Insurance giant Chubb has formed a digital partnership with insurtech platform Betterfly to offer insurance coverage to the under-served population in the Latin American region.

The tie-up will see Betterfly provide insurance cover through Chubb in Mexico, Colombia, Ecuador, Chile, and Argentina.

Switzerland-based Chubb will make Betterfly’s membership and benefits platform available to its retail customers in these countries through existing distribution channels.

As per Swiss Re’s report from October 2020, the Latin American region has a mortality-protection gap of $14 trillion.

The firms plan to insure 100 million people in the region by 2025.

Chubb Group senior vice president and Latin America regional president Marcos Gunn said: “We are excited by this new digital alliance. Betterfly’s wellbeing platform will convert good habits into tangible benefits, combining social purpose with financial protection.

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“I am pleased to join efforts with Betterfly for a healthier Latin America and to provide greater access to insurance protection for people, families, and businesses.”

Betterfly founder and CEO Eduardo Della Maggiora said: “This alliance combines Chubb’s global expertise in risk management, data analytics, and superior claims service with our AI-based customer behavioural science to complement our prevention, protection, and purpose solutions.

“We are reimagining both product and distribution in the insurance market and, through game mechanics and behavioural science, we are pioneering a new way of bringing financial protection to all, by empowering people to help others and take care of their mental, physical and financial wellbeing.”