The partnership will also launch a marketplace for the digital subscription of all insurance policies in the portfolio. The first insurance available will be health and life protection, travel insurance and dental assistance. Contracting will be simple and can be requested at any Western Union owned store.
José Carlos Macedo, CEO of Ô Insurance, said: “We are an insurtech. Our purpose is to disrupt the insurance market, democratising access. Technology is our ally to expand the reach and offer simple solutions without bureaucracy.”
Seeking to expand offer of products in Brazil
Ricardo Amaral, CEO of Western Union in Brazil, added: “Western Union is globally recognised as a remittance company abroad, but here in Brazil we always seek to expand the offer of products and services to our customers. In addition to remittances and currency exchange, today we are very excited to partner with Ô Insurance, which brings access to insurance products to our customers, reinforcing our commitment to them.”
The strategy is national in Brazil and the expectation is to reach 50,000 customers in the first year.
Brazil has been among the most heavily affected countries in Latin America during the Covid-19 pandemic, and it remains among the top-three worst affected countries globally. Easy access to insurance might be a welcome relief here.