The future of life insurance: How the "life in life" concept changed Brazil's insurance industry

Claudia Furniel, Gabriel Milanez, Luiza Baffa and Maisa Gennari

This paper explains how Itaú Unibanco, Brazil's largest private bank, changed its life insurance products to focus on benefits in life, rather than after death.

Introduction

In 2016, the life insurance market in Brazil was offering the same products and using the same discourse of the last 70 years. Throughout these decades, the country's economic, social, cultural and political landscape changed meaningfully; Consequently, Brazilians' way of life changed as well. So how could a product shaped by the reality of so many years ago maintain the same relevance in people's lives? Not surprisingly, this market had already shown signs of exhaustion, with products that no longer met user's expectations and, as a consequence, faced high rates of renunciation and discontinuity in their hirings.

In this...

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