Atome Ties up With Chubb to Roll out BNPL Insurance for Its SE Asian Users – Fintech Singapore

Buy Now, Pay Later (BNPL) firm Atome has teamed up with Chubb to co-create insurance products for its customer base across Singapore, Malaysia, the Philippines, and Indonesia.

The initiative kicks off with the launch of “Bill Secure,” an insurance offering currently available in Singapore and set to expand to Malaysia later in the month.

Designed for consumers utilising “buy now, pay later” services, Bill Secure provides coverage of up to five times the transaction amount in cases of permanent disability or accidental death.

This ensures that the insured or their next-of-kin can settle any outstanding payments for purchased items, with any excess payout going to the insured’s estate.

A second product, named “Shopping Secure,” is slated for release in the second quarter of the year, aiming to further extend consumer protection measures.

Ben Howell

Ben Howell, Regional Head of Consumer for Asia Pacific, Chubb said,

“Chubb is committed to broadening consumer protection by introducing relevant, convenient and affordable insurance solutions digitally that protect consumers and their livelihoods.

With Atome, we are leveraging technology to enable individuals and their families in Southeast Asia to access essential protection, helping to narrow the insurance protection gap in Southeast Asia.”

Bernard Chan

Bernard Chan, Chief Operating Officer, Atome said,

“Whether it’s embedded financing, or now embedded insurance, our goal is to empower our millions of users by offering tailored products as they journey through different life stages, leveraging our unique expertise in risk-managed credit and responsible financing.

Our shared approach with Chubb is another example of our commitment to enhance the overall financial well-being of our customers, and our overall mission of increasing digital and financial inclusion through technology.”

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• Source: https://fintechnews.sg/93434/insurtech/atome-ties-up-with-chubb-to-roll-out-bnpl-insurance-for-its-se-asian-users/