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 Consumer 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.
14 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
All content in this material is for general information purposes only. It does not constitute personal advice or a recommendation to any individual or business of any product or service. Please refer to the policy documentation issued for full terms and conditions of coverage.
Chubb European Group SE (CEG) is an undertaking governed by the provisions of the French insurance code with registration number 450 327 374 RCS Nanterre. Registered office: La Tour Carpe Diem, 31 Place des Corolles, Esplanade Nord, 92400 Courbevoie, France. CEG has fully paid share capital of €896,176,662. UK business address: 100 Leadenhall Street, London EC3A 3BP. Authorised and supervised by the French Prudential Supervision and Resolution Authority (4, Place de Budapest, CS 92459, 75436 PARIS CEDEX 09) and authorised and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request.
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