Global insurer Chubb has entered into a 15-year distribution agreement with the largest bank based in Chile, Banco de Chile. The new agreement sees Chubb utilise multiple Banco de Chile distribution channels for its life and general insurance solutions.
Banco de Chile’s distribution avenues include in-branch, automated teller machines, direct marketing and numerous digital channels such as mobile. Chile’s largest bank is to distribute Chubb’s insurance products through its wholly owned captive broker, which has a track record of insurance sales via bank distribution channels.
The bank has more than 2 million customers across the country and almost 400 branches, focused on business lines such as consumer and commercial banking, insurance and stock brokerage, asset management, and also financial advisory.
Under the agreement, Chubb is set to have exclusive rights to offer insurance solutions currently distributed by Banco de Chile, which includes credit life, home and fire, theft/personal protection, personal accident, supplemental health, travel, and a variety of commercial solutions. It’s also expected that Chubb will roll out more products in the future.
Chairman and Chief Executive Officer (CEO) of Chubb, Evan Greenberg, commented: “For Chubb, our long-term agreement with Banco de Chile is a significant opportunity to partner with Chile’s leading financial institution and provide our extensive product and service capabilities to meet the needs of their clients.
“This partnership will meaningfully increase Chubb’s already significant presence in Chile and in the important region of Latin America. Similar to other strategic relationships, our partnership with Banco de Chile significantly extends our distribution in Chile, enabling us to reach and serve millions of new customers, including in digitally advanced ways.”
Eduardo Ebensperger, CEO of Banco de Chile, added: “Banco de Chile is well known for putting the customer at the center of its decisions and this agreement is, unquestionably, aligned with this view. We believe through this partnership with Chubb, we will be able to provide our customers with world-class insurance products that meet their increasingly sophisticated coverage needs, including individuals and corporations.
“Banco de Chile is proud of becoming a partner of a first-class company such as Chubb and we know that our clients will benefit from Chubb’s expertise, innovation capabilities, strong attention to detail and its service quality standards, all of which are crucial in the insurance business.”
