Following this regional partnership, the companies aim to optimise overall customer protection across the region of Southeast Asia. Chubb and Atome will focus on co-developing a range of insurance products which will be made available to Atome’s clients in the areas of Singapore, Malaysia, the Philippines, and Indonesia.
One of the first insurance products is entitled Bill Secure and it will be made available in the region of Singapore. The rollout in Malaysia is also expected to take place later this month. Bill Secure was developed in order to target customers that leverage Buy Now, Pay Later (BNPL) solutions, and it is expected to cover up to five times the transaction amount of the purchase price, in the event of a permanent disability or accidental death. At the same time, this claims payout will give the insured of their next-of-kin the possibility to settle the payments of the purchased item, while the remaining balance will go to the insured or their estate.
In addition, Chubb will continue its strategy of broadening customer protection by launching secure, relevant, convenient, and affordable insurance tools digitally. This is expected to protect clients and their livelihoods. By integrating its suite of products and expertise with Atome, the companies will use optimised security in order to enable individuals and their families in the region of Southeast Asia to access the needed protection for an improved customer experience. This process will accelerate the procedure of narrowing the insurance protection gap in the area at the same time.
In addition, Atome will provide its insurance, cards, and lending products, as well as its Embedded Finance platform in order to give users the capability to access tailored tools as they go through various life stages. The companies will focus on meeting the needs, preferences, and demands of their customers in an ever-evolving market, while also remaining compliant with the regulatory requirements and laws of the local industry. Furthermore, both Atome and Chubb will remain committed to improving the overall financial well-being of clients, as well as increasing digital and financial inclusion through the use of technology.
The second insurance product is entitled Shopping Secure and it is expected to be launched in the second quarter of 2024.
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