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Fintech company Juno to promote innovation in the funeral home market

The biggest revolution in the history of capital markets is coming. A fintech startup from Curitiba is helping create a new way of investing in business worldwide with its funerary projects. Juno is a startup that will complete the solution to issue charges and receive payments. Juno is for everyone: MEIs, e-commerces, marketplaces, companies of any size and also for individuals.

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This picture show a coffin.

According to data from the Union of Cemeteries and Private Crematoria in Brazil (Sincep), the funerary market turnover in Brazil already exceeds $1.5 billion (R$7 billion) per year and has a strong growth trend. With the encouraging numbers, the segment started to gain new services and products that contribute directly to its modernization. That is only possible due to the process of flexibilization of laws and market opportunities not yet explored by traditional funeral companies.

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Fintech as a solution for funeral assistance plans

Until 2016, there were no specific regulations for funeral assistance plans in Brazil. Previously, the Consumer Protection Code acted with a general regulation for the provision of funeral market services, but there was no specific regulation and the segment ended up not having a clear and specific legal definition. It was only with Federal Law No. 13,261 of March 2016 that these rules and inspections for the sale of funeral assistance plans were regulated.

Four years have passed, and thanks to the law intended for the funeral market, it is now possible to effectively define the category. It was previously divided only into bereavement plans, family assistance plans, and several others, without a specific branch. All of this has led to a new competitive factor entering the dispute, in order to attract clients’ attention: innovation. Technological tools have increasingly contributed to the improvement of the segment and its services.

Automative functions to assist in financial management

Thinking about reducing, for example, the time spent on administrative functions, a way to improve customer service and streamline processes, automating the internal demands of companies, the fintech company Juno, which has gained national prominence as a payment intermediary, has just launched solutions focused on the funeral market. “The fintech company from Curitibana wants to facilitate the management of collections from companies. In addition, the client does not need to have a portfolio with the bank to start issuing collections by deposit slip or credit card. He can do all this via Juno,” commented José Antunes, Commercial Supervisor at Juno.  

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Financial management is usually one of the biggest pains for entrepreneurs in any segment. There are still many companies that continue to do all the control by spreadsheets that are not integrated into an automated system. Using Juno’s platform, companies in the funeral market will have full control over all customers who have paid and will be able to view future charges. Companies can also use their online balance to pay bills without any additional fees. “If you use a management system, Juno’s financial module can be integrated into it and facilitate all your centralized financial management in one place,” Antunes detailed.

The main bet of the startup Juno

One of Juno’s main bets is to automate the collection of funeral plans, mainly because these are services contracted for several months or even years. “This type of collection ends up losing control when it is dependent on manual operations. Those who do it via traditional banks know that you have to spend a lot of time with bank approval and shipping and return files,” José explained.

In addition, many people end up becoming defaulters because the company only offers a means of payment that may be difficult for them to access. With Juno, there are the options of collection via a bill, payment card or credit card. The fintech startup also allows the programming of discounts for those who pay in advance and fines for overdue payments.

Automated reminders in the program

“One way to encourage your client to pay on time is to offer a break, because, in addition to your company having the money available in cash as soon as possible, it can greatly improve your financial management. By scheduling collections on the Juno platform, you can offer this discount and even add interest and fines for late payments,” he commented.

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To top it off, Juno automates due date reminders. “Forgetfulness is usually the most common cause of default, especially when dealing with the funeral market, where people who use the service are always worried, but that’s easy to solve. The system triggers automatic reminders of the charges that are generated on the platform, so that people don’t forget the payment,” added José.

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(Featured image by Mayron Oliveira via Unsplash)

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First published in XVCuritiba, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Valerie Harrison is a mom of two who likes reporting about the world of finance. She learned about the value of investing at a young age upon taking over her family's textile business when she was just a teenager. Valerie's passion for writing can be traced back to working with an editorial team at her corporate job, where she spent significant time working on market analysis and stock market predictions. Her portfolio includes real estate funds, government bonds, and equities in emerging markets such as cannabis, artificial intelligence, and cryptocurrencies.