Chubb and Atome, a prominent digital financial services platform in Southeast Asia, have announced a strategic alliance aimed at bolstering consumer protection across the Southeast Asian region.
This collaborative effort is poised to result in the development and distribution of insurance products to Atome's user base in key markets including Singapore, Malaysia, the Philippines, and Indonesia.
Launching the partnership's product lineup, Bill Secure has already made its debut in Singapore, with an upcoming rollout scheduled for Malaysia. This product is specifically crafted for consumers engaging with buy now, pay later schemes, offering a safety net by covering up to fivefold the transaction value in the event of permanent disability or accidental death.
The product ensures that the financial obligations related to the purchase can be met by the insured or their beneficiaries, with any excess funds reverting to the insured's estate.
“Chubb is committed to broadening consumer protection by introducing relevant, convenient, and affordable insurance solutions digitally that protect consumers and their livelihoods” said Ben Howell (pictured, left), regional head of consumer for Asia Pacific at Chubb. “With Atome, we are leveraging technology to enable individuals and their families in Southeast Asia to access essential protection, helping to narrow the insurance protection gap in Southeast Asia.”
“Whether it's embedded financing, or now embedded insurance, our goal is to empower our millions of users by offering tailored products as they journey through different life stages, leveraging our unique expertise in risk-managed credit and responsible financing,” said Bernard Chan (pictured, right), chief operating officer of Atome. “Our shared approach with Chubb is another example of our commitment to enhance the overall financial well-being of our customers, and our overall mission of increasing digital and financial inclusion through technology.”
The partnership is also preparing to launch another insurance product, Shopping Secure, in the upcoming second quarter, further enriching the array of consumer protection options available in Southeast Asia.
