Property & Casualty insurer Chubb has announced the launch of Chubb Studio, a new global digital platform that simplifies and streamlines the distribution of products from insurance. Chubb business partners will be able to quickly add “white label” insurance offers to their existing digital platforms
With the concept of “insurance in a box”, Chubb Studio is a solution for Chubb partners to access a catalog of products and services, as well as offering their clients the possibility of making claims in a 100% digital way, integrated within their own ecosystems and platforms.
Chubb Studio provides access to a wide range of insurance that can be distributed digitally including personal accident, health and life insurance, home or residential, mobile phone, travel, insurance for small and medium-sized businesses focused on digital consumers so that they can enjoy a comprehensive experience where the distribution, quotation, payment and claims management is generated entirely online.
According to Tracxn, there are 4,718 companies operating in the InsurTech space!
“Chubb Studio has significantly improved the speed to market of our insurance to increase the value proposition of our business partners. It offers a secure and scalable digital platform with multiple APIs to simplify the process. What once took months can now be accomplished in days,” says Sean Ringsted, Chief Digital Officer and Chief Risk Officer at Chubb.
“This is what we call ‘insurance in a box’. The new platform offers everything our business partners need, from a website easily adaptable to the brand of our partners, to a ‘plug and play’ widget for mobile applications, as well as web services and cloud APIs for fast, scalable and secure integration. Chubb takes care of the tough stuff like quotes, underwriting, payments, billing and claims processing, while our partners can quickly implement an insurance offering for its customer base digitally, adding value and increasing revenue,” adds Ringsted.
Chubb Studio’s functionalities are based on the company’s digital strategy, focused on finding distribution partnerships with leading brands in Asia, Latin America and Europe. Even before the launch of Chubb Studio, the company already had more than 150 digital distribution partners globally. Additionally, four partnerships announced in the last three years have given the company access to more than 60 million customers in Asia and Latin America.
“Companies of multiple industries and sizes are looking for ways to be relevant and offer a differentiating product and service to their customers digitally,” continued Ringsted. “In that sense, Chubb Studio offers them a simple and easy way to integrate with their ecosystems and technology platforms. The combination of our product portfolio, our underwriting capabilities, customer service and global presence at the local level has given Chubb an unmatched ability to secure, maintain and establish partnerships with leading digital brands,” he says.
Chubb’s business partners, be they digital natives or traditional companies, in multiple industries can use this electronic platform to offer their clients complete insurance products online, whether they are white-label, co-branded or Chubb-branded. The platform’s direct interfaces allow business partners to make their own adjustments in real time, as well as track sales dashboards and review product performance.
“The digital transformation of markets in Latin America and the world accelerated at an unprecedented rate due to the context in which we live. With Chubb Studio, we offer a ‘turnkey’ solution so that companies that share our vision can contextually offer innovative end-to-end protection proposals to their digital clients, within their web pages or mobile applications. In addition, we want to do it in an agile way, that does not consume resources, a secure and scalable solution, offering the best user experience to both our business partner and the end customer. Today, in Latin America, there is no similar insurance offering that unites the excellent technology, product and service that characterizes Chubb on a regional scale,” says Gabriel Lázaro (above), Vice President, Digital, Latin America at Chubb.