NEW YORK and SAO PAULO, Dec. 1,
2020 /PRNewswire/ -- Nubank and Chubb today 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.
"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."
To deliver an agile and differentiated experience, in addition
to direct access through the app and Nubank's 24-hour customer
service, Chubb has assigned a dedicated claims team supported by an
efficient, simplified process for claims notification and swift
responses. For certain simple and urgent cases, payment can be made
within a few hours.
"Chubb is pleased to partner with Nubank, the largest fintech in
Latin America, during its own
expansion journey," said 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."
The launch of Nubank Vida takes place during a year marked by
the strong acceleration of digital platforms and the intense growth
of Nubank. In 2020, Nubank debuted in the investment sector with
the purchase of Easynvest and acquired the companies Plataformatec
and Cognitect, in search of talent in software engineering. In
addition, it strengthened its international presence by launching
its first product in Mexico, and
expanding to Colombia in
September.
Nubank's entry in the insurance sector comes as a result of the
demand from its own user base. In a survey conducted by the digital
bank, only 20% of its customers claim to have an active life
insurance policy. However, more than 70% of Nubank customers
expressed an interest in having access to the coverage.
Nubank Vida combines simplicity and affordable prices that
allows the customer to choose the protection and coverages
appropriate for their life stage and important milestones. Policies
can be managed in a fully digital manner and the entire contracting
process, including cost calculator and service confirmation, takes
minutes using Nubank's app. With the proposal to democratize life
insurance, many risky professions, often rejected due to the danger
of the occupations, will be considered. The insurance may also
offer coverage for pandemics like Covid-19 and other diseases, such
as diabetes, that are generally excluded by life insurers.
As digital ecosystems continue to define economic activity and
blur the borders between market sectors, insurance is a highly
relevant product for nearly all B2C and B2B channels. The
capabilities of Chubb Studio build on the success of the company's
digital strategy to forge distribution partnerships with leading
brands globally. It provides significant speed-to-market and offers
a secure and scalable platform with multiple APIs to simplify the
process. Chubb's digital platform enables partners in fintech,
retail, e-commerce, banking, airline, telecommunications and other
industries to add digital insurance options – from personal
accident, supplemental health and life to residential and contents,
mobile phone and travel coverages – to their own product and
service offerings.
For more information about Nubank Vida, visit:
www.nubank.com.br/seguros
About Nubank
Nubank was founded in 2013 to free people from a bureaucratic,
slow and inefficient financial system. Since then, through
innovative technology and outstanding customer service, the company
has been redefining people's relationship with money across
Latin America. With operations in
Brazil, Mexico and Colombia, Nubank is today the world's largest
independent digital bank, reinventing over 30 million customers'
financial lives.
Nubank achieved this by offering a no-fee credit card, entirely
managed by a mobile app and currently used by 15 million people,
and a digital account, free of taxes, held by more than 26 million
Brazilians. Nubank also offers transparent and hassle-free personal
loans, a benefits program with points that don't expire, and a
business account tailored for SMBs. In 2020, Nubank acquired
digital broker Easynvest and became the leader in self-directed
digital investments in Brazil.
Throughout the years, Nubank raised over US$1 billion with some of the best-known growth
and technology investors in the world, such as TCV, Sequoia
Capital, Kaszek Ventures, Tiger Global Management, QED, Founders
Fund, DST Global, Redpoint Ventures, Ribbit Capital, Dragoneer
Investment Group, Thrive Capital and Tencent.
Nubank was elected by Forbes magazine as the best bank in
Brazil -- and one of the best in
the world -- for two years in a row, 2019 and 2020. Fast Company
magazine named Nubank the most innovative company in Latin America and as the most valuable
challenger bank by CBInsights.
Today, Nubank is a global company, with offices in São Paulo
(Brazil), Mexico City (Mexico), Buenos
Aires (Argentina), Bogotá
(Colombia), Durham (United
States) and Berlin
(Germany). It was founded in 2013
in Sao Paulo, by Colombian David
Vélez, and cofounded by Brazilian Cristina
Junqueira and American Edward
Wible. For more information, visit www.nubank.com.br.
About Chubb
Chubb is the world's largest publicly traded property and
casualty insurance company. With operations in 54 countries and
territories, Chubb provides commercial and personal property and
casualty insurance, personal accident and supplemental health
insurance, reinsurance and life insurance to a diverse group of
clients. As an underwriting company, we assess, assume and manage
risk with insight and discipline. We service and pay our claims
fairly and promptly. The company is also defined by its extensive
product and service offerings, broad distribution capabilities,
exceptional financial strength and local operations globally.
Parent company Chubb Limited is listed on the New York Stock
Exchange (NYSE: CB) and is a component of the S&P 500 index.
Chubb maintains executive offices in Zurich, New
York, London, Paris and other locations, and employs
approximately 33,000 people worldwide. Additional information can
be found at: www.chubb.com.
Chubb Life
Chubb Life is the international
life insurance division of Chubb. In Asia, Chubb
Life operates in Hong Kong SAR, Indonesia, Korea, Myanmar, Taiwan, Thailand and Vietnam, and participates in a joint-venture
in China. Chubb Life also has operations in other
countries across Europe,
Latin America and the Middle East. In Brazil, Chubb's life business operates under
Chubb Seguros Do Brasil S.A.
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SOURCE Chubb