Rappi, the Latin American SuperApp, and Chubb, the world's largest publicly traded property and casualty insurer, announced the expansion of their alliance to co-create customized digital insurance offerings for the SuperApp’s millions of users across the region. The announcement was made during Web Summit 2021, Europe's largest technology conference, in Lisbon, Portugal.
In this new phase of the alliance, the companies will work together to co-create innovative and customized products for users of RappiBank and RappiTravel, two of the SuperApp’s multi-service verticals. Earlier this year in Mexico, Rappi and Chubb introduced insurance products and services for mobile phone theft or damage protection, coverage for fraudulent internet purchases and identity theft, and home insurance and contents protection.
The expanded alliance brings together Chubb’s industry-leading digital integration capabilities and Rappi’s deep behavioral customer research and machine learning models to enable a new co-creation process for developing customized digital insurance products to meet the needs of Rappi users. The process will utilize artificial intelligence (AI) teams to support short- and long-term operations and strategies. It will also leverage the digital integration capabilities of Chubb Studio, Chubb’s global digital product distribution platform.
With this alliance, Rappi’s customers will have access to tailor-made insurance products through an intuitive, user-friendly experience, where quotes, bill payment and account management are transacted digitally.
"Rappi is excited to broaden its insurance partnership with Chubb," said Juan Pablo Ortega, Co-Founder of Rappi and Head of RappiBank. "This allows us to combine Chubb’s expertise in risk-management, data analytics and superior claims service with our AI-based customer knowledge and acclaimed user interface to develop customized insurance offers. And as we scale, we’re making insurance protection more accessible and inclusive for our Latin American customers."
“At Chubb, we are proud to provide an optimized experience that allows customers to select the protections they choose in an easy and intuitive way, with just a few clicks,” said Marcos Gunn, Senior Vice President, Chubb Group and Regional President, Latin America. “We look forward to further integrating our cutting-edge risk management solutions into Rappi’s multi-service digital ecosystem to bring innovative insurance products to market."
Rappi's financial services arm, RappiBank, was launched earlier this year and, in just a few months, over two million users in five countries have applied for its credit cards.
Additionally, as an AI-driven company, this growth is supported by machine learning-based risk models, which gather information from Rappi and its partners across the continent. RappiBank, with the support of its large customer base and AI-capabilities, aims to provide the best financial products in Latin America. The bank has been winning over digital natives in Latin America, focusing on full app-based services, low fees, and simplicity to promote its products.
Chubb’s technology, analytics and data capabilities provide its global partners and their customers with a seamless experience. These capabilities are not only being utilized in Latin America with partners like Rappi, but also in other regions around the world including Asia and Europe. Specifically, Chubb’s global digital product distribution platform, Chubb Studio, allows business partners to quickly and easily add “white label” insurance offers to their existing digital platforms, with significant speed-to-market capabilities. Additionally, it offers a secure and scalable platform with multiple APIs to simplify the process. The platform enables Chubb’s partners in retail, e-commerce, banking, fintech, airline, telecommunications, and other industries to add digital insurance options to their own product and service offerings, as well as the ability for their customers to submit claims 100% digitally, within their own ecosystems and platforms.