Meet the insurtech: Tint
Matheus Riolfi and Jerome Selles met while working at Turo, a car-sharing marketplace, where they both did work on the global expansion of its insurance program. During that time, the two saw an opportunity to start their own insurtech, Tint.
Tint provides companies, including insurtechs, an embedded insurance option for platforms including APIs, as well as back-end support. Embedded insurance is typically bundled into the purchase of a product or service. It doesn’t require a separate interaction with an insurer but integrates the insurance coverage into the transaction.
“We looked at the market and saw companies going on the same journey to launch embedded insurance,” says Riolfi. “We believe embedded insurance is the biggest transformation in insurance since it was created.”
Tint announced a $25 million, Series A funding round led by QED Investors, Feb. 1. Participants in the round included Nyca, Deciens, Y Combinator and Webb Investment Network. The company also raised $3.75 million in a seed round in March last year.
Tint currently works with such companies as Outdoorsy, Deel, Neighbor, Riders Share and Citizen Shipper, amongst others.
“We believe that embedded is here to stay,” says Riolfi. “It changes everything. We don’t need the full value chain. We can get the same products to customers in a streamlined way. If you fast-forward 10 years, we believe a lot of insurance use cases will be embedded.”
Riolfi expects more insurance coverage to be hidden from customers like how an Airbnb rental or a ridesharing trip has an insurance product attached but doesn’t inform the customer of that insurance.
“You get insurance but you don’t think about it,” says Riolfi. “We expect to be the operating system and the infrastructure that is powering the new insurance world. … I believe Amazon and Apple have taught us that it is all about the user experience. Customers will demand a better experience and companies will follow.”
Tint currently employs 20 people and expects to hire an additional 80 employees before the end of the year.
Tint anticipates change within the industry but expects many traditional insurers to navigate it.
“Carriers shouldn’t be afraid that change is coming, think hard about how to operate and thrive in this new world,” says Riolfi. “Most carriers have been through changes and most have thrived so I expect the same will happen with embedded.”
