Since 2018, La Segunda Seguros has partnered with start-ups to address real business needs, successfully piloting and scaling new technologies while embedding innovation into its organisational culture. Initiatives included running an early insurtech hackathon before establishing a more structured open innovation programme. This case study examines the challenges it encountered and the key lessons learned along the way.
Founded in 1933 in the city of Rosario (Argentina), about 300 km from the city of Buenos Aires, La Segunda Seguros initially specialised in property insurance before forming a group of companies focused on work risks, and life and annuity insurance.
Today, La Segunda is one of Argentina’s leading insurers. While maintaining personal relationship with customers remains a fundamental pillar of its strategy, the cooperative insurer has also been a pioneer in technological innovation.
Insurtech hackathon
In 2018, La Segunda launched “Hack2In”, the first Insurtech hackathon in Argentina. The event brought together 20 interdisciplinary teams of young programmers, designers, marketing professionals, and technology enthusiasts to pitch software solutions and business ideas to transform the insurance and agricultural sectors.
The hackathon had two different themes:
- Insurtech – addressing customer demands for innovative, technology-enabled products and services.
- Agtech – technologies aimed at improving efficiency, profitability, sustainability, and resilience in agriculture.
La Segunda sought insurtech start-ups working on new customer experiences, IoT, and new consumption models, as well as agtech solutions focused on data, climate risk, early warnings, and sustainable agriculture.
Over the two-day event, La Segunda engaged with multiple early-stage teams. The winning start-up developed a product that identified repetitive arm movements that could lead to injuries, helping the cooperative focus on prevention. La Segunda supported the team in refining and scaling the product.
After the hackathon, La Segunda continued developing innovation ideas internally, equipping teams with tools and investment although the process was paused during the Covid-19 pandemic.
Open innovation programme
Despite this setback, innovation remained a priority. In 2023, the insurer launched InnLab, an open innovation programme aimed at entrepreneurs to the insurance industry. Eligible start-ups or scale-ups required at least one prototype or Minimum Viable Product (MVP) already launched and needed support to grow.
This time, instead of hosting a hackathon, La Segunda partnered with a consultancy firm to identify start-ups at a more advanced stage and ready for implementation. Products were tested over three months, and those meeting the insurer’s needs were scaled up.
Three pilots were implemented successfully, and the technology continues to be used today.
Key lessons
La Segunda drew several lessons from its open innovation experience:
- Solutions must meet real business needs. Projects succeeded when they addressed existing challenges. Those requiring the insurer to invent problems or adopt irrelevant products were unsuccessful.
- Clear structure drives success. Defining the project from the start, deciding which hypotheses to test, setting objectives, and ensuring the right team was in place were all essential.
- Culture matters. Transforming organisational culture to foster innovation and introducing new ways of working aligned with start-up philosophy was key.
Future plans
Going forward, La Segunda will continue prioritise innovation, but it is not looking at open innovation challenges but focusing more on working with its consultancy partner to identify issues solvable through a combination of internal resources and tailored start-up products. The consultancy will select only those startups whose solutions align with La Segunda’s needs.
As La Segunda continues diversifying offer and launching new products, collaboration with start-ups to deliver innovation will remain a central part of its innovation strategy.
About La Segunda Seguros
La Segunda is a leading cooperative insurance company based in Argentina, founded in 1933 with a commitment to providing comprehensive and community-focused insurance solutions. As a member-owned cooperative, La Segunda offers a wide range of products, including life, property, agricultural, and health insurance, prioritising the needs and well-being of its policyholders. With a strong emphasis on social responsibility and innovation, La Segunda has become a trusted name in the Argentine insurance market, known for its reliability, ethical practices, and dedication to supporting both individuals and communities.
