Nubank expands portfolio with personal loan insurance
Nubank Parcela Segura is presented as an alternative during the 100% digital process of applying for a personal loan in the app. It comes at an affordable cost, tied to the loan amount, number of installments, and customer profile
Jun 27 , 2023
São Paulo, June 28, 2023 – Starting today, Nubank customers who apply for a personal loan through the app have an option for financial protection against unexpected events and to ensure timely payment of their installments. This is possible through Nubank Parcela Segura (Secure Installment), an inaugural version of insurance known in the local market as prestamista (lender’s insurance). The new product, developed in partnership with Chubb Seguros, will gradually be made available to users who are eligible to obtain credit through personal loans with Nubank.
The new insurance product from Nubank is shown as an alternative during the 100% digital process of applying for a personal loan in the app, in a completely transparent and guided experience. For example, the insurance recommendation appears in loans where the customer chooses to pay in more than three installments. Nubank Parcela Segura helps cover the payment of loan installments in case of income disruption due to formal job loss or accidents resulting in disability or death. The protection covers three to six installments of the loan, depending on the user’s needs. The product does not cover the resignation or termination of employment for just cause.
The cost of Nubank Parcela Segura is tied to the loan amount, the number of installments, and the customer’s profile. Accessibility is one of the differentiators of this insurance option offered by Nubank and Chubb Seguros, with one of the most competitive prices in the market.
“We actively listen to our customer base, which is essential for us to continue offering relevant products for people’s financial lives, and as a result, for our business. We identified that people who take out personal loans would like some form of protection in the face of unexpected circumstances or events that prevent them from honoring financial commitments. Nubank Parcela Segura was created to help in this process, if a personal loan is an option within their financial planning,” explains Livia Chanes, Country Manager of Nubank in Brazil.
Nubank Parcela Segura is part of the alliance with Chubb, the largest publicly traded property and casualty insurance company in the world, and responsible for issuing the policies. The regional alliance agreement between the companies, announced last year, enables the development of new insurance products for Nu customers in Latin America. In addition to lender’s insurance, the partnership currently allows the operation of Nubank Vida and Vidas Juntas life insurance, as well as Nubank Celular Seguro for cell phone protection. Chubb’s global digital product distribution platform, Chubb Studio, allows its partners to quickly and easily develop insurance product offerings in their own digital ecosystems.
“We are very pleased to continue collaborating with Nubank to offer personalized protection to its customers and expand its portfolio of insurance coverage,” said Leandro Martinez, President of Chubb Brazil. “We look forward to continuing to offer tailor-made and fully digital protections that enhance the customer experience, already enjoyed by millions of Nubank users.”
In addition to the four insurances – Nubank Vida, Vidas Juntas, Nubank Celular Seguro, and Nubank Parcela Segura – currently available in partnership with Chubb – Nubank recently launched car insurance, Nubank Auto, currently available to eligible customers in locations in the Brazilian South region, such as Curitiba (PR), Florianópolis (SC), and Porto Alegre (RS). Throughout the year, the product will be available in other regions, and customers can already indicate their interest through a waiting list.
The insurance options offered by Nubank are available to customers directly in the app, with customizable coverage and eligibility criteria, all in a 100% digital experience.
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