Prudential Financial, Inc. has entered into a strategic partnership with 123Segro to provide accident, health, life and ancillary insurance products to Brazil and Mexico.
The partnership’s initial focus will be on mass consumers in Mexico and Brazil, where demand for life insurance is significantly lower and less than 20% of the population is covered.
The companies plan to customize insurance products based on the specific needs of each market, ensuring flexibility and relevance to customers. Additionally, this partnership is a strategic move to explore opportunities in banks, fintechs, retailers, and the gig economy.
Prudential and 123 Seguro plan to extend this partnership further into the Latin American market in the future, with the aim of improving the standards of protection and services throughout the region. Their combined expertise and innovation will give millions of Latin Americans access to better financial security and insurance products.
“Less than 20% of the population in Brazil and Mexico have some form of life insurance,” said Luciana Amano, Prudential’s head of international insurance business partnerships and vice president. Our scale allows us to help millions more Latin Americans at every stage of life achieve greater financial security. Our distribution partners are backed by best-in-class customer and claims service. By offering innovative products that are unique to our customers, we can expect highly differentiated ROI and increased customer loyalty.”
Martin Ferrari, CEO and co-founder of 123 Seguro, said: “This agreement represents an important step in our B2B2C strategy, as we partner with a global company to partner with distribution partners in each market. “We will be able to provide innovative and accessible insurance through this program.” We are excited to complement our portfolio with products of Prudential’s quality and strength. ”
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