Crossing Borders with Nathan Lustig

Banafsheh Fathieh invests in startups that positively impact their communities in Latin America. As an early-stage venture capitalist looking for opportunities in the Latin American market, Banafsheh is the Head of Investments at Prosus Ventures, the venture arm of Prosus Group, the international Internet assets division of South African multinational Naspers, and one of the largest tech investors globally.

The company has a history of working in emerging markets, where it partners with entrepreneurs with high potential and an ambition to scale globally. Prosus tries to provide tailored support for startups to impact the communities where they operate.

While Banafsheh dreamed of working as a diplomat, she ended up working in finance and investing almost by accident. Now she is passionate about helping Latin American startups scale.

Listen to this episode to hear about Prosus Ventures’ investment thesis, and learn why Banafsheh thinks Latin America is any VCs dream market. She also shares advice on how trusting your own gut and research can be more important than cold facts and macro trends.


LatAm: talented entrepreneurs with capital constraints

While analyzing startups globally, Banafsheh realized that Latin America has a mismatch between available capital and the talent pool relative to other parts of the world.

Latin America has gone through several unfavorable cycles that ended up spooking investors, who overcorrected and reduced the amount of capital allocated to both equity and credit. This overcorrection created a value asymmetry, where valuations did not match the quality of the entrepreneurs.

In this episode, Banafsheh Fathieh explains the lack of investment in Latin America and how it bred a generation of creative founders that are blooming recently.

Latin America’s underserved tech-savvy population

Latin America has brilliant founders and a population of technology enthusiasts who love all things digital. As an American of Iranian descent, Banafsheh got to know Latin American culture through her university classmates. She spent time in Brazil and Argentina and found structural issues that founders could help solve. Banafsheh is helping foster Latin Americans’ entrepreneurial spirit and helping them close the access gap in products and services for an underserved market.

Check out this episode of Crossing Borders to learn more about Banafsheh's insights on why, tech is moving in the right direction, despite some macro trends creating headwinds for some Latin American countries.


Prosus Ventures patient investment thesis

Prosus Ventures is focused on helping early-stage entrepreneurs navigate the venture capital world. Prosus Ventures is stage agnostic and they focus on the talent and less on spreadsheets. Prosus’s investments in Latin America are mainly in consumer Internet and fintech companies. Unlike a traditional fund, they can work with a company for decades and be long-term holders, this allows them to support startups through many cycles with no pressure to deploy.

In this episode of Crossing Borders, Banafsheh explains her role in Prosus Ventures and why their structure allows them to provide “patient capital” with no artificial constraints.


Outline of this episode:

[01:25] - About Prosus Ventures
[02:47] - What types of companies does Prosus invest in?
[05:40] - Banafsheh’s background
[07:59] - Diplomatic training’s lessons
[09:17] - First connection to Latin America
[12:15] - Evolution of investment thesis in Latin America.
[15:39] - Receiving investment from a fund vs. from Prosus Ventures
[18:23] - Some of Prosus’ most interesting investments
[23:02] - Being a bullish investor for Latin America
[27:30] - Advice for founders
[29:15] - Banafsheh’s recommendations
[30:30] - Advice to Banafsheh’s younger self
[32:18] - What’s next for Prosus Ventures?


People & resources mentioned:

Banafsheh Fathieh
Prosus Ventures
Nathan Lustig
Georgetown University
Movile
Website
Crossing Borders Episode with Fabricio Bloisi, CEO of Movile
iFood
Website
Crossing Borders episode with Carlos Moyses, CEO of iFood
Klar
Azos
Kovi
99 minutos

Doménica Obando, CEO and co-founder of Talently, is helping build Latin America into the next tech talent hub while offering better jobs to skilled developers and data scientists.

Originally from Peru, Domenica worked in an NGO and the public sector before becoming a full-time entrepreneur. First, she founded Andi, a learning platform, which afterward she decided to pivot into Talently.

Talently is a talent accelerator for tech professionals in Latin America. Software developers and data scientists who feel stuck in their careers apply to Talently to upgrade their skills and land better jobs in return.

Talently diagnoses the skills tech professionals need to improve their careers and also provides courses to develop soft skills such as employability, interview prep, and more. The company has a heavy focus on improving their English fluency, which is a limiting factor that prevents their career growth.

So far, Talently has helped 800 engineers land better jobs at companies such as Paypal, Nubank, and Mercado Libre. And this year, the startup is set to help 4,000-5,000 professionals. According to Doménica, Talently is looking forward to becoming Latin America’s largest talent marketplace.

In this episode, I sat down with Doménica to talk about the experiences that helped her become the entrepreneur she is today. She shares how families in Latin America can improve their economy with education, and her experience pivoting her startup.

Doménica’s path across private, nonprofit, and public sectors

Doménica fell in love with startups while in university but took a different path. She worked at the Ministry of Education and then joined a friend to start an educational-focused NGO. She spent three years leading a team of 50 volunteers, as they taught digital skills to school teachers. Doménica decided to move on after realizing that working in the public sector and in an NGO didn’t fit her fast-paced personality and hunger for impact.
Learn more about why Doménica chose to become an entrepreneur in the Edtech industry in this Crossing Borders episode.


A startup as a vehicle to deliver outsized impact

Andi, an English learning platform, was Doménica’s first startup. However, when she found that most of Andi’s customers were trying to improve their English in order to get international positions and that half of them were software developers, she decided Andi would pivot into Talently, a platform that could take advantage of the tech boom in Latin America. In just 8 hours after launch, Talently received 100 applications.

Listen to this Crossing Borders episode to understand how Doménica’s primary goal was to build a product that created the most impact.

Developing skills in tech professionals to upgrade their reality

Talently’s participants finish the program earning 2X more on average than before. In many cases, they end up multiplying their earnings up to 10x. This increase in their income causes a huge impact on families and communities of Talently’s graduates. Sometimes, they earn more money than all of their family combined. Before, Doménica felt that her lack of English proficiency prevented her from achieving professional success. Once she mastered the English language, she found the drive to advance her career as she had always wanted.

Check out this episode of Crossing Borders and learn why Doménica thinks it is essential to build tools for tech professionals to become confident about their careers, so they can change their lives.
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Outline of this episode:
[01:30] - About Talently .
[01:54] - Talently’s value proposition.
[03:27] - Improving the income of tech professionals.
[05:40] - Latin America as a tech talent hub.
[06:41] - Doménica’s background.
[09:53] - The importance of English proficiency.
[11:37] - Pros and cons of working in the public, private and nonprofit sectors.
[15:00] - Lessons learned from past working experiences.
[16:40] - The path to product-market fit.
[19:14] - Pivoting, from Andi to Talently.
[21:27] - A multi-country startup.
[24:32] - Talently’s impact in Latam.
[26:25] - Advice for her younger self.
[27:10] - Doménica’s book recommendations.
[27:45] - What’s next for Talently?


Resources & people mentioned:

Doménica Obando
Talently
Andi
Daniel Undurraga
Cornershop
StartSchool Perú
Edtech program: Israel’s Agency for International Development Cooperation at MFA
Nathan Lustig
Wayra Accelerator
Book The Great CEO Within by Matt Mochary

Daniel Undurraga never thought he would sell even one Latin American company to a company in the US market, but with the recent US$225M acquisition of Cornershop, a grocery-delivery app he has officially sold two startups to US companies. His first startup, Needish, was the basis for Clan Descuento, a Chilean Groupon clone that was acquired by Groupon in 2010. Clandescuento’s acquistion was before most people in Chile had heard of startups!

Daniel is a lifelong entrepreneur with his share of failed projects, but ever since he and his business partner Oskar Hjertonsson found their niche in Latin American e-commerce, they’ve become an example for the whole ecosystem.

I sat down with Daniel on this episode of Crossing Borders to talk about the Latin American startup ecosystem, living and working across borders, and advice for founders who are launching and scaling in Latin America. We also discuss the backstory behind Cornershop’s decision to not raise capital in Chile and their experience raising money from funds across in Latin America.


See yourself as a global company from the start

Daniel Undurraga knows what it takes to scale a company from a small country like Chile to the rest of Latin America. Cornershop launched in Chile and Mexico simultaneously because the founders realized dominating only the Chilean market wouldn’t create a company with scale. Rather than consolidating in their first market, then expanding, Cornershop took a global approach from the first day by creating processes that were “multi-currency, multi-language, and multi-time zone.”

For startups just starting to consider scaling, Undurraga suggests incorporating outside your home country, such as in the US, UK or Cayman Islands. It can make expanding easier, plus make you act like a global startup from the beginning. Check out the rest of Daniel’s tips for scaling in the Latin American market in this episode of Crossing Borders.


You haven’t sold the company until you sell the company

Having already closed an acquisition from Groupon in 20010, Daniel knew how complicated selling Cornershop could be. The whole process took almost a year and they couldn’t tell anyone about what was happening until they closed the deal.

Find out how Daniel handled the Cornershop acquisition, and why the team continues to operate independently, in the rest of this episode.



Why didn’t Cornershop have any Chilean investment?

Both Cornershop founders took to Twitter after the exit to discuss the role of Latin American funds in supporting Cornershop. In particular, many people speculated why Chilean VCs hadn’t invested; their only Latin American VC investor was Mexican firm ALLVP. To learn more about ALLVP, you can listen to my recent podcast with the fund’s cofounder, Federico Antoni.

Daniel’s explanation for the lack of Chilean investment is one that we discuss frequently at Magma Partners. Between timing, CORFO restrictions and mandate, most Chilean funds would not have been able to get into the deal. However, Cornershop’s and Clan Descuento’s first angel investors were the founders’ Chilean friends and family. Learn more about how Cornershop’s founders have handled this debate since the acquisition in this episode of Crossing Borders.



Show Notes:

[1:21] – Nathan introduces Daniel Undurraga
[2:02] – Inside the acquisition process
[5:07] – How has living in different places influenced your life?
[6:06] – What do you see in the Chilean ecosystem now?
[9:14] – Did you always know you wanted to be an entrepreneur?
[12:00] – What was it like trying to raise money in 2007 in Chile?
[14:12] – The background on Needish
[21:02] – Why did you decide to go to San Francisco?
[24:58] – VCs in LatAm or US?
[26:22] – What was your experience with Chilean funds?
[28:00] – Advice for founders on raising money
[29:50] – How can copycat companies be successful in LatAm?
[31:00] – Why launch in two countries at once?
[32:40] – Stay in one country or target the region?
[34:15] – When did you know the company would succeed?
[36:00] – If you could make one change to the LatAm ecosystem, what would it be?
[38:10] – What’s next for you and Cornershop?
[39:15] – Daniels advice to his younger self


Resources:

Clan Descuento
Needish
Cornershop
ALLVP
My podcast with Federico Antoni
Why Magma Loves Corfo
Latin America’s Groupon Mafia

Luis Rubén Chávez, co-founder and CEO of Zenfi, is changing the way people in Mexico think about financial health. Zenfi is a complete digital finance platform focused on lending that strives for the financial health of its customers. With more than 2.5 million users, the platform provides customers with tools to build a consistent long-term financial plan.

Zenfi offers an app that reviews clients’ credit bureaus for free. They provide personalized diagnostics, tips to improve the customer’s profile, and identity theft alerts. Also, Zenfi helps those who need a personal loan, debt consolidation, or car insurance by reviewing their information and recommending products according to their needs.

Before starting Zenfi, Luis Rubén worked in finance for eight years. He witnessed first-hand its inefficiencies, high concentration, and sometimes abusive practices that don’t help the user in the longer term. Banks offer 60+ products and services but execute poorly a large percentage of them, and fintechs are filling this gap in the market. With the new fintechs that are emerging, Luis Rubén thinks Mexico will have in 5 years a completely different financial system.

Listen to this episode to hear how Luis Rubén is raising awareness about the inefficient lending system in Mexico, what Zenfi is doing to provide a healthier alternative for people, and how the company is expanding its services by offering a marketplace of financial products.


Diversifying the financial system in Mexico

Banks own the credit bureau in Mexico, which reports only negative credit ratings of individuals. The five largest banks in Mexico hold 80-85% of the country’s consumer portfolio, and this high concentration means there is little to no competition. Many financial institutions have conflicts of interest and few incentives to build better data and technological products and services.

Mexicans perceive credit scores as a black box, filled with misconceptions that lead them to make adverse choices. Luis Rubén was part of the problem working within the financial system, but in this episode of Crossing Borders, he explains how he is now part of the solution.


Demystifying credit scores for Mexico’s population

Zenfi’s most attractive product is its free credit score check. The company analyzes the customer’s information and provides them with a complete and user-friendly diagnosis. Also, it gives useful and detailed information such as the impact that each variable has on the score, and parameters to understand your strengths and weaknesses to see what you have to improve. The company has nailed a feature that millions of Mexicans need in an inefficient system that has few incentives to help them maintain a good credit score.

Listen to this Crossing Borders episode to learn how Zenfi will continue to attract millions of users to its platform.


A marketplace for financial products

Users needed a bigger picture for making a long-term personal finance plan, so Zenfi started offering a marketplace where fintechs sell, for example, their mortgage, insurance, and credit card products. Zenfi’s marketplace shows the best financial products that their users can have access to. Zenfi’s lending criteria sometimes cannot give users a loan, so the company refers them to another fintech where they might have a product that serves them.

Check out this episode of Crossing Borders to understand how Zenfi is taking a hybrid approach by offering its products and a marketplace with the best fintechs in Mexico.

Outline of this episode:

[01:09] - About Zenfi
[02:10] - Zenfi’s credit scores
[03:22] - Misconceptions and inefficiencies of the credit scoring system
[05:20] - Zenfi in numbers
[08:47] - Luis Rubén’s background
[11:10] - Why is the traditional financial system stalled?
[15:30] - Zenfi’s fintech marketplace
[19:31] - The fintech ecosystem in Mexico in the last 5 years
[25:10] - Reading recommendations
[28:01] - Advice for a younger Luis Rubén
[31:45] - The future of Zenfi

Resources & People mentioned:
Luis Rubén Chávez
Nathan Lustig
Zenfi
Book The Everything Store: Jeff Bezos and the Age of Amazon
Blog by Paul Graham

Originally from the US, Sophia Wood is a political scientist turned tech entrepreneur, ghost writer, VC, and now leads a tourism company dedicated to boosting conservation in emerging markets as CEO of Friends of Wallacea.

Sophia’s journey from the US to Africa to Latin America shows what a determined, smart, principled person can do across multiple industries very quickly.

Listen to this episode to hear how Sophia decided to start a company in Latin America, how she broke into VC, what she learned while working with Magma and how she uses it today to lead a high impact conservation company.



Sophia’s leap into Latin America’s startup ecosystem

While Sophia was in university, she decided to spend a year studying abroad in Santiago, Chile, which is where her Latin American journey began. After a failed attempt to create and sustain a startup as 21 years old, and working with Operation Wallacea in Fiji and Ecuador, she took a job at Magma Partners as a part time content writer.

What started as a short term project turned into cofounding Latamlist.com, joining the Magma investment team and making investment decisions and helping early stage Latin American startups. m. As a writer, she learned why content and writing is important for starutps, how to communicate the “why” of a tech startup and more.

Check out this episode of Crossing Borders to learn about how Sophia became more comfortable taking risks after starting a startup and during her time at Magma


Why creating accessible and useful content is key for a startup’s growth

Sophia believes that its critical for startups to create content to help them expand and get their message across. After writing for me, Magma, Latamlist and other startups, Sophia shares her recommendations for successful writing. Articles about tech startups tend to be overly technical and sometimes wordy, and Sophia recommends taking a different approach. Instead, startups should communicate directly and share only the important, interesting parts of the story. Startups should ask themselves: why might people come to my website? What problem is my startup trying to solve? What can I teach people who read my articles? What do they care about?

Founders should consistently publish content because it is key when creating organic thought leadership in an area, and writers can work alongside a startup’s CEO or other experts to push content forward.

Listen to this episode of Crossing Borders to understand why Sophia believes good content can help make customers trust you.


Indigenous communities at the forefront of conservation


After working with Magma, Sophia decided she needed to make an even bigger impact by working in conservation. Indigenous communities are protecting up to 80% of the world’s remaining biodiversity, but are rarely provided with the resources they need to do so. The companies and organizations that do have resources sometimes apply conservation practices that do more harm than good. Sophia gives as an example the efforts of reforestation, where in many cases it is done with non-native species that do nothing to benefit the land.

With a focus on providing resources to communities that know best how to conserve their own land, Friends of Wallacea boosts local incomes by offering novel wildlife tours.

Learn more about how Friends of Wallacea partners with local communities for conservation that has a long-term impact.


Outline of this episode:

[02:21] - Sophia’s work at Friends of Wallacea.
[03:23] - Responsible conservation of wildlife.
[06:40] - Sophia’s background.
[10:15] - Lessons learned on creating a startup at 21
[11:52] - Journey with Magma Partners.
[16:18] - Sophia’s writing process.
[20:41] - The importance of good content.
[25:25] - Accessible communication about the startup world
[26:27] - Creating organic thought leadership.
[32:49] - Top lessons learned with Magma Partners and Latamlist


Resources & people mentioned:
Sophia Wood
Nathan Lustig
Magma Partners
Friends of Wallacea

From a young age, Daniel knew he wanted to create something new, but he didn’t know exactly what it would be. His curiosity and drive led him to always have several side businesses, even as a teen when he started a (painful!) business raising bees and honey. Daniel pushed himself to try new projects, which helped him deal with adversity when starting Local Adventures, a travel startup that not only survived, but grew during the pandemic.

7 out of 10 Latin Americans don’t travel internationally. Daniel saw this reality and he wanted to fix it. With LocalAdventures he opened up the international travel market for Latin Americans by improving the booking experience and financing instruments available.

LocalAdventures is a startup that connects travelers with local elite adventure athletes to provide once-in-a-lifetime experiences around the world. It was not that people in Latin America did not care about going on adventures in other parts of the world, it was that they weren’t able to. LocalAdventures is looking to help people to travel for the first time outside of Latin America.

In this episode, I sat down with Daniel to go through the LocalAdventures story. We discussed Daniel’s rise from couchsurfing in Dallas when creating LocalAdventures , to building a company that against all odds grew 80% during the pandemic. Daniel also shared how the challenges that he and the co-founders faced at the beginning taught them to get used to working with scarce resources, and we also discussed how LocalAdventures was able to grow by focusing on what clients really needed: flexibility.

From couchsurfing in Dallas to a profitable business

When Daniel left his corporate job to create LocalAdventures, he decided to participate in an accelerator in Dallas, Texas. Daniel and his co-founders decided to invest 100% of the stipend for living expenses into the business, which led them to couchsurf in a living room, and eating many meals at networking events that had free food. They survived each month with a budget of a couple thousand dollars. This story reminded me of the interview I did with Frete’s founder Federico Vega back in 2017, where he told his story of getting his startup off the ground.



Find out more about the origins of LocalAdventures in this episode of Crossing Borders.


Finding opportunity where others see disaster


When LocalAdventures was finally taking off, growing 3X per year, and then Covid hit. LocalAdventures’ biggest problem, after getting over the initial shock, was trying to figure out how long the pandemic would last, while managing cash.

While other travel companies shut down or laid off staff, Daniel and his co-founders decided to keep on doing business normally. Instead of cutting back on expenses, they talked with consumers and listened to their feedback. LocalAdventures found out that there was still a small percentage of people who were eager to book trips with the risk of having it canceled, if they could in turn get a better price for it.

By offering flexible packages and financial instruments to help people book trips with zero or little money down, Local was able to grow during the pandemic.

Listen to this episode of Crossing Borders to learn more about how LocalAdventures thrived in the most adverse conditions.


Providing Latin Americans with affordable trips around the world

Travelers in LatAm struggle when booking a trip, and so they end up exploring their own countries. LocalAdventures provides a more accessible experience, allowing the traveler to book a trip abroad with as low as 10% of the cost, and pay it in several months, even with no credit card and with a flexibility to change dates.

In this episode of Crossing Borders, Daniel talks more about what makes LocalAdventures’ product so unique and compelling to the Latin American market.


Outline of the episode:

[01:24] - About LocalAdventures
[02:01] - What is the unique solution that LocalAdventures offers?
[04:25] - Daniel’s background
[06:25] - Starting LocalAdventures
[08:39] - Couchsurfing in Dallas
[11:36] - LocalAdventures’ transition through the pandemic
[14:36] - How LocalAdventures grew during the pandemic
[16:07] - Products that LocalAdventures offers to travelers
[18:25] - Building a sales-focused organization
[20:40] - Advice for entrepreneurs who are just getting started
[22:26] - Daniel’s book recommendations
[23:26] - Advice to Daniel’s younger self
[25:05] - The future of LocalAdventures

Resources & people mentioned:

Daniel Peña
Nathan Lustig
LocalAdventures
Federico Vega
Books:
Why Startups Fail
The Hard Thing About Hard Things
Hatching Twitter

​​For this week’s episode of Crossing Borders, we’re revisiting one of our greatest hits episodes featuring Ben & Frank’s co-founder Mariana Castillo.

Mariana Castillo believes that the eyewear shopping experience in Mexico is broken. It’s generally reduced to an impersonal exchange that only considers the basic optical measurements, rather than catering the product to the customer’s style and personality.
Mariana is the co-founder and co-CEO of Ben & Frank, a direct-to-consumer eyewear brand that seeks to transform the way Mexicans buy eyewear by providing fashionable and affordable options.
I sat down with Mariana to talk about why an internship at ALLVP played a key role in her decision to become an entrepreneur, the lessons she learned from working at Mexico’s Central Bank, and the insights she’s gained about the direct-to-consumer category in Latam; from building a brand to fundraising. And lastly, Mariana shares advice on how to remove biases in the ecosystem to empower female founders.
A career-defining moment at ALLVP
Before discovering her entrepreneurial journey, Mariana immersed herself in the investment world. She learned about venture capital and realized that she wanted to get involved with early-stage investment and started an internship at ALLVP, a VC firm based in Mexico City, for three months. Fascinated by the ability of some of the startups she worked with to execute ideas quickly, Mariana decided she wanted to pursue a career that would involve entrepreneurship in any way.
Listen to this episode of Crossing Borders to learn more about Mariana’s lessons learned from her early days at Mexico’s Central Bank to her time at ALLVP.



Redefining what it means to be a “four-eyes”
Through Ben & Frank, Mariana has built a strong eyewear brand. She explains that consistency is key to building a successful brand in Mexico. That means that everything related to the brand reflects the same values, mission, and vision. From the unboxing experience to how a company reacts when they’ve made a mistake are all part of what makes a brand. At Ben & Frank, Mariana explains that they are very intentional about the language they use. For example, they’ve chosen to reclaim what it means to be a “four-eyes”.
Learn more about building a successful brand in this episode of Crossing Borders.
The untapped potential of direct-to-consumer companies in Latam
Mariana explains that direct-to-consumer brands caught on quickly in Mexico. Customer centricity is what traditional retailers in Mexico lack, and what direct-to-consumer brands excel at providing. As consumer habits change from generation to generation, companies will need to adapt to the demands of customers that are more conscious about the value for money and what a brand stands for.
Check out this episode of Crossing Borders to learn more about the opportunities and the barriers that exist in the retail industry in Mexico.
Mariana Castillo is transforming the meaning of “four eyes” in Mexico to be synonymous with cool and fashionable with Ben & Frank. The startup is breaking the barriers of the traditional retail industry and unleashing the potential of direct-to-consumer brands for the digital age.




Outline of this episode:
[1:37] – About Ben & Frank
[2:06] – Traditional retail experience for eyewear in Mexico
[3:23] – Mexican roots, nomadic upbringing
[5:05] – Entrepreneurial journey
[6:00] – Internship at ALLVP
[6:55] – Lessons learned at the Central Bank and ALLVP
[7:55] – Why tackle this specific problem?
[9:04] – Ben & Frank’s inflection point
[11:48] – Building a brand in Mexico
[13:15] – Insights into Latam’s direct-to-consumer category
[14:20] – Competing with traditional retailers
[17:25] – Expanding Mexican direct-to-consumer brands
[18:15] – Advice to Mariana’s younger self
[18:41] – Fundraising for a direct-to-consumer startup
[23:18] – Being a female founder in Latam
[26:35] – Avoiding biases in the VC ecosystem
[29:07] – What’s next for Mariana and Ben & Frank?
Resources & people mentioned:
Mariana Castillo
Ben & Frank
ALLVP
Federico Antoni
Fernando Lelo de Larrea
YCombinator

I sat down with Santiago to talk about his experience as an entrepreneur, while Santiago shared the story of Ontop and their meteoric growth in their first fifteen months (actively operating in over 190 countries, transacting over $2M per month).

In this episode, I sat down with Maricel to talk about Compound Food’s mission in tackling climate change, her career in science without being a scientist, her journey of building a company at the start of the pandemic and the future of the coffee industry.

In this episode, I sat down with Juanma to discuss how Guros is making inroads into the insurance industry and gaining market share with a digital model that is democratizing access to insurance and bringing new opportunities to innovate, improve customer experience, and ultimately, driving growth.