Property and casualty insurer Chubb has formed a digital alliance with Betterfly, a Latin America-based digital benefits platform used by companies to encourage employee commitment to self-care.
Betterfly has developed an embedded insurance B2B2C model. Integrated with apps like Google Fit, Apple Health, and Strava, the Betterfly platform tracks members’ activities and rewards healthy habits, such as walking, exercising, sleeping, and meditation, with “Better Coins” that can be exchanged for charitable donations, lifestyle rewards, and increased life insurance coverage.
The InsurTech startup closed a $60m Series B round just six months after its former round, in June this year.
With Chubb as its preferred insurance provider for Mexico, Colombia, Ecuador, Chile and Argentina, Betterfly’s membership and benefits platform will be available to its consumer line insureds in these countries through existing distribution channels.
Chubb’s global digital product distribution platform, Chubb Studio, allows business partners to quickly and easily add “white label” insurance offers to their existing digital platforms, with significant speed-to-market capabilities. Additionally, it provides a secure and scalable platform with multiple APIs to simplify the process.
At a time when most people in Latin America do not have life insurance coverage (according to a Swiss Re Institute Report from October 2020), Betterfly said it is making it easier and more affordable for individuals and companies in Latin America to access financial, insurance, and lifestyle benefits.
Eduardo della Maggiora, founder and CEO of Betterfly, said, “We are thrilled to start working together with Chubb to bring our Betterfly Effect to every corner of Latin America.
“This alliance combines Chubb’s global expertise in risk management, data analytics, and superior claims service with our AI-based customer behavioural science to complement our prevention, protection, and purpose solutions. This is a huge step towards scaling our platform throughout the region and to our vision of protecting the future of 100 million people by 2025.”
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