NuBank
How the biggest online bank in the world uses their data and our capabilities to build insurance that fits every customer’s needs.
A powerful, forward-thinking partner
Nubank, founded in Brazil in 2013, is the digital future of banking. They have more than 40 million users across Latin America and offer a variety of services including personal accounts, credit cards, business accounts, investing, loans, and now insurance. Nubank focuses on accessibility and technology, values that make the company a perfect partner for Chubb integrated insurance.
Fintechs are an ideal match for embedded insurance. The trust they foster allows them a unique insight into customers' spending habits. Using that wealth of data, Chubb Studio was able to create dynamic journeys with customized recommendations for every Nubank customer.
The demand for insurance was there. In a survey at the outset of the partnership, only 20% of Nubank customers said they had an active life insurance policy. Yet, more than 70% expressed interest in having access to the coverage.
Offering insurance set Nubank apart from other online banks. It also embedded them deeper in their customers’ lives, keeping users in the ecosystem longer, building brand loyalty, and adding revenue.
neobank globally
million users
customer interest in insurance
Building products personalized to the needs of millions of customers
The partnership launched in December 2020, testing a single product, life insurance, in Brazil. Nubank Vida was such a success that a year later they signed a new five-year agreement to expand the partnership. The new deal included device and unemployment coverages, as well as expansions to Mexico and Colombia.
But before that could happen, our first step was aligning Chubb’s insurance expertise with Nubank’s user knowledge. Chubb Studio, our in-house tech, combined with Nubank’s own powerful technology, allowed us to build the perfect product for each customer. All seamlessly integrated within the Nubank app.
Nubank can detect what sort of device the customer is using and automatically serve the right coverage. All of this happens instantly with our responsive, powerful API integration.
An excellent customer experience was just the beginning. Customers can adjust prices and coverages with dynamic sliders.
Plans are suggested based on the customer’s purchase history or spending power. Claims can be filed and approved in seconds.
The partnership has already been a huge success, with net adjusted premiums projections for 2023 at $130 million. And both sides are pushing for more, with Chubb and Nubank both establishing dedicated teams to focus on the partnership business. They connect three to four times per week.
Business value
New customers, new opportunities, new heights
For Nubank, the value of adding insurance is multifaceted, and the results have shown up immediately. This partnership adds revenue (150,000 policies sold in first month), builds consumer trust and loyalty (95 NPS), and converts prospective customers (more than 70,000 new accounts were created during the first year of the partnership).
Customer value
More accessible coverage than ever before
By building insurance into Nubank’s ecosystem, Chubb coverage is placed in front of millions who may not have known how or why to buy life insurance. They can add on protections for life events like hospitalization or injury. And device protection and unemployment insurance are in the pipeline. All these coverages help address the growing protection gap in Latin America.
Ready to partner?
If you’re ready to grow your business with embedded insurance the next steps are easy. Get in touch with us and we’ll show you a demo of how we can enhance your business. We’ll work together to find the best solutions for you and your customers, then have you up and running quickly.