Incumbent insurers are not typically known to be earlier adopters of new technologies and products. But as insurtech continues to challenge the status quo and grow its footprint, incumbents will need to adapt in order to attract younger customers.

Insurtechs often offer more innovative products and services compared to incumbents but do not have the same levels of visibility compared to their larger counterparts. According to GlobalData’s 2020 UK SME Insurance Survey and UK Insurance Consumer Survey, very few businesses and consumers have heard about leading insurtechs like Zego, Tapoly, and By Miles. This limits the market reach and penetration that their new products and offerings can achieve.

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insurtech footprint

Incumbents therefore have an opportunity to develop their own innovative offerings that should see more traction due to the wider footprint and reputations that these long-established insurance companies have in the market.

Chubb recently launched its own proposition aimed at digitally savvy consumers. Branded as Chubb Blink, it is a fully digital offering that allows customers to pick and choose the policies they need. Initially, only personal cyber insurance is available, but Chubb plans to release sick pay, travel, and life insurance, among others, at a later date. Customers can select all applicable cover options for them, and these are then contained within one policy.

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The insurer also partnered with AXA to release a digital insurance platform for SMEs based in France. Businesses can compare different prices and levels of cover and also get assistance from an insurance specialist if needed.

These steps to implement its own innovative, digital offerings will help Chubb navigate changing consumer expectations regarding insurance products. It also gives the incumbent an offering that will directly compete with those deployed by insurtech wanting to carve out their own market share and increase footprint.