Through the partnership with Chubb, Nubank can now offer personalised insurance services to its 30 million customers in Brazil


Nubank founder and CEO David Vélez. (Credit: Nu Pagamentos S.A.)

Property and casualty insurance firm Chubb has partnered with Nubank, a Brazilian digital bank, to introduce a fully digital life insurance offering, known as Nubank Vida, in Brazil.

Through the partnership, Nubank can now offer personalised insurance services to its 30 million customers.

The digital life insurance offering is underwritten by Chubb and was developed by incorporating capabilities of Chubb Studio, a digital product distribution platform launched by Chubb in September this year.

Chubb Group executive vice president, chief digital officer and chief risk officer Sean Ringsted 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.

“With our consistency in local delivery, Chubb is able to transport best practices, creating unique customer experiences that match our partners’ digital assets.”

Nubank Vida will offer fully customised life insurance for its customers.

Its coverage includes natural or accidental death and funeral assistance, as well as living benefits covering hospitalisation for accident, disability for accident and funeral assistance for family members.

Nubank Vida integrates simplicity and affordability, allowing its customers to choose between protection and coverages appropriate for their life stage and important milestones.

The policies can be managed digitally including the entire contracting process including cost calculator and service confirmation, which can be done within the bank’s app.

The life insurance will cover several risky professions which are rejected due to workplace hazards, will also be considered under the new insurance programme.

It will also provide coverage for pandemics like Covid-19 and other diseases, including diabetes, that are generally excluded by life insurers.

Nubank founder and CEO David Vélez said: “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.”