What did we learn from the research?
Chubb collaborated with Accenture to survey 1,350 business professionals and executives of small and mid-sized businesses from nine markets (Australia, Brazil, Canada, Colombia, France, Japan, Mexico, the United Kingdom, and the United States) to learn how they're navigating the digital landscape — and the results are potentially even more relevant now. We've analysed how you can help your clients navigate the new risks they may not even know exist.
86%
86% of businesses know their success will be affected by providing seamless, on-demand customer experiences.
# 1
Adopting cloud is the top current priority for improving processes or scaling their business.
77%
77% are focused on providing flexible, remote work solutions.
53%
53% say their greatest technological challenge is AI implementation in objects.
41%
41% are prioritising offering products or services internationally, leaving room for opportunity.
Dive into the research
Your clients are likely already adopting more technology in order to stay competitive. Take advantage of all the materials we've created, so you're prepared to discuss the risks and recommend the right solutions for your small and mid-sized business clients.
Watch our webinar
We hosted a conversation and live Q&A with specialists from Chubb and Accenture about how you can use the research to support your clients.
1. The customer is (still) always right
Customers expect businesses to adapt to their needs and provide seamless, on-demand experiences. 86% of business owners reported that their success is likely to be affected by:
- Meeting customer demands for customised products and services
- Fulfilling customer expectations at any time, from any location
- Ensuring their offerings are suitable for multiple generations of customers
2. There’s a data knowledge gap
It’s no secret that smart use of data holds the key to unlocking new business opportunities. But even though business owners know this, and they’ve implemented the technology into their operations, they’re not all aware of the risks.
- 80% of business owners see the cloud as critical to success, and 70% say it has the greatest implementation in their companies compared to other data-focused technology.
- 76% feel AI is crucial technology. However, full implementation is only at 21%, which leaves ample room for opportunity.
This knowledge gap presents a significant risk, as businesses try to keep up with technologies they don’t fully understand. If this leads to problems such as vulnerable data storage, businesses may find themselves exposed to cyber attacks and more.
3. Skilled employees demand flexibility
84% of business owners recognise a workforce with new technological capabilities and skills as essential to future success, making it the highest priority in terms of staffing. However, attracting these employees and catering to different generational groups within a varied workforce can present significant challenges.
While the workforce has already shifted expectations to demand a new level of flexibility, including remote work options, businesses revealed that providing flexible work solutions is one of their greatest challenges (32%) — but also one of their top-two priorities.
However, there are risks that come with this approach, particularly since businesses end up with less control over when, where and how their workforces are operating.
4. Fewer barriers means more collaboration
Not every small or mid-sized business has its sights set on conquering the world, but all of them can benefit from collaboration.
No matter whether that’s with a partner from a neighboring city or the other side of the world, 72% of business owners consider collaboration with large commercial and social platforms a key driver of future success, particularly in relation to data and technology.
At the same time, it’s one of their greatest challenges (44%). And introducing data and technology into existing relationships can lead to vulnerabilities and digital security risks, creating a need for comprehensive coverage.
How to help your clients
With the right strategies and resources, you're in the perfect position to help your small and mid-sized business clients navigate the challenges of growing and protecting their digital business. With Chubb on your side, you can:
Resource hub
We have created a suite of resources for you to use to help explain to your clients the risks of today's evolving digital landscape — and how you can help keep them protected. To make it easy, all of the materials are available here, so you can download or share them from one place.
Launch-in-a-box
Research materials
Trend videos to share on social media
At Chubb, our focus is your success
And we have the experience and stability to back it up
We know that it can be difficult to stay on top of the evolving risks that your clients face. As the world's largest publicly traded property and casualty insurer with more than $188 billion in assets, we're able to stay on top of the risks first — oftentimes before an incident occurs. That puts us in a position to support you with research and information, but also tailored solutions that can help you sell with confidence.
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