Prudential Financial, Inc. has entered a strategic partnership with 123Seguro to bring accident & health, life, and ancillary insurance products to Brazil and Mexico.
The partnership’s initial focus will be on mass-market consumers in Mexico and Brazil, where the demand for life insurance is notably low, with less than 20% of the population covered.
The companies plan to customise insurance products based on the specific needs of each market, ensuring flexibility and relevance to customers. Furthermore, the collaboration is a strategic move to explore opportunities in banks, FinTechs, retailers, and the gig economy.
Prudential and 123Seguro plan to extend this partnership into additional Latin American markets in the future, aiming to raise the standard of protection and service across the region. Their combined expertise and innovation will help millions of Latin Americans access better financial security and insurance products.
Luciana Amano, vice president and head of Partnerships for Prudential’s International Insurance Businesses, highlighted the importance of the partnership, stating, “Less than 20% of Brazil and Mexico’s populations have any form of life insurance. The scale of reach achieved by this new partnership with 123Seguro allows us to help millions more Latin Americans, across all stages of life, achieve greater financial security. Our distribution partners can anticipate a highly differentiated ROI and enhanced customer loyalty by offering innovative products backed by best-in-class customer and claims service.”
Martín Ferrari, CEO and co-founder of 123Seguro, said, “This agreement represents a crucial step in our B2B2C strategy, enabling us to partner with a global company to offer innovative and accessible insurance through alliances with distribution partners in each of our markets. We are excited to be able to complement our portfolio with products of Prudential’s quality and strength.”
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