CHUBB
Emerging markets and insurance technology adoption One area Chubb excels in is emerging market penetration . This isn ’ t a task for the faint hearted ; companies developing new products in such a space must often be prepared to work with outdated systems and legacy business models before introducing any new products to market .
“ At Chubb , we see emerging markets as a fantastic opportunity – especially Southeast Asia and Latin America . These two territories alone have a combined total population of one billion people , 80 % of which are under the age of 40 and fully digitally engaged through smartphones .”
Lazaro says that , during the pandemic in Southeast Asia , more than 70 million people became digital consumers , therefore , enabling protection solutions for those customers digitally has become an opportunity . Entering into such markets also enables companies to benefit the local populations by reducing the protection gap and providing low cost , easy-access insurance products that previously were not available .
“ There ’ s a protection gap globally – especially in developing economies and emerging markets – of around $ 1.2tn . These markets have low insurance penetration compared to other markets globally ,” says Lazaro , who points out that the pandemic has accelerated digital adoption across all geographies , developed markets and sectors .
“ We are focused on an emerging middle class , small-to-medium companies , gig workers , content creators , Gen Z and Millennials ,” he adds . “ There is a huge opportunity for those across the globe .”
Insurance technologies and the digital ecosystem As part of its digital expansion , Chubb has partnered with a wide range of businesses on a global scale . The insurer provides its innovative services as part of a move to increase embedded product opportunities for agents and brokers .
“ We work with businesses globally , and our goal is to help them to embed insurance offerings into their core products and services ,” says Lazaro . “ This provides peace of mind to the end customer and also helps businesses increase customer loyalty and then support it with new revenue streams .”
As a global company , Chubb offers a turnkey solution by helping its digital distribution partners with regulatory and related elements to make sure they have a successful insurance experience . The teams have broad industry expertise and implement
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