Business
XP Inc. Acquires Insurtech DM10 Strengthening Its Presence in the Insurance Sector
SÃO PAULO, Brazil, June 10, 2020 (GLOBE NEWSWIRE) -- XP Inc. (Nasdaq: XP), a leading, technology-driven financial services platform and a trusted provider of
About this update from Xp Inc.
[{"type":"text","content":"SÃO PAULO, Brazil, June 10, 2020 (GLOBE NEWSWIRE) -- XP Inc. (Nasdaq: XP), a leading, technology-driven financial services platform and a trusted provider of low-fee financial products and services in Brazil, announced the acquisition of DM10, a marketplace that connects hundreds of independent distributors with the best Life Insurance and Pension Plan products, adding value through technology and education. With the transaction, XP enhances its distribution network in the insurance segment. One year after its inception, XP Seguros is the fastest growing company in the sector, according to FenaPrevi, and was the leader in net contributions and rollovers in the pension industry in April 2020. XP believes that it can be one of the market leaders in the next years by democratizing access to superior products and leveraging on its distribution expertise.\n Founded in 2007, DM10 maintains a presence across the national territory and has a network of approximately 1,000 active brokers, who will now have access to XP's product platform, commercial support and technology. The company was the first in the industry to offer a fully digital, open architecture platform, with high quality brokers and ongoing development of exclusive and differentiated products along with partner insurers. Roberto Teixeira, head of XP Seguros, expects the sector to change dramatically in the coming years because of the current economic scenario, regulatory changes and innovation: “Retirement planning cannot be built solely on fixed income products with the SELIC interest rate at the lowest level in history. In this new environment, Private Pensions become almost mandatory for any long-term investment portfolio. When we compare the penetration of products here in Brazil to other countries, there is still a huge disparity.” “We want to make the same transformation in the Private Pension market as we did in investments. Looking ahead, we believe that we can continue to grow and gain market share by further democratizing access to superior products and leveraging the company’s distribution reach. In order to achieve that, XP will continue to invest heavily in technology to improve the digital experience of clients and brokers, offering full integration between Insurance products and the investment platform.” For DM10, the transaction will accelerate access to hig...