Chubb, a global insurance industry leader, has forged a regional partnership with Atome, a prominent digital financial services platform in Southeast Asia. This collaboration aims to enhance consumer protection across the region by jointly developing a variety of insurance offerings accessible to Atome's customer base in Singapore, Malaysia, the Philippines, and Indonesia.
The inaugural insurance product, Bill Secure, is currently accessible in Singapore and is scheduled for release in Malaysia later this month. Designed for consumers utilizing buy now, pay later platforms, Bill Secure provides coverage of up to five times the transaction value for permanent disability or accidental death. In the event of a claim, the payout facilitates settlement of the purchase, with any surplus directed to the insured or their designated beneficiary.
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".
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. 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". In the second quarter of this year, Atome and Chubb are set to introduce their next insurance offering, Shopping Secure.