The nubankChubb, one of the world’s largest digital financial services platforms, and Chubb, the world’s largest property and casualty insurer, announce the expansion of their alliance to create new insurance offerings for Nu’s 53.9 million customers.
The new agreement includes the possibility to develop other classes of these products in Brazil and considers the introduction of Nubank’s insurance business unit also in Mexico and Colombia.
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About the Alliance
In support of this new phase of the corporate partnership, Chubb will build a dedicated team and make investments in technology, marketing, and research and development (R&D).
“Nubank has entered the insurance market to reinvent the sector with a digital experience that is fast, flexible, simple and 100% adaptable to the needs of each customer. We want to increase our presence in this market with product options that combine the expertise of Nubank is committed to technology, customer focus and a large customer base with Chubb’s leadership and global presence in insurance.”
“At Chubb, we are proud to collaborate with Nubank, to deliver global underwriting and our advanced digital integration capabilities to co-create products and services. Our approach provides a streamlined experience that allows customers to choose the protection they need,” said Marcus Jan, Senior Vice President, Chubb Group and Regional Head, Latin America. easily and with just a few clicks.
The alliance between the companies in Brazil has already led to the launch of Nubank Vida and Nubank Celular Seguro, which provide life and cell insurance coverage, respectively.
Offering a 100% digital experience, both products are created by Nubank using Chubb Studio, Chubb’s global digital product distribution platform. The entire development is designed based on the protection needs of customers and the full experience of the Nubank application.
With just over a year since its launch, Nubank Vida already has over 560 thousand active insurance policies. In a survey conducted by Nubank with a portion of policyholders, about 50% said that this is the first life insurance to be obtained. Cellular insurance was successfully launched in early February, and cellular insurance is gradually becoming available to the entire Nubank customer base.
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