Chubb signed a 10-year strategic cooperation deal with a Chinese insurer that lets it take a deeper dive into China’s market.
The agreement is with PICC Property & Casualty Company of China., and Chubb plans to use its global capacity to help support PICC customers and other Chinese-affiliated companies around the world.
Elements of the deal include plans for Chubb and PICC to launch dedicated underwriting and service centers known as “China Desks” for Chinese-affiliated businesses in Chubb offices around the world. As envisioned, Chubb and PICC will work jointly to insure and service China-affiliated companies overseas, but they’ll also jointly explore other business opportunities. As well, Chubb will help to educate and train PICC employees assigned to the China desks.
Chubb will make its global insurance capabilities available to PICC and its customers. Chinese companies with multinational insurance programs can have their overseas insurance needs serviced through Chubb’s operations in 54 countries and partners in nearly 150 other countries.
This isn’t Chubb’s first China partnership deal by any means. In April 2016, Chubb sealed an agreement with China retailer Suning, giving it access to an online customer base of as much as 240 million people. The companies, in part, are partnering to develop and market personal and commercial general insurance through Suning’s various online platforms.
In September, Chubb inked a multiyear distribution agreement with DBS bank, a financial giant that will give it a deeper market penetration in Asia.