Chubb and Betterfly Announce Regional Alliance to Offer Wellness, Insurance and Social Impact in Latin America

Chubb, the world’s largest publicly traded property and casualty insurer and Betterfly, a digital benefits platform based on Latin America, today announced a regional alliance to provide a comprehensive prevention, protection and purpose solution to individuals and organizations throughout the region, through physical and mental well-being resources, social donations and personalized financial products, such as life insurance whose coverage grows without cost.

Through this alliance, Chubb will become Betterfly’s preferred insurance provider in its international expansion process, and Mexico will be the first country to include Chubb within the benefits platform offerings. Later, Colombia, Ecuador, Argentina and the same Chile where Betterfly was born, will be part of the alliance. In addition, Chubb will offer the Betterfly membership and benefits platform to policyholders in these countries through its existing distribution channels. The integration of digital insurance into the Betterfly ecosystem uses the capabilities offered by the global digital insurance product distribution platform, Chubb Studio.

“We are excited to start working with Chubb to bring our ‘Betterfly effect’ to every corner of Latin America. This alliance combines Chubb’s global expertise in risk management, data analytics and outstanding claims handling with our knowledge of customer behavior based on artificial intelligence. This is a big step towards expanding our platform across the region and our vision of protecting the future of 100 million people by 2025 ″ says Eduardo della Maggiora, Founder and CEO of Betterfly.

“We are excited about this new digital alliance. The Betterfly wellness platform will positively impact our clients’ experience, making the benefits of insurance more tangible, ”says Marcos Gunn, Senior Vice President of Chubb Group and Regional President, Latin America. “I am pleased to join forces with Betterfly for a healthier Latin America that is aware of the need to protect individuals, families and companies,” he concludes.

The vast majority of people in Latin America do not have life insurance coverage. According to the Swiss Re Institute report of October 2020, the region has a total protection gap against mortality estimated at $ 14 trillion dollarsi. Betterfly aims to make it easy and affordable for individuals and businesses to obtain and offer peace of mind and financial protection through a fully digital benefits underwriting, providing each member with dynamic life insurance coverage that grows by the day. a day.

‘Betterfly effect’

Through synchronized applications such as Google Fit, Apple Health and Stava, the platform tracks and rewards members’ healthy activities and habits, such as walking, exercising, sleeping and meditating, with “Better Coins”, a virtual currency that can be exchanged for donations or resources to improve lifestyle and insurance coverage. In addition, there is the option to strengthen coverage or extend it to other members of the family, with “one-click insurance” in the Betterfly Store, a smart marketplace that offers valuable and personalized insurance products. In the same way, just like a game, users can advance to the next level, take on challenges with their peers and compete in their company’s rankings.

“We are reinventing the products and the way of distribution in the global insurance market, with a unique B2B2C insurance model that combines wellness, insurance and social impact with a comprehensive solution of prevention, protection and purpose,” said della Maggiora. “Through game mechanics and behavioral science, we are pioneering a new way to provide financial protection for everyone, empowering people to help others and take care of their own physical, mental, and financial well-being.” added.

Chubb’s digital and technology strengths provide its global partners and customers with a seamless experience. These capabilities are not only used in Latin America with partners like Betterfly, but also in other regions of the world, including Asia and Europe. Specifically, the Chubb Studio platform enables business partners to easily add insurance to their digital ecosystems, with high speed to market. In addition, it offers a secure and scalable platform with multiple APIs to simplify the process of integrating insurance products and services to any e-commerce platform. In addition, business partners can offer their clients the ability to make claims for claims 100% digitally.

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