakes.
What is the role of partnerships like the Defontana deal in all this?
It is distribution borrowed from someone else. Instead of hiring a sales team to knock on doors in Peru, you integrate into an ERP that already has customers. Those customers see the insurance option in their existing system. It is faster, cheaper, and less risky than building sales from zero.