Global property and casualty insurer Chubb and Chilean lender Banco de Chile have signed a 15-year insurance distribution agreement.
Pursuant to the terms of the bancassurance pact, Chubb will use Banco de Chile distribution channels to sell its life and general insurance products to bank’s two million customers.
ChileBanco de Chile’s distribution channels include 400 branches, automated teller machines, direct marketing as well as various digital channels such as mobile.
Additionally, Banco de Chile through its wholly owned captive broker will sell Chubb’s insurance plans.
Chubb will enjoy exclusive rights to sell insurance products currently distributed by Banco de Chile such as credit life, home and fire, theft/personal protection, personal accident, supplemental health, and travel.
Chubb chairman and CEO Evan Greenberg said: “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.”
Chubb is also planning to launch more products in the future.
Banco de Chile CEO Eduardo Ebensperger said: “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.”
Chubb manages its business in 54 countries and territories. Along with personal accident and supplemental health insurance, Chubb offers commercial and personal property and casualty insurance, reinsurance and life insurance to its clients.