Chubb Finds Small and Mid-Sized Businesses Eager to Do Business Digitally, but Face Risks and Uncertainty in the Current Environment

Findings in a new report point to increased digital priorities for small and mid-sized business leaders, but a lack of understanding and preparedness for corresponding digital risks

News provided by

Chubb

Dec 01, 2020, 10:27 ET

WHITEHOUSE STATION, N.J., Dec. 1, 2020 /PRNewswire/ -- Chubb announced a new report, "Digital Business Accelerated," which explores how small and mid-sized businesses are approaching an evolving, digital-first marketplace – a transformation made all the more critical by COVID-19.

The report features survey research, fielded in collaboration with Accenture, which identifies four trends that small and mid-sized businesses are pursuing when it comes to their digital transformation, including navigating digital-first communication, harnessing the power of data, supporting a transformed workforce and playing in the global marketplace.

"The findings are more relevant than ever in the current pandemic environment," said Michelle McLaughlin, Chief Underwriting Officer for Chubb North America retail commercial property and casualty insurance division. "Small and mid-sized businesses were already catching up with their larger counterparts when it comes to digital transformation. COVID-19 only accelerated that transition. As businesses' digital capabilities grow, so too do their risk exposures—from elevated cyber security vulnerabilities to the need for umbrella excess casualty coverage. Understanding the intersection between reward and risk is essential for businesses if they want to take advantage of the opportunities ahead."

Specific digital business priorities and associated risks among the four themes include:

Digital-first communication: approximately half of the respondents are focusing on seamless on-demand delivery of products and prioritizing tailored products and services that meet the needs of multiple generations (45% and 46%, respectively);
Harnessing the power of data: adopting cloud technology is the top priority for businesses today. Looking ahead, 75% say investing in AI is their top three-year priority;
Supporting a transformed workforce: businesses are prioritizing the development of new technology capabilities and skills among employees—both over the next 12 and 36 months; and,
Thriving in the global market -- organizations are pursuing opportunities to collaborate with large commercial players and social platforms in the short- and long-term.

Jim Bramblet, Insurance lead for North America at Accenture, said, "Insurers, like Chubb, will be helping their small and medium-sized enterprise customers navigate a new risk landscape, with the pandemic accelerating digital disruption and the need to meet new customer expectations. Small and medium-sized enterprises will look to embrace data and technology in order to grow, create meaningful customer communications, operate more efficiently and become more flexible and resilient with digital processes and services. We're thrilled to be collaborating with Chubb on new insights to support small and medium-sized enterprises in a fast-evolving, digital future."

To learn more about the report and how small and mid-sized businesses can assess their new digital business risk exposures and insurance needs, visit chubb.com/digitalbusiness/na.

About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 33,000 people worldwide. Additional information can be found at: www.chubb.com.

SOURCE Chubb