Nubank (NYSE: NU), which claims to be one of the world’s largest digital banking platforms outside of Asia, and Chubb, a global enabler of insurance, announced that they have reached a significant milestone of 2 million active insurance policies in Brazil.
Contributing to the success of the partnership is Nubank Vida, “the first product co-created and launched by the companies in 2020, which has more than 1 million active policies.”
Nubank and Chubb’s insurance products “offer comprehensive and affordable coverage to customers and their loved ones when the unexpected happens.”
The simple online contracting process and transparent policy conditions “make Nubank’s insurance a reliable and convenient choice for those seeking financial protection and peace-of-mind.”
A fully digital insurance product, Nubank Vida enables users “to get quotes, file claims, make premium payments and manage their accounts directly through the Nu app.”
Its inception marked the beginning of “the regional alliance between Nubank and Chubb in Latin America.”
The insurer’s global digital product distribution platform, Chubb Studio, “played an important role throughout this process, allowing Nubank to create insurance product offerings swiftly and effortlessly on its own platforms.”
Livia Chanes, CEO of Nubank said:
“When we launched Nubank Vida, the perception of high cost, coupled with the lack of knowledge about available options in the market, prevented people from accessing life insurance for themselves and their families. That is why our proposal was very clear: Just as we had already helped create a new generation of financial services, we wanted to take the first step in democratizing access to insurance products with a practical offering that is fully adaptable to the customers’ needs.”
Following its launch, Nubank Vida has reportedly “attracted significant interest from a diverse range of customers, who, for the first time, had access to insurance coverage.”
Nubank Vida is part of Nubank’s growing insurance portfolio “developed in collaboration with Chubb.”
Leandro Martinez, Country President, Chubb Brazil said:
“Through this partnership, Chubb and Nubank are helping to bridge the insurance protection gap and extend the benefits of insurance to a growing number of individuals. Broadening access to insurance protection is an important focus for Chubb. Achieving this incredible milestone was only made possible by the dedicated and collaborative efforts of both Nubank and Chubb teams, which are truly committed to taking an innovative approach to the way insurance products are created, offered, and serviced.”
Today, Nubank’s insurance offering “includes Nubank Lar Seguro, Nubank Celular Seguro, Nubank Parcela Segura, loan protection insurance, and Nu Vidas Juntas – a life insurance product that allows the policyholder to gift another Nubank client an individual policy.”
In addition, Ultravioleta cardholders “have access to Nubank Proteção Digital.”
Leandro added:
“While reaching 2 million active policies is a significant milestone for Nubank and Chubb, we consider it just the beginning. This partnership has provided us with invaluable experiences and unique approaches. Our dedicated teams are committed to delivering a superior customer experience through easily accessible products, streamlined claims processes, and expedited payments.”
