Chubb - Enterprise Tech Ecosystem Series

Chubb - Enterprise Tech Ecosystem Series

Summary

This report provides insight into Chubb’s fintech activities, including its digital transformation strategies, innovation programs, technology initiatives, estimated ICT budget, and major ICT contracts.

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.

Chubb has introduced business service centers in India, located in Hyderabad and Bangalore. The centers will provide support to the company’s global insurance operations, including IT, digital, and analytics. The centers will host over 100 technical professionals with expertise in areas including digital technology, intelligent process automation, data analytics, risk management, and catastrophe modeling.

Initiated in 2013, Chubb Select is an insurance internship program designed for university students in Bermuda. During the 10-week program, interested students looking to build a career in the international insurance industry are provided with hands-on experience across various lines of insurance business.

In July 2018, Chubb launched the Cyber COPE Insurance Certification Program in partnership with Carnegie Mellon University's Heinz College of Information Systems and Public Policy (Heinz College).

Scope

• Chubb is exploring Internet of Things (IoT) sensor technology 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 help with claims assessments and risk management.
• Chubb is tapping the power of data analytics to analyze data and generate insights. It analyzes real-time data of insured property captured by IoT sensors, deriving insights that can help it predict threats and take action to minimize losses. Chubb also uses SAS consumer analytics to develop new products that meet evolving customer expectations.
• Chubb is utilizing AI and robotic process automation to improve operational efficiencies and reduce back-office expenses. It aims to achieve over $500 million in savings by 2023 by eliminating redundant and low-priority tasks.
• Chubb is creating new revenue distribution channels to sell its digital products direct to customers and via partners and brokers.
• Chubb has deployed digital channels for claims and service and also employs chatbots as virtual assistants for its customers. It has implemented a payment system that enables it to process claims payments, loans, and withdrawal requests in real time.

• Gain insights into Chubb’s tech operations.
• Gain insights into its digital strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into its various product launches, partnerships, and investment and acquisition strategies.