Nubank in partnership with Chubb launches Nubank Vida, a fully digital life insurance offering
By Pavithra R
Nubank, a leading independent digital bank has partnered with Chubb, a leading publicly traded property and casualty insurance company, and announced the launch of Nubank Vida, a fully digital life insurance offering in Brazil.
With the introduction of Nubank Vida, Nubank is entering the insurance market with a fast, seamless and personalized capability available to its 30M customers across Brazil. Nubank’s entry in the insurance sector comes as a result of the demand from its own user base. The firm’s survey found a majority of Nubank customers expressed interest in having access to the coverage.
The Nubank life insurance offer is fully customized to allow the customer to have a seamless experience where quotes, bill payment and account management are all transacted digitally. The solution is underwritten by Chubb, which operates in 54 countries and territories and was developed using the integration capabilities of Chubb Studio, the global digital product distribution platform. Chubb Studio provides significant speed-to-market and offers a secure and scalable platform with multiple APIs to simplify the process of forging distribution partnerships with leading global brands.
“For most Brazilians, having the protection of life insurance has been a distant dream due to the cost and complexity of available options in the market, as well as a general lack of understanding about the real benefits of coverage. With Nubank Vida, we are taking the first step towards democratizing access to the insurance sector in Brazil, just as we helped to create a new generation of financial services in Latin America. 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. With Nubank Vida, through our app, the customer will have the autonomy to choose and only pay for what they really value and use,” said David Vélez, founder and Chief Executive Officer of Nubank.
Nubank Vida’s basic coverage includes natural or accidental death and funeral assistance, as well as living benefits covering hospitalization for accident, disability for accident and funeral assistance for family members. It combines simplicity and affordable prices that allows the customer to choose the protection and coverages appropriate for their life stage and important milestones.
Recently, Nubank entered the investments market through Easynvest acquisition and also acquired Plataformatec and Cognitect, in search of talent in software engineering.
“We are thrilled to participate in the digital revolution Nubank is bringing to the financial services sector. 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,” said Marcos Gunn, Senior Vice President, Chubb Group and Regional President, Latin America.
Nubank is a well-funded challenger bank in Latin America developing simple, secure, and 100% digital solutions for customer’s financial life. The FinTech launched its first product in 2014, a credit card with no annual fee managed entirely by a mobile application. In 2017, Nubank launched its proprietary loyalty rewards program (Nubank Rewards), as well as a digital account (NuConta) that is already used by more than 17 million people.
IBSi Daily News Analysis
August 12, 2022
The Weekly Wrap: all you need to know by Friday COB | August 12thRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
August 12, 2022
Sapiens extends its partner network to provide customers with InsureTech innovationRead More
August 12, 2022