Singapore – Insurance company Chubb and buy now, pay later platform Atome have announced a regional partnership to help drive consumer protection across Southeast Asia. Saod partnership will enable both companies to co-create a range of insurance products available to Atome’s customers in Singapore, Malaysia, the Philippines and Indonesia.
The first insurance product, ‘Bill Secure,’ is available in Singapore and will be rolled out in Malaysia later this month. Targeted at consumers using buy now, pay later services, ‘Bill Secure’ covers up to five times the transaction amount of the purchase price in the event of permanent disability or accidental death.
Moreover, the claims payout enables the insured or their next-of-kin to settle the payment of the purchased item while the remaining balance goes to the insured or their estate.
Atome and Chubb will launch a second insurance product, Shopping Secure, in the second quarter of this year.
Ben Howell, regional head of consumer for Asia-Pacific at 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.”
Meanwhile, Bernard Chan, chief operating officer at Atome, commented, “Atome started as a buy now, pay later and embedded financing platform. Today, we have grown to become a digital financial services platform that also includes insurance, cards and lending in various markets.”
He added, “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.”
