IMeureka was founded by Rafael Zurera and me more than 5 years ago. In our experience of about 10 years in large international insurance brokers we saw a great opportunity, and after many months of maturing it, we decided to launch this adventure, which is really worth it. Basically, we saw that in the large brokers we did not have the technological tools to intermediate the corporate insurance business efficiently, nor to exploit the data generated in each of the transactions. Obviously nothing existed in the medium/small brokers either. In Spain alone there are 5,000 insurance brokers, so there was a great opportunity to develop a technology that would help the broker in the negotiation of this type of policy and that would allow the data to be exploited.

In addition to this technological development, we have applied the marketplace concept to business insurance, something very disruptive on a global scale. Our marketplace democratises insurance capacity and technology to the medium/small broker. All the data generated in each transaction is transformed into value thanks to our AI. This is a great business opportunity in a sector with a gigantic market size in Europe and where data is the key piece.

Luxembourg is the second largest financial hub globally and is creating a fintech hub that will be the benchmark in Europe. It is becoming the gateway for any fintech that wants to scale up. In the insurance sector, there is a very interesting regulation at European level, the freedom to provide services. This regulation allows any European insurance company to operate in any member state (by completing the relevant bureaucratic procedures). This is a great opportunity, as any insurance company or MGA could operate in Spain (or any other European country) by accessing our marketplace and find the type of business they are interested in among hundreds of brokers. This is a democratisation of the insurance market that will change the rules of the game, allowing brokers and insurance companies to ‘find each other’ in the cheapest and most efficient way.

It is a completely new place for us, and it is always difficult at the beginning to find the people who can really help you realise your goals. Being a small market has its huge advantages, but also its disadvantages. It is true that our value proposition is quite unique and in fact, in my brief experience in Luxembourg, our model causes a lot of interest from professionals who know the business. I think it is a great opportunity for IMeureka to position itself in this market both from a business point of view and from the angle of access to capital or corporate hub.

The work you do at SFF and the Chamber of Commerce is fundamental for companies like ours. It speeds up the dialogue a lot and you organise many events where you can meet people and detect opportunities. Encouraging cross-border relations between Spain and Luxembourg is a great mutual opportunity that facilitates, for example in our case, internationalisation and networking opportunities. Moreover, in the insurance sector, a lot of risk from Latin America is placed via reinsurance both in Spain and in Europe, and here both the Chamber of Commerce and the SFF can also serve as a link.