When it comes to insurance, the Gen Z generation may not be the most obvious target audience. However, fintech company NG.CASH is looking to cater to this demographic with the launch of their new product, developed in partnership with 180 Seguros.
Five months after securing a funding of R$65 million in a round led by monashees, NG.CASH decided to address a demand from their over 3 million users – the majority being between 14 and 17 years old – who were seeking insurance tailored to their needs.
The new product offers coverage for items such as smartphones, backpacks, and transactions via PIX. The company aims to issue over 100,000 policies by the end of this year.
In the pipeline are plans to expand coverage to other items like bicycles, as well as introduce new types of assistance. According to Mario Augusto Sá, CEO of NG.CASH, customers can choose from different plans with maximum indemnity limits that suit their requirements.
„Safety is a fundamental product for everyone and as people grow, it becomes increasingly important in their lives. The sooner one learns how it works, the better it can be utilized. The way we offer it today is a great way to start, with a simple, affordable, and useful product for the day-to-day life of this generation,“ he emphasizes.
Mario explains that the goal was to start with insurance for the Gen Z’s main assets: smartphones and the money available in their checking account.
„Moreover, as they are a demographic often exposed to theft and fraud, we sought to provide adequate protection. With the insurance we are launching, we can offer the security they need, and the best part is: at an extremely affordable cost,“ he adds.
NG.CASH currently offers services such as PIX, prepaid card, digital wallets (GooglePay, Apple Pay, and Samsung Pay), NG.ZAP (financial services directly through WhatsApp), personalized card, piggy bank for saving money, crypto, mobile phone top-up, among others.
In conclusion, NG.CASH’s new insurance product tailored for the Gen Z demographic is a step towards providing accessible and relevant financial services to a younger audience. With a focus on essential items and protection against common risks faced by this generation, the company is aiming to educate and empower young individuals in managing their finances and assets effectively.