Fintech Platform Nubank Introduces Home Insurance, Expanding Protection Portfolio

Nubank (NYSE:NU), which claims to be one of the world’s largest digital financial services platforms, launched Nubank Lar Seguro, a home insurance offering, in partnership with Chubb, the world’s largest publicly traded property and casualty insurer.

Nubank Lar Seguro will become “available to eligible customers in Brazil over the next few months.”

Nubank Lar Seguro offers coverage “that can be personalized according to the customer’s individual needs.” Options reportedly “include partial or full reimbursement for damage to homes and/or personal property in case of covered events, such as fire, loss of rent, theft, electrical damage, storms, and personal liability.”

The insurance also offers “a broad network of 24-hour emergency service professionals to help with property maintenance, such as leaks, repairs to electrical systems, and locksmiths, among others, in addition to allowing for scheduling general repairs and installations.”

Users can obtain a quote and purchase the policy in a simple and convenient way “with visibility to the coverage details, in a 100% digital experience through the Nubank app.”

Livia Chanes, Country Manager of Nubank in Brazil, said:

“With Nubank Lar Seguro, our customers can choose the coverage that they really need at a monthly cost that fits their budget. Therefore, we believe we will help increase awareness about the relevance of home insurance, which is still limited to a small portion of the Brazilian population. With a hassle-free experience in our app and transparent information, we offer customized coverages that materialize the true value proposition of home insurance, from protecting assets to 24-hour maintenance services to cover day-to-day unforeseen events.”

Only 17% of households in Brazil “have residential insurance, according to a 2021 study by the National Federation of General Insurances (FenSeg), with a small growth compared to previous years.”

Leandro Martinez, Country President, Chubb Brazil, said:

“For most families in Brazil, their home is their most important asset. Thanks to the capabilities offered by Chubb Studio, our global platform for distributing digital products, Nubank was able to create a product perfectly aligned with the needs of its customers. The launch of Nubank Lar Seguro also represents a great opportunity to enhance awareness of the value of home insurance. This alliance expands our relationship with Nubank, which began with a life insurance offering.”

To request a quote and receive initial coverage recommendations, Nubank customers can complete “a brief questionnaire about the size of their residence, type (apartment or house), and whether it is owned or rented.”

The insurance can be “activated directly through the Nubank app via a simple and intuitive process, with customer service available 24 hours a day, seven days a week.”

Nubank’s Insurance Offerings

Nubank Lar Seguro is “part of Nubank’s insurance portfolio developed in partnership with Chubb, which already comprises Nubank Vida, Nubank Celular Seguro, the recently launched personal loans Nubank Parcela Segura, and Nu Vidas Juntas — a life insurance program that allows policyholders to gift another Nubank client an individual policy.”

Nubank has also launched Nubank Auto, “which is currently available for eligible customers across the southern region of Brazil, including Curitiba (PR), Florianópolis (SC), and Porto Alegre (RS).” The product will be “gradually rolled out in other regions, and interested customers can already sign up for the waiting list.”

All insurances are available to Nubank customers and “can be customized and purchased through the app, with 100% digital experience, without bureaucracy.”

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