US-based insurance firm Chubb has signed a 15-year distribution agreement with Banco de Chile, the largest bank based in Chile.
Under the terms of the agreement, Chubb will distribute its life insurance products on an exclusive basis in Chile through Banco de Chile’s channels; including in-branch, automated teller machines, direct marketing and digital operations, subject to regulatory approvals.
Banco de Chile will also distribute Chubb’s insurance products through its wholly-owned captive broker.
Evan Greenberg, chairman and chief executive of Chubb, said: “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.”
Chubb will have exclusive rights to sell insurance products currently distributed by Banco de Chile, including credit life, home and fire, theft/personal protection, personal accident, supplemental health, travel and a variety of commercial products.
The insurance firm will also roll out new products within the next few years.