MetLife has taken a 20% stake in embedded insurance group Klimber.

Almost 14 million people have insurance via the Argentinian insurtech, according to its CEO Julian Bersano, whose business also received investment from Swiss Re in 2022.

“Our platform is helping transform insurance underwriting and the customer experience, expanding access to protection in underpenetrated markets,” he said.  

“We founded Klimber with the mission of making insurance simple, scalable and accessible through the use of data and artificial intelligence. This milestone further strengthens Klimber’s position in the dynamic digital insurance landscape in the region.” 

The investment comes after MetLife created a Latin American business unit called Xcelerator, which by March had more than 4.5 million customers and $US200 million ($305 million) in premium and other income. 

“Xcelerator is poised to capture value in rapidly emerging markets such as retailers, telecommunications companies and digital marketplaces while deepening its presence in core financial services partnerships,” MetLife said.