Global re/insurer Chubb has announced a new digital life offering in Brazil, launched in partnership with digital bank and fintech firm Nubank.
The offering, called Nubank Vida, is underwritten by Chubb and will be made available to Nubank’s 30 million customers across Brazil.
Basic coverage includes natural or accidental death and funeral assistance, as well as living benefits covering hospitalization for accident, disability for accident and funeral assistance for family members.
“We are thrilled to participate in the digital revolution Nubank is bringing to the financial services sector,” said Marcos Gunn, Senior Vice President, Chubb Group and Regional President, Latin America.
“Our partnership with Nubank as it enters into the insurance industry demonstrates the value of our digital strategy to partners and the strength of our team. Together, Nubank and Chubb were able to design a tailor-made insurance solution for the Brazilian market that perfectly matches Nubank’s unique focus on delivering a superior customer experience.”
David Vélez, founder and Chief Executive Officer of Nubank, also commented: “For most Brazilians, having the protection of life insurance has been a distant dream due to the cost and complexity of available options in the market, as well as a general lack of understanding about the real benefits of coverage. With Nubank Vida, we are taking the first step towards democratizing access to the insurance sector in Brazil, just as we helped to create a new generation of financial services in Latin America.”
“Chubb is pleased to partner with Nubank, the largest fintech in Latin America, during its own expansion journey,” added Sean Ringsted, Executive Vice President, Chubb Group, Chief Digital Officer and Chief Risk Officer.
“Our ability to secure, service and grow partnerships reflects our geographic reach, product breadth, underwriting capabilities and claims service globally. With our consistency in local delivery, Chubb is able to transport best practices, creating unique customer experiences that match our partners’ digital assets.”