Nubank and Chubb reach 2 million active insurance policies in Brazil

São Paulo, June 11, 2024 – Nubank, the world’s largest digital banking platform outside of Asia, and Chubb, a global leader in 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.

Nu Vida

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.

“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,” says Livia Chanes, CEO of Nubank.

Following its launch, Nubank Vida quickly 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. 

“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,” says Leandro Martinez, Country President, Chubb Brazil. “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.” 

Nubank’s Insurance Offering 

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.

“While reaching 2 million active policies is a significant milestone for Nubank and Chubb, we consider it just the beginning,” added Leandro. “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.”