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Property and casualty insurance coverage main Chubb has partnered with digital monetary companies supplier Atome to reinforce client safety in South East Asia.
The collaboration goals to co-develop insurance coverage merchandise for Atome customers in Singapore, Malaysia, the Philippines and Indonesia.
The primary product from this partnership is presently obtainable in Singapore and can quickly be launched in Malaysia.
Known as Invoice Safe, the insurance coverage product is particularly designed for customers utilising purchase now, pay later companies.
It presents protection of as much as five-times the transaction quantity in circumstances of everlasting incapacity or unintentional loss of life.
This ensures that the insured or their beneficiaries can settle the fee of the bought merchandise, with any remaining funds going to the insured’s property.
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Within the second quarter of 2024, Chubb and Atome are set to introduce their second product, Procuring Safe.
Chubb regional head of client for Asia-Pacific Ben Howell mentioned: “Chubb is dedicated to broadening client safety by introducing related, handy and inexpensive insurance coverage options digitally that defend customers and their livelihoods.
“With Atome, we’re leveraging know-how to allow people and their households in South East Asia to entry important safety, serving to to slim the insurance coverage safety hole in South East Asia.”
Atome COO Bernard Chan mentioned: “Atome began as a purchase now, pay later and embedded financing platform. Right this moment, we have now grown to turn into a digital monetary companies platform that additionally contains insurance coverage, playing cards and lending in numerous markets.”
Earlier this week, Chubb launched a worldwide transactional danger platform to supply transactional danger legal responsibility insurance coverage merchandise in worldwide markets.
Josh Cowen is main the brand new initiative as senior vice-president of worldwide transactional danger at Chubb, primarily based in London.
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