The news highlights the rapid growth and adoption of their insurance products in the Brazilian market.
The flagship product, Nubank Vida, a life insurance policy introduced in December 2020, has been particularly successful, boasting over 1 million active policies. This reflects the strong demand for accessible and straightforward insurance solutions among Nubank’s extensive customer base.
As of last month, Nubank reported having over 92 million customers in Brazil. This translates to a 2% penetration rate for their insurance products. In comparison, 2023 saw the bank with approximately 88 million Brazilian customers and 1.4 million active insurance policies, indicating a penetration rate of 1.6%.
Nubank and Chubb offer a comprehensive range of insurance products tailored to meet diverse customer needs. These include Nubank Lar Seguro for home insurance, Nubank Celular Seguro for mobile phones, Nubank Parcela Segura for loan protection, and Nu Vidas Juntas, an innovative life insurance product allowing policyholders to gift an individual policy to another Nubank client.
The partnership between Nubank and Chubb continues to evolve, providing robust insurance solutions and reinforcing Nubank’s position as a leading player in Brazil’s financial services sector.
Speaking about the news, Livia Chanes, CEO of Nubank said: “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.”
Leandro Martinez, Country President, Chubb Brazil also commented, noting: “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. 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.”
He added: “While reaching two million active policies is a significant milestone for Nubank and Chubb, we consider it just the beginning. 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.”
