Chubb inks 15-year distribution deal with Banco de Chile
Insurer Chubb has entered into a 15-year life and general insurance distribution agreement with Banco de Chile, the largest bank based in Chile, to further expand its presence in the Latin American market.
Under the agreement, Chubb will distribute its life and general insurance products including credit life, home and fire, theft/personal protection, personal accident, supplemental health, travel and a variety of commercial products, on an exclusive basis in Chile through Banco de Chile's multiple channels. The insurer will also roll out new products over time.
Banco de Chile will distribute Chubb's insurance products through its wholly owned captive broker. Based in Santiago, Banco de Chile has nearly 400 branches and serves more than 2 million customers across the country.
"For Chubb, our long-term agreement with Banco de Chile is a significant opportunity to partner with Chile's leading financial institution and provide our extensive product and service capabilities to meet the needs of their clients," said Evan Greenberg, chairman and chief executive officer of Chubb.
"This partnership will meaningfully increase Chubb's already significant presence in Chile and in the important region of Latin America. Similar to other strategic relationships, our partnership with Banco de Chile significantly extends our distribution in Chile, enabling us to reach and serve millions of new customers, including in digitally advanced ways," Greenberg added.
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