Chubb partners with the largest independent digital bank in the world to serve its 30 million customers
Nubank and Chubb announced the launch of a fully digital life insurance offering in Brazil. With the introduction of Nubank Vida, the largest independent digital bank in the world enters the insurance market with a fast, seamless and personalized capability available to its 30 million customers across Brazil. Nubank Vida is underwritten by Chubb, the world’s largest publicly traded property and casualty insurer with operations in 54 countries and territories. Nubank Vida was developed using the integration capabilities of Chubb Studio, the global digital product distribution platform announced by Chubb in September.
The Nubank life insurance offer is fully customized to allow the customer to enjoy a seamless experience where quotes, bill payment and account management are all transacted digitally. 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.
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“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,” said David Vélez, founder and Chief Executive Officer of Nubank. “Nubank Vida is totally adaptable to the needs of customers. In the offering process, we abandoned predefined packages and the unreadable technical language of conventional policies, which only makes the process more expensive and difficult than it needs to be. With Nubank Vida, through our app, the customer will have the autonomy to choose and only pay for what they really value and use.”
“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.”
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