Property and casualty insurer Chubb has partnered with Brazilian neobank Nubank to roll out a fully digital life insurance offering in Brazil.
Dubbed Nubank Vida, the new offering is underwritten by Chubb. It was developed using the integration capabilities of the insurer’s global digital product distribution platform Chubb Studio.
Basic coverage for the offering includes natural or accidental death and funeral assistance.
In addition, it offers living benefits including hospitalisation for accident, disability for accident and funeral assistance for family members.
Speaking about the new offering, Nubank founder and CEO David Vélez said: “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.”
Chubb Group senior vice-president and Latin America regional president Marcos Gunn added: “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.”
In October this year, Chubb launched a new cyber product in the UK to protect customers and their families in the digital world.
In September, the insurer enhanced its existing business package insurance policy in Hong Kong with the launch of Enterprise Guard Plus.