Momento is a full-stack auto insurer focused on serving the underserved vehicle owners in Latin America, with an initial emphasis on the Mexican market. The company is working through regulatory processes to become a fully licensed insurance carrier, which will allow them to underwrite risk, set pricing, and directly own their insurance products.
Once approved, Momento aims to tap into the substantial market of over 30 million uninsured vehicles in Mexico—an estimated $13 billion opportunity. Their goal is to address key pain points in the region's auto insurance sector, such as outdated underwriting models and payment terms that primarily cater to affluent customers.
The company leverages technology—including fintech and machine learning—to modernize how auto insurance is priced, sold, and managed for consumers who have traditionally been overlooked by incumbents. Momento's leadership team brings together experience from top consulting firms and established insurance players in Mexico, positioning them to navigate regulatory challenges and deliver innovative insurance solutions.
What technology enables Momento's approach?
Momento utilizes advances in fintech and machine learning to transform the underwriting and distribution processes for auto insurance. By becoming a fully licensed carrier, they can:
- Build and deploy proprietary risk models tailored for the local market
- Set flexible pricing structures adapted to a wider range of customer needs
- Offer payment terms and product features suited for underbanked or lower-income segments
This technology-driven model allows Momento to deliver insurance products that are both accessible and cost-effective compared to traditional options.
Who are Momento's customers?
Momento primarily targets the more than 30 million uninsured vehicle owners in Mexico, a segment often overlooked by legacy insurers due to outdated risk models or rigid payment requirements. Their offering is designed for:
- Individuals and families with limited insurance access
- Customers seeking affordable, flexible auto coverage
- Users in Mexico City and broader Latin America, especially those underserved by traditional insurance carriers
Who are Momento's competitors?
Momento operates in the Mexican and broader Latin American auto insurance space, facing competition from both local and international providers. Notable competitors and alternative providers include:
- Baja Bound: Offers Mexican auto insurance online for various vehicle types
- AAA Travel: Provides online Mexican insurance for vehicles and recreational vehicles
- GEICO: Partners to offer Mexico car insurance quotes for travelers
- Progressive: Sells insurance for trips to Mexico, covering multiple vehicle types
- Sanborns: Local provider with tailored Mexican auto insurance plans
- Allstate: Offers tourist auto insurance for US/Canadian drivers in Mexico
- Freeway Insurance: Online provider with flexible plan durations and pricing
- Clements: International insurance with daily and annual coverage options
- Mexican Auto Insurance Lewis and Lewis: Offers a range of insurance types and coverage durations
- Mexpro: Full coverage Mexican auto policies including liability and theft
Most of these competitors distribute insurance policies as agents or partners with established carriers, while Momento's approach of becoming a fully licensed carrier enables them to own product development, pricing, and risk management end-to-end.
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