The CX is paramount in the embedded insurance market, but the Partner Experience (PX) wins alliances
Technology is evolving to not only improve the customer experience but also the partner experience for embedded insurance. Chubb, a leader in P&C insurance, recently added a new capability to its integration platform, Chubb Studio, that is changing the approach to embedded insurance partnerships. Now, rather than partnering with just one partner, Chubb has the ability to support multi-tenant partnerships. To take a closer look at Chubb Studio, we sat down with Sean Ringsted, Chief Digital Business Officer at Chubb, who will also take the stage at ITC DIA Europe 2023!
Sean, why is partner experience (PX) relevant for insurers in embedded insurance?
The traditional embedded insurance relationship is one of the insurer and a sponsor company – retail, e-commerce, digital bank/fintech, travel, etc. The multi-tenant integration opportunity is unique to the industry, and positions insurers as a source of innovation and technological capability to expand embedded insurance to potentially include other complementary services, such as telemedicine, cyber monitoring, etc. in a website or app.
This type of insurance requires the technological capabilities to integrate with sponsor or partner companies, offer speed-to-market advantages, and provide a seamless customer experience. While the customer experience (CX) is paramount, the ability to provide affinity partners and their developers with an ease of integration approach offers a market differentiator as a partner of choice.
The ability to integrate products and services from multiple companies using one technology platform provides significant flexibility and competitive advantages, not only building additional revenue streams but also stronger customer loyalty and stickiness.
What value does Chubb bring regarding PX for embedded insurance?
The technological enhancements applied to Chubb Studio were a direct result of feedback from the digital affinity partners that distribute our insurance. We adjusted the platform to meet the increasingly growing tech capability that needs to help ecosystem partners expand their financial offerings.
Our partners are now able to not only embed our insurance products into their digital ecosystem but also embed insurance products or services from other companies. They can do this without the need to integrate with multiple brands – providing broader options for CX and significant onboarding advantages for the PX.
It’s a one-stop-shop solution for other carriers, super apps, neo banks, e-commerce, and retail companies, among others, that want to offer a full suite of general insurance, life or new mass market products and/or complementary services, such as telemedicine, on their website or app. The ability to serve as a one-stop-shop embedded insurance solution is a north-star aspiration for many carriers and insurtechs. Technology is shifting to focus not only on buying and selling, service and claims but also on the integration process itself.
Where do you see partner experience go? What is the future, also for other insurers?
The next step is to continue to build out capabilities and maximize the use of integration features while minimizing integration costs. Insurers need to continue to innovate products, services and platforms whilst maintaining balance sheet strength, disciplined performance and ROI measurement.
Scalability and penetration in the multi-trillion embedded finance opportunity might be a challenge. But I do see speed to market, security, low-code development, open standards, the ability to quickly adapt to new technologies and an ever-evolving regulatory framework as success factors that will make insurers exceed in the future.
Enough stakeholders play a role in this. Some risks require public-private partnerships. E.g. academia to equip the talent in our industry with the latest AI and advanced computer science and software engineering know-how. Companies from other ecosystems can distribute and make insurance products and services more accessible. Insurtechs can also play a big role by pushing the envelope on the customer experience and driving the pace for the industry.
What is Chubb’s approach to innovation and competing in the digital market?
At Chubb, we have a start-up mindset, but with the financial strength and resources of a best-in-class global enterprise. Chubb’s 100% digital business unit combines our global reach, product breadth, technological capabilities, and underwriting experience allowing us to design tailor-made solutions to fit our affinity partners’ customers’ insurance protection needs, CX expectations and provide a compelling PX.
We are accelerating innovation by evaluating emerging concepts and technology, utilizing data, analytics, AI and machine learning to determine how it benefits customers and helps scale our business. Chubb Studio’s multi-service integration capability strengthens our position as an embedded insurance market leader and positions the company as a partner of choice for digitally native companies around the world.
Our technology is developed in-house by a specialized team that takes a highly collaborative approach to offer seamless and convenient system integration that makes insurance quick and easy. But we also have a rich history of innovating insurance solutions since the 18th century, so we know how to adapt and evolve to compete in the digital market – and do so profitably.
Our value proposition for digital distribution partnerships is built on a combination of art, science and technology with a deep understanding of CX and PX needs and expectations, making Chubb a partner of choice for embedded insurance alliances. We also have a global network of claims professionals who are ready to help when customers need it most.
Who is Chubb?
Chubb is a leading publicly traded P&C insurance company. Their operations span 54 countries and territories. They offer insurance protection to businesses of all sizes, from multinational companies to micro-business. Chubb also serves consumers, providing protection to them, their families and the lifestyles they lead. Chubb is one of the world’s leading personal accident and supplemental health insurance providers.
Chubb has over $200 billion in assets and reported $52.0 billion of gross premiums written in 2022. Chubb’s core operating insurance companies maintain financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best.
Chubb Limited, the parent company of Chubb, 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 34,000 people worldwide.