Chubb: Changing the insurance industry around the world

Chubb is driving digital transformation in the major insurance market.

Insurance is a global provider of property and casualty, accident and health, reinsurance, and life insurance worldwide.

Gabriel Lazaro is the Digital Director of Chubb’s global insurance business – a role that sees him based in Singapore, and responsible for the success and growth of digital businesses in Latin America, Europe, the Middle East and Asia Pacific. Lazarus works with buyers and digital teams around the world to grow Chubb’s distribution through digital partnerships.

“We create new insurance products and value propositions. These include claims and technology to make the customer experience more comfortable,” says Lazarus, who spent 12 years in the startup and mobile industry, before joining AIG as Head of Digital for Emerging Markets. This led to his move to Chubb in 2016, where he now oversees digital insurance product distribution and business development for companies in 51 countries and territories.

The nature of development is integration

With a global presence of local offices in 54 countries and territories, Chubb has a strong reputation in the market. It is known for its quality writing, risk engineering, and billing services, as well as its approach to digital transformation.

The size of the company is amazing. Chubb has approximately 34,000 employees worldwide. In 2021, the company reported $47bn in Gross Written Premiums (GWP) and currently has assets of around $200bn.

However, despite its large size, taking care of its people is “the most important thing”, says Lazarus, who speaks of his team with pride.

He added: “I like to encourage people to become better translators.” To do this, I need to provide a clear vision to ensure that everyone is aligned and moving towards a common goal. “

Empowering the workforce is also important, he says. “It’s important to empower people to show their potential. Another part of my passion is doing it and delivering tangible results. At Chubb, we’re a team of diverse professionals. There’s an entrepreneurial spirit throughout the organization with a can-do attitude and we do our work with precision and speed.” .”

Driving digital transformation in emerging markets

Although the company has been focusing on digital marketing and services, many recent changes have been implemented to expand and engage consumers.

“We have always focused on expanding our digital business and services through partnerships using a B2B2C model,” says Lazarus. “Creating unique value propositions and sustainable experiences across platforms and ecosystems is critical. We have nearly 200 digital partners worldwide, in finance, e-commerce, luxury software and major airlines. This digital distribution partnership gives us market access to more than 300 customers million, most of them in Latin America and Asia, who view our products through our digital sharing company platforms.

As Chubb focuses on its digital transformation journey and the penetration and development of emerging markets, the organization has also created a platform called Chubb Studio that enables it to provide API technologies to connect with its partners in the long term. By embedding Chubb’s products in its partners’ ecosystems, the company is able to provide customers with sustainable insurance with ease. To date, more than 19 million points have been sold per team through Chubb Studio.

According to Lazarus, technology has given Chubb a competitive advantage over other retail players. “It’s a cloud-based, easy-to-use API platform that empowers our businesses and relationships while helping us connect with our digital partners. We can create content on their platforms in a simple and fast way, pulling our digital content, content and work experience into one place.” .”

“It provides an opportunity because, as a global platform, every time we integrate a new market or product, our partners can benefit from the offerings we’ve added.

Emerging markets and adoption of insurance technology

One area where Chubb is doing well is entering the emerging market. This is not a job for the faint of heart; companies developing new products in such an environment often have to be willing to work with old systems and old business methods before bringing new products to market.

“At Chubb, we see emerging markets as the best opportunities – especially Southeast Asia and Latin America. These two regions alone have a population of one billion people, 80% of whom are under the age of 40 and use computers through smartphones. hands.”

Lazarus says that, during the pandemic in Southeast Asia, more than 70 million people became digital consumers, therefore, ways to protect their customers digitally has become an advantage. Entering such markets also allows companies to benefit from local communities by reducing the coverage gap and providing affordable, easy-to-find insurance that was previously unavailable.

“There is a global security gap – especially in developing countries and emerging markets – of about $1.2tn. These markets have lower insurance coverage than other markets around the world,” says Lazarus, who says the epidemic has increased digital adoption across the board. . everything regions, developed markets and sectors.

“We focus on emerging companies, small to mid-sized companies, gig workers, creatives, Gen Z and Millennials,” he adds. “There is a huge opportunity for them all over the world.”

Insurance technology is a digital ecosystem

As part of its digital growth, Chubb has partnered with various businesses around the world. The insurer offers its new services as part of expanding its product offering to agents and brokers.

“We work with businesses all over the world, and our goal is to help them insure their products and services,” says Lazarus. “This gives peace of mind to end customers and helps businesses increase customer loyalty and help them with new revenue streams.”

As a global company, Chubb offers a turnkey solution to support digital shareholders with regulatory and compliance products to ensure successful insurance coverage. These groups have extensive expertise in the industry and use of digital insurance in banking, fintechs, software, ecommerce, travel companies, travel, network operators and more.

Lazarus Group has partnered with Grab, Southeast Asia’s leading superapp for transportation, food delivery and digital payment services, to offer Grab users a new insurance option called Ride Cover.

Ride Cover provides accident insurance for Grab passengers and refunds the voucher in the event of a delayed pick-up. Available in Singapore, Malaysia, Indonesia, Vietnam, the Philippines and Thailand, Ride Cover is included in the ride booking process for passengers in the Grab App. For a very low fee (eg S$0.30 in Singapore), passengers are offered a paid service and additional protection in the event of an accident.

They have also partnered with other experts such as NuBank, the largest neobank in Latin America, to launch digital life insurance integrated into the banking software. “Together with Nubank, we created a customer-friendly insurance with a flexible product and a price that suits the emerging Latin American population. It was reported that, in the first year, we sold more than half a million insurances, more than half of those who bought the product said it was the first insurance that took it,” he says.

Other partners include Dacadoo and Betterfly, as well as other major players in Latin America, Korea, and Southeast Asia, all creating additional services for users that go beyond traditional insurance. “We like to create together to achieve these special events,” says Lazarus. “One of our greatest strengths is that, as a global company, we partner with companies that have a vision that goes beyond their unique markets.”

Lazarus says Chubb creates unique ideas – from sales to experiences. “We see everything as a whole. We are proud of our journey and cooperation with the best partners that we have. It has helped us to improve our work from the modern and the modern.”

The growth of employment in the epidemic

Like many sponsors, Chubb’s digital business grew during the pandemic as demand for digital services skyrocketed. “For us, especially in the digital space, it’s had a positive impact on adoption,” says Lazarus. “We launched Chubb Studio in the midst of this pandemic, and we will continue to expand our capabilities through the platform to make connecting with our partners easier.”

Lazarus says that, when it comes to claims and services, Chubb is working to create frictionless customer journeys, improving the overall experience to make claims as easy, simple and as few clicks as possible. These additions will be made possible by new technologies that the insurance giant is investing in.

“In terms of the technology we’re investing in, data analysis and figuring out how to take advantage of the information we’ve collected ourselves through our partners, this knowledge will help us work together with the production engines and create, on a larger scale, the most valuable offerings that partners can provide to users.

The goal, he says, is to provide the right medicine to the right partner at the right time.

The future of insurance

Affiliated products are, in Lazarus’ eyes, the future of the insurance industry – although they are also important in other sectors. Point of Sale offerings, he reiterates, provide new and important opportunities for insurers seeking to expand their sales and services.

“Chubb was one of the pioneers of integrated insurance, through aviation many years ago. Then we expanded the cooperation with companies of high cost, advanced software, and fintech. We are leaders in other markets and regions, in terms of volume and experience .”

“We truly believe that integrated insurance provides a way for any platform to provide the insurance they need to their customers with ease. With just one click, we can increase protection for customers and create additional sources of income for our partners. It’s a win-win.”

It is this connection that will lead to a smaller margin of safety for end customers – especially those in emerging markets, which, says Lazarus, is the main goal. “I strongly believe that we have a once-in-a-lifetime opportunity. There are more than four billion people connected to the Internet right now, and the digital economy, through collaboration and creation, will be worth trillions of dollars.

“It’s inspiring to lead this journey.”