Mercado Pago and Chubb launch digital insurance for Mexican SMEs

Mercado Pago has partnered with insurance provider Chubb to launch ‘Seguro de Comercio’, a digital insurance solution specifically designed for entrepreneurs and small to medium-sized enterprises (SMEs) in Mexico. The initiative aims to address a significant gap in the market, as data from the Asociación Mexicana de Instituciones de Seguros (AMIS) indicates that 83% of Mexican SMEs lack insurance coverage.

The product offers monthly protection starting at 55 pesos. Coverage includes risks such as theft, fire, damage to electronic equipment, glass breakage, civil liability, and the theft of tools or merchandise in public spaces. Additionally, the service provides 24/7 assistance for plumbing, electricity, and locksmith emergencies, as well as accounting and tax guidance.

Users can contract the insurance digitally through ‘Mago’, Mercado Pago’s artificial intelligence assistant, without the need for prior inspections. Alessandro Labelli, Director of Insurance for Mercado Pago Mexico, stated that the goal is to reduce historical barriers to insurance access by providing a simple, digital experience that evolves alongside the growing needs of the businesses.