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Insurance for the New Possible

In Mexico, structural issues in the financial system have left millions without access to banking, credit, or insurance. Stefan Möller, CEO and Founder of Klar, points to a concentrated banking sector that stifles competition and keeps savings returns at zero. Alejandra Magaña, Director of Revenue Growth at Chubb, stresses that without protection against life’s unanticipated shocks, financial security can vanish overnight. By combining locally tailored financial products, embedded insurance, and supporting financial literacy, financial inclusion and risk coverage can turn from a privilege into a right, fostering lasting stability and economic growth.

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Some of the insights they shared included:

With six banks dominating the Mexican market, there is little competitive pressure for incumbents to offer attractive products to underserved populations. Without new entrants driven by different incentives, financial exclusion persists.
Even among the banked, many Mexicans are unaware of what returns they could earn on deposits. For Klar, improving literacy is not just a service; it is core to the mission of getting people into the formal financial system with clear, tangible benefits.
Financial inclusion without insurance leaves people vulnerable to unexpected life events—job loss, illness, or death. Lack of protection exacerbates economic instability, especially for underserved families.

Deep local roots in Mexico enable better technology development and more efficient decision making. This benefits Mexicans in a way that strictly foreign players eneritng the Mexican market cannot accomplish.
Innovation isn’t just about technology—it’s about improving customer experience, building trust, and delivering clarity. Whether it’s simplifying policy language to be understood in 60 seconds or developing AI-powered financial guidance, the goal is to be present, fast, and relevant in customers’ lives.

Stefan Möller

CEO & Founder
at Klar

Born in Mexico, Stefan Möller is the founder and CEO of Klar, the country’s second-largest digital financial services platform. Since 2019, he has led Klar’s mission to democratize access to fair, simple, and inclusive products, reaching over 2.5M active users. A former investment partner and banking consultant, Stefan built one of the sector’s most efficient models, achieving profitability in 2024. Under his leadership, Klar launched Platinum Card, Klar Empresarial, and is now pursuing a full banking license ahead of an IPO.

Alejandra Magaña

Revenue Growth, Digital Transformation and Distribution Channels Director
at Chubb

Alejandra Magaña is Revenue Growth, Digital Transformation and Distribution Channels Executive Director at Chubb Mexico, driving the company’s transformation through technology, innovation, and omnichannel strategies. With extensive leadership experience at Chubb and AXA, she has built a strong track record in customer-centric growth and digital business models. Her expertise spans Bancassurance, Fintech, retail, airlines, and automotive dealers, where she has designed impactful solutions and forged strategic partnerships that elevate customer experience and business performance.

Insurance for the New Possible

Once a month, find a new episode on Insurance for the New Possible. We gathered insurers, bankers, digital platform builders, Neo banks, airlines, and large investors to discuss the innovation, transformation, and technological evolution that is redefining the massive number of possibilities in the insurance industry.

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