Chubb, which is claimed to be the world's largest publicly traded property and casualty insurance company, has signed a 15-year distribution agreement with Banco de Chile.
Image: Chubb inks long-term distribution agreement with Banco de Chile. Photo: courtesy of Superzerocool/Wikipedia Commons.
As per the agreement terms, Chubb will distribute its insurance products on an exclusive basis in the South American country through the bank’s multiple channels such as in-branch, automated teller machines, direct marketing and various digital channels, including mobile.
The distribution agreement will come into effect after receiving regulatory approvals.
Banco de Chile will be distributing the Swiss insurance firm’s products via its fully-owned captive broker. The Chilean bank, which is based in Santiago, operates close to 400 branches and has over two million customers in the country.
Banco de Chile CEO Eduardo Ebensperger O. said: “We believe through this partnership with Chubb, we will be able to provide our customers with world-class insurance products that meet their increasingly sophisticated coverage needs, including individuals and corporations.
“Banco de Chile is proud of becoming a partner of a first-class company such as Chubb and we know that our clients will benefit from Chubb’s expertise, innovation capabilities, strong attention to detail and its service quality standards, all of which are crucial in the insurance business.”
Chubb will hold exclusive rights to sell insurance products distributed currently by Banco de Chile. Included in these are credit life, home and fire, personal accident, supplemental health, theft/personal protection, travel and a range of commercial products. The Swiss insurance company also expects to launch new products in the future.
Chubb chairman and CEO Evan Greenberg said: “This partnership will meaningfully increase Chubb’s already significant presence in Chile and in the important region of Latin America.
“Similar to other strategic relationships, our partnership with Banco de Chile significantly extends our distribution in Chile, enabling us to reach and serve millions of new customers, including in digitally advanced ways.”
Earlier this month, Chubb’s European division redomiciled its businesses from London to France as part of the group’s preparations for Brexit.
Last month, the Swiss insurance company introduced its new Gap Supplement Medical plan, an enhanced supplemental healthcare insurance product. The new Gap Supplement product offers an additional benefit layer in an individual’s major medical coverage by including the co-payment and co-insurance expenses.