Chubb Ltd. is boosting its presence and digital capabilities in Latin America by way of a 15-year distribution agreement with Banco de Chile, the largest bank based in Chile.
“This partnership will meaningfully increase Chubb’s already significant presence in Chile and in the important region of Latin America,” Chubb Chairman and CEO Evan Greenberg said in prepared remarks. “Similar to other strategic relationships, our partnership with Banco de Chile significantly extends our distribution in Chile, enabling us to reach and serve millions of new customers, including in digitally advanced ways.”
Terms of the agreement call for Chubb to distribute its general and life insurance products exclusively in Chile through Banco de Chile’s multiple channels, including in-branch, automated teller machines, direct marketing and a number of digital channels including mobile, pending any applicable regulatory approvals. Banco de Chile will distribute Chubb’s insurance products through its wholly owned captive broker, which Chubb said has a long track record of insurance sales success through bank channels.
Chubb also gains exclusive rights to sell insurance products currently distributed by Banco de Chile, including credit life, home and fire, theft/personal protection, personal accident, supplemental health, travel, and a variety of commercial products. Chubb will also roll out new products over time as part of the partnership.
Through Banco de Chile, Chubb gains a wide distribution network—a Santiago-based bank with nearly 400 branches that serves more than two million customers across the country. The bank’s business lines include consumer and commercial banking, insurance and stock brokerage, asset management and financial advisory.
Eduardo Ebensperger O., CEO of Banco de Chile, said that partnering with a “first-class” company such as Chubb will bring real benefits to its customers.
“Banco de Chile is proud of becoming a partner of a first-class company such as Chubb, and we know that our clients will benefit from Chubb’s expertise, innovation capabilities, strong attention to detail and its service quality standards, all of which are crucial in the insurance business,” he said.