Chubb is debuting a global platform designed to simplify and streamline the distribution of its insurance products through partners’ digital channels globally. The company refers to the offerings as “insurance in a box.”
Dubbed Chubb Studio, the platform is designed to enable Chubb’s partners in retail, e-commerce, banking, fintech, airline, telecommunications and other industries to add digital insurance options to their own product and service offerings.
“Chubb Studio provides significant speed-to-market for our partners and offers a secure and scalable platform with multiple APIs [application program interfaces] to simplify the process. What once took months can now be accomplished in days,” Sean Ringsted, Chief Digital Officer and Chief Risk Officer at Chubb, said in prepared remarks. “It’s what we call ‘insurance in a box.’ Chubb handles the insurance stuff such as underwriting and claims that is then digitally wrapped by Chubb Studio, allowing partners to rapidly deploy insurance solutions to their customer base. The new platform provides a full range of integration options for our partner companies – from a website to a widget to deeper in-path deployments.”
The insurer explained Chubb Studio is designed to provide partner companies with digital access to its consumer insurance products including personal accident, supplemental health and life, residential and contents, mobile phone and travel as well as small business insurance, customer services and claims.
The capabilities of Chubb Studio build on the success of Chubb’s digital strategy to forge distribution partnerships with leading brands globally, the insurer said. Before the launch of Chubb Studio, the company had more than 150 distribution partnerships globally. Four partnerships announced in the last three years alone have given the company access to more than 60 million customers in Asia and Latin America, Chubb said.