Chubb's new digital life insurance offering in Brazil to offer coverage for pandemics

Insurer Chubb has partnered with digital bank Nubank to expand its life insurance offering to 30 million customers across Brazil.

Nubank Vida, underwritten by Chubb, is a fully digital life insurance offering developed using the integration capabilities of Chubb Studio. It allows the customer to choose the protection and coverages appropriate for their life stage and important milestones.

The insurance may also offer coverage for pandemics like COVID-19 and other diseases, such as diabetes, that are generally excluded by life insurers, the company said.

The launch marks Nubank's entry in the insurance market.

Sean Ringsted, chief digital officer and chief risk officer of Chubb, said: "Chubb is pleased to partner with Nubank, the largest fintech in Latin America, during its own expansion journey. Our ability to secure, service and grow partnerships reflects our geographic reach, product breadth, underwriting capabilities and claims service globally."

Marcos Gunn, regional president of Latin America, added: "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."

David Vélez, founder and chief executive officer of Nubank, commented: "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."