Switzerland-based insurance firm Chubb and Singapore-based digital financial services platform Atome, have announced a regional partnership to help drive consumer protection across Southeast Asia.
The duo said in a statement on Wednesday that the partnership will enable both companies to co-create a range of insurance products available to Atome’s customers in Singapore, Malaysia, the Philippines and Indonesia.
The first insurance product, Bill Secure, is available in Singapore and will be rolled out in Malaysia later this month.
Targeted at consumers using buy now, pay later services, Bill Secure covers up to five times the transaction amount of the purchase price in the event of permanent disability or accidental death.
The claims payout enables the insured or their next-of-kin to settle the payment of the purchased item while the remaining balance goes to the insured or their estate.
Ben Howell, Regional Head of Consumer for Asia Pacific, Chubb, said Chubb is committed to broadening consumer protection by introducing relevant, convenient and affordable insurance solutions digitally that protect consumers and their livelihoods.
“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,” he added.
Bernard Chan, Chief Operating Officer, Atome, said Atome started as a buy now, pay later and embedded financing platform.
“Today, we have grown to become a digital financial services platform that also includes insurance, cards and lending in various markets,
“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,” he added.
According to him, the firm’s shared approach with Chubb is another example of its commitment to enhance the overall financial well-being of its customers, and its overall mission of increasing digital and financial inclusion through technology.
According to the statement, Atome and Chubb will launch a second insurance product, Shopping Secure, in the second quarter of this year.
With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
Its parent company Chubb Limited is listed on the New York Stock Exchange.
Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 40,000 people worldwide.
Started in late 2019, Atome has evolved from a buy now pay later and embedded financing platform into a comprehensive provider of digital financial services that includes insurance, cards and loans in various markets.
The firm is part of Singapore-headquartered Advance Intelligence Group, an artificial intelligence (AI)-driven technology company that consists of an ecosystem of AI-powered, credit-enabled products and services that includes consumer financing, digital identity verification and risk management, as well as enterprise resource planning software.
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