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By 2026, there will be 7.5 billion smartphone users globally[1]. Today’s smartphones are literally supercomputers at our fingertips with approximately 100,000 times more computing power[2] 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 2021[3].   

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:  

  • Find new business partners: Insurers need to understand how to work with online platforms, eCommerce, super apps and mobile wallets as new business partners. With their access to a large customer base that consumes financial services on-the-go, their protection needs can be triggered on a highly contextual basis. We can then offer relevant and “ad hoc” insurance protection that is connected and relevant to what the consumer is doing. This requires a robust API platform to develop a real-time experience at scale. Chubb invested in and launched Chubb Studio®[17] in 2021 to go-to-market quickly with neobanks, eCommerce platforms, super apps, mobile wallets, airlines and many other tech platforms.
  • Identify new customer segments: Globally, there are new consumer segments – millennials, Gen Z and other digitally savvy consumers - and a growing middle class in developing economies like Latin America and Southeast Asia. The workforce is also changing with the rise of the ‘gig worker.’ This segment is projected to transact more than $450 billion by 2023[18] according to Mastercard. Along with greater flexibility associated with gig economy, there are pain points such as income volatility, safety and medical needs. At Chubb, we have addressed some of these concerns with a specific value proposition. Leveraging data, together with our underwriting expertise, we have become one of the market leaders in partnering with the largest gig platforms to deliver insurance solutions to their driver and delivery partners.
  • Create a ‘wow’ customer experience: Digital engagement is very much about the customer experience. Chubb has a co-creation process with its partners to use design thinking in creating unique solutions for customers. Besides tailoring a relevant insurance product, the end-to-end process through to the claim submission, has to be simple and easy. We have been successful in ‘wowing’ our digital partners, scoring an exceptionally high NPS (Net Promoter Score) compared to traditional channels.
  • Leveraging Data:  For us to apply all of the above principles, we must be ahead in applying data to make the offer relevant to the consumer. Data helps to streamline and optimise offerings in real time and also learn about all the interactions of the customers along their journey. Leveraging revenue maximisation techniques, machine learning and algorithm programs, our data scientists and digital analysts then optimize every customer interaction.

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 serene.neo@chubb.com or Tulio Puente, Division Head of International Personal Lines, at tulio.puente@chubb.com.

Links:

  1. https://www.statista.com/statistics/330695/number-of-smartphone-users-worldwide/
  2. https://www.macobserver.com/link/iphones-processing-apollo-11-computer/
  3. https://www.statista.com/statistics/319732/daily-time-spent-online-device/
  4. https://www.jpmorgan.com/solutions/treasury-payments/payments-are-eating-the-world
  5. https://www.jpmorgan.com/solutions/treasury-payments/payments-are-eating-the-world
  6. https://www.piie.com/research/piie-charts/chinas-tech-crackdown-affects-only-small-share-its-digital-economy-and-total
  7. https://www.iab.com/news/study-finds-internet-economy-grew-seven-times-faster/
  8. https://www.gov.uk/government/news/digital-sector-worth-more-than-400-million-a-day-to-uk-economy
  9. https://www.businesstimes.com.sg/hub/indonesia-76th-independence-day/indonesias-digital-economy-grows-to-us44-billion
  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.
  11. https://www.jpmorgan.com/solutions/treasury-payments/payments-are-eating-the-world
  12. https://www.rapyd.net/blog/the-top-6-super-apps-in-asia-and-what-they-reveal-about-a-global-trend/
  13. https://www.jpmorgan.com/solutions/treasury-payments/payments-are-eating-the-world
  14. http://boku.mobilewallet.report/
  15. https://www.jpmorgan.com/solutions/treasury-payments/payments-are-eating-the-world
  16. https://www.jpmorgan.com/solutions/treasury-payments/payments-are-eating-the-world
  17. https://www.chubb.com/us-en/about-chubb/chubb-studio.html
  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

Disclaimer - The content of the above article is not intended to constitute professional advice. Although all content is believed to be accurate, Chubb Insurance Singapore Limited (Chubb) makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content of this article. Users relying on any content do so at their own risk.

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Partner with us

If you are keen to learn how Chubb can collaborate with you, get in touch with:

Serene Neo
Division Head of Accident & Health
Chubb Singapore
serene.neo@chubb.com

 

Tulio Puente
Division Head of International Personal Lines
Chubb Singapore
tulio.puente@chubb.com