How to enable customer-friendly insurance experiences
By 2026, there will be 7.5 billion smartphone users globally1. Today’s smartphones are literally supercomputers at our fingertips with approximately 100,000 times more computing power2 than Apollo 11, the spaceship that reached the moon. Coupled with rapid digitisation due to the pandemic, the wide usage of the smartphone is unprecedented. Statista’s report showed that the daily time spent on mobile devices will have increased from 132 minutes per day in 2020 to 143 minutes at the end of 20213.
Financial services have been democratised through on-the-go consumption enabling mass market segments in developing economies to benefit from financial inclusion. I have been reading JP Morgan’s report, ‘Payments are eating the world’4, and the data points are mind-boggling. I would like to share some of the insights which will influence the design of insurance offerings so that they are relevant to consumers, anchored around ease of access and payment:
When we look at new possibilities to connect insurance with trends in digital payments, we have pivoted to embrace the following principles:
Chubb aspires to partner with consumer brands which have similar ambitions of thriving in the digital world. We recognise that consumers are embracing digital as integral to their daily life and insurance must be part of it. Ease of access and use (including payment options) will increase financial inclusion for the mass market segment. It is time to exercise the power of the smartphone in your hands.
If you are keen to learn how Chubb can collaborate with you to enable a customer-friendly insurance experience, please contact Serene Neo, Division Head of Accident & Health, at firstname.lastname@example.org or Tulio Puente, Division Head of International Personal Lines, at email@example.com.
10 A super app is a mobile app which offers many services to facilitate a digital lifestyle. It functions like a one-stop portal where users depend on it to run their daily life from ordering food and groceries to booking a ride.
18 The Global Gig Economy: Capitalizing on a ~$500B Opportunity by Mastercard, May 2019, Page 2, https://newsroom.mastercard.com/wp-content/uploads/2019/05/Gig-Economy-White-Paper-May-2019.pdf
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Disclaimer - All contents of this article are intended for general information/guidance purposes only and not intended to be an offer or solicitation of insurance products or personal advice or a recommendation to any individual or business of any product or service. This article should not be relied on for legal advice or policy coverage and cannot be viewed as a substitute to obtaining proper legal or other professional advice, or for reading the policy documents. You should read the policy documents to determine whether any of the insurance product(s) discussed are right for you or your business, noting different limits, exclusions, terms and conditions apply in each country or territory, and not all cover is available in all countries or territories.
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