Simplifying insurance, collaborating with mature players and much more with...
Renato Ferreira & Marcos Watanabe
[FH]: How did SutHub start and what motivated you to start the company?
[RF & MW]: SUTHUB was born from a personal experience in 2016. During my vacation in France, I was injured in a ski resort and I realized how much it is necessary to have insurance for accidents like this. I learned later that ski accident insurance existed, but in addition to not being offered to guests, hiring was extremely bureaucratic and slow. Back in Brazil, after completing the sale of my technology company to a French conglomerate, I decided to invest in the digital insurance market. I discovered that the problem I faced was very common for all types of insurance and that offering them in digital journeys was practically non-existent, or else too complex. I decided to face this challenge, also adding my experience acquired in insurance in projects that I carried out in Portugal in the early 2000s and founded SUTHUB in 2017. data science that enriches the predictive offering on our platform.
[FH]: What are the next steps for Suthub?
[RF & MW]: SUTHUB intends to position itself as an international platform and offer our technology to the world. We started our internationalization process 2 years ago with a delivery center in Lisbon (Portugal). Our strategy is that our customers are taking us. We follow the customer. There is the possibility of opening a delivery center in the US and another in Chile or Mexico, due to the projects we are already working on here. SUTHUB's expansion includes other countries such as the Americas and Asia.
[FH]: What advice would you give to someone wanting to start a business?
[RF & MW]: My initial tip is to analyze the market in which you intend to operate and select a specific niche, test the small-scale model (MVP) and only if it works out should you move forward. Another key thing is to have a good team because a strong team is one of the success factors of a startup. Choose to work with good professionals who have knowledge, willingness to work and good team skills. Create a business plan that will be your step-by-step guide to getting started, with it well defined, you can manage time and resources in the best way. In addition to identifying opportunities and possible problems that may occur and thinking about their solutions. After these steps I mentioned, seek financial support. Currently, there are many accelerators, incubators, support networks and other organizations that propose to support the development of new businesses. Foreign funding can also be the starting point to leverage your company and great if you want to expand your startup abroad.
[FH]: How has the company changed since its foundation, in 2017, to meet the demand of a changing market?
[RF & MW]: In 5 years of operation in the Brazilian market, we have created an Ecosystem with 30+ insurance companies, 10+ assistance, 1200+ integrated digital and physical channels (including large banks, fintechs and some of the largest Brazilian retailers), 20+ integrated payment gateways, impacting more than 35 million people connected with potential sales of digital insurance.
In 2021 we won the 3rd position in the “Top 10 Fintechs” ranking, a ranking of the most innovative startups in the “TOP 100 Startups” for the corporate market in the country.
Today SUTHUB has around 80 employees, in addition to being in its best phase, we started our internationalization process 2 years ago with a delivery center in Lisbon (Portugal). SUTHUB's expansion project is to position itself as an international platform and offer our technology to the world. Our strategy is that our customers are taking us. We follow the customer. There is the possibility of opening a delivery center in the US and another in Chile or Mexico, due to the projects we are already working on here. SUTHUB's expansion includes other countries such as the Americas and Asia.
[FH]: You have recently partnered with Carrefour and Zurich. Which steps would you recommend for startups looking to connect with mature players?
[RF & MW]: SUTHUB has a great relationship in the market it operates, so many customers sought our solution and indicated channels. But for those starting out, analyzing your audience and persona is an important step. Define the size of the company that has the potential for the solution your startup proposes and relate to decision-making positions and areas that demand your solution. After connecting with these decision makers, scheduling a presentation of your startup and the value you intend to add to your client's business is a good way to start the process of mapping the need, and finally, making your business proposal.