Enterprise Tech Ecosystem Series: Chubb
Chubb, a division of Chubb Limited, is a property and casualty insurance company. The company offers personal accident and supplemental health insurance, commercial and personal property and casualty insurance, life insurance, and reinsurance products to a range of clients.
The company serves individuals, SMEs, large corporates, multinational corporations, and affluent and high net worth individuals. It distributes products and services through a network of offices, independent agents, general agents, brokers, and direct marketing. Its personal business lines offer insurance coverage for homeowners; personal accidents; debit, credit, and loyalty cards; supplemental health; travel; critical illness; and life. Its commercial business line offers insurance products for casualty, cyber, energy, fidelity, life science, marine, property, terrorism, construction and erection, machinery, electronic equipment, and more.
This report provides insight into Chubb's fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budgets, and its major ICT contracts.
- Chubb earmarks a substantial IT budget annually focusing on digital innovation and adoption of new technologies. Chubb has deployed digital channels for claims and service and even runs chatbots as virtual assistants for its customers. It has deployed new product platforms like Chubb Marketplace, a digital platform for agents that helps digitize the agent experience in underwriting and sell small business products, while also streamlining the process for small business customers.
- Chubb is exploring Internet of Things (IoT) sensor technology. Its aim is to shift from a “repair and replace” to a “predict and prevent” model. It has partnered with tech vendors to deploy IoT sensors in policyholders’ homes and businesses to capture real-time information that can help in risk management.
- Chubb is tapping the power of data analytics to analyze the data it captures and generate insights. It uses analytics to analyze real-time data of insured property captured by IoT sensors at policyholders’ premises, deriving insights that can help it predict threats and take action to minimize losses. Chubb also uses SAS consumer analytics to better understand customer needs, develop new products that meet evolving customer expectations, and operate in areas where its customers are most likely to benefit.
Reasons to buy
- Learn about Chubb's fintech operations, including investments, product launches, partnerships, and acquisitions.
- Gain insight into its fintech strategies and innovation initiatives.
- Discover which technology themes are under the group's focus.