MercadoLibre, an Argentinian-based e-commerce company, has partnered with Brazil-based Prudential International Insurance to offer life insurance products to its shoppers via the Mercado Pago platform.
The partnership means consumers can purchase Prudential’s term life insurance, funeral coverage and accident and health protection as easily as toothpaste. In this way, Prudential gains access to millions of customers who shop on Mercado Libre with a mix of new and existing products that market research has determined they may need.
Federico Spagnoli, regional president for Latin America, International Insurance, said,“By leveraging the Mercado Pago platform, we will reach millions of new mass market consumers…It’s an exciting step forward.”
From the consumer’s perspective, it feels as though they are conducting the entire transaction within the Mercado Pago platform without being redirected to different platforms.
Additional partners in this initiative are reinsurer Swiss Re and Klimber.
Prudential said it has been analysing global shifts in evolving customer needs and how consumers expect and want to be served. The company added this partnership is part of its global strategy to address these changing needs in emerging markets in Latin America.
Spagnoli added, “We want to make sure we are reaching customers in the way they prefer to do business, whether that’s one-on-one with one of our representatives or a fully digital and intuitive experience.
“With Mercado Pago, we’ve made a huge leap that not only allows us to fulfill that goal, but to offer customers the right products at the right price points.”
Prudential is not alone in recognising opportunity in the Latin American insurance market. Stere, a digital ecosystem specialising in capacity sourcing and digital capabilities for embedded insurance partners and MGAs, recently expanded its operations to the Latin American insurance market.
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