Nubank and Chubb reach 2 million active insurance policies in Brazil

Brazilian digital banking platform Nubank now has 2 million active insurance policies in Brazil in partnership with Chubb. Nubank Vida, a life insurance product and the first offering introduced by the companies in December 2020, has more than 1 million active policies.

Last month, Nubank said that it had more than 92 million customers in Brazil, which translates to a 2% insurance penetration rate. In 2023, Nubank reported ~88 million Brazilian customers and 1.4 million active insurance policies, representing a 1.6% penetration rate.

Nubank and Chubb offer a variety of insurance products including 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.

“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.” – Livia Chanes, CEO of Nubank.

“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. While reaching 2 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.” – Leandro Martinez, Country President, Chubb Brazil.