Justos

# High-Level Overview

Justos is a Brazilian insurtech company that uses smartphone telematics and AI to provide fair, transparent auto insurance with rewards for safe driving.[1] Founded in 2020, Justos addresses a critical gap in Latin America's insurance market by leveraging mobile-first technology and behavioral data to eliminate traditional pricing biases, offering safe drivers discounts of up to 30%.[1][2]

The company serves individual drivers seeking affordable, transparent insurance as well as brokers looking to modernize their operations.[2] Justos solves the fundamental problem of insurance accessibility and fairness: traditional insurers rely on opaque pricing models that penalize entire demographic groups, while Justos uses real driving behavior data to create personalized, merit-based pricing.[2] The company has demonstrated strong growth momentum, doubling revenue annually since launch and reducing its loss ratio by an average of six percentage points per year.[1]

# Origin Story

Justos was founded in 2020 by Dhaval Chadha, Jorge Soto Moreno, and Antonio Molins.[1] The company emerged from a vision to revolutionize insurance in Brazil similar to how Nubank transformed banking—by eliminating hidden fees, confusing jargon, and unfair pricing practices.[2]

The founding team recognized that Latin America's digital transformation created an opportunity to reimagine insurance from first principles. By leveraging smartphone sensors to measure driving behavior, Justos could offer cheaper insurance to safe drivers while reducing inherent biases in traditional pricing models.[2] Early traction was significant: the company raised a $35.8M Series A in 2021 backed by prominent venture investors, and by 2025 had secured an additional $16.5M growth round led by Ribbit Capital with participation from Kaszek, Scale Up, and Endeavor Catalyst.[1]

# Core Differentiators

• Smartphone telematics-based pricing: Uses mobile sensors to score driving behavior objectively, replacing demographic-based underwriting with behavioral data.[1][2]

• AI-native broker platform: Expanding an AI stack that automates quoting, policy issuance, claims processing, and roadside assistance—positioning brokers as strategic partners rather than intermediaries.[1]

• Regulatory approval: Secured a full S3 insurer license from SUSEP (Brazil's insurance regulator), enabling direct underwriting rather than operating solely as a managing general agent.[1]

• Customer-centric design: Built with a mobile-first, design-driven approach that prioritizes transparency and ease of use over industry jargon.[2]

• Social mission integration: Commits to capping profits and returning excess revenue to nonprofit organizations, embedding social impact into the business model.[2]

# Role in the Broader Tech Landscape

Justos operates at the intersection of three major trends reshaping Latin America: digital financial inclusion, behavioral economics in risk assessment, and AI-driven automation in legacy industries.

The timing is critical. Brazil's auto insurance market declined only 1% during the pandemic, suggesting latent demand waiting for a better product.[2] Meanwhile, Latin America's broader digital transformation—evidenced by the success of fintech leaders like Nubank—demonstrates consumer appetite for transparent, technology-enabled financial services. Justos capitalizes on this by applying machine learning and computer vision to claims processing, reducing friction and accelerating payouts.[2]

The company also influences the broader insurtech ecosystem by proving that behavioral data can replace demographic proxies in pricing, a model with implications far beyond auto insurance. By rewarding safe driving through discounts, Justos creates positive externalities—safer roads and reduced accident rates—that benefit society while improving unit economics.[2]

# Quick Take & Future Outlook

Justos is positioned to become a top-10 Brazilian auto insurer by combining three competitive advantages: superior loss ratios through behavioral selection, operational efficiency via AI automation, and distribution leverage through broker partnerships.[1] The company's trajectory suggests it will expand beyond auto insurance into adjacent categories (home, life) while deepening its AI capabilities for brokers across Latin America.

The key inflection point ahead is scaling broker adoption of its AI platform. If successful, Justos transforms from a direct-to-consumer insurer into an infrastructure provider for the entire regional insurance ecosystem—a far larger opportunity. As Latin American insurance markets continue digitizing, Justos' combination of fair pricing, technology, and regulatory approval positions it as a model for how legacy industries can be rebuilt for the digital age.