Chubb’s B2B2C E-Commerce Digital Insurance Qorus Innovation in Insurance Awards 2024 - Winner

Through an extensive process of joint experiments with e-commerce companies, Chubb has designed a suite of digital products and services that are bespoke to the unique needs of the retail and e-commerce vertical sector. One-click insurance offers are attached to an e-commerce transaction, with a frictionless purchase and claims process.

Chubb’s product breadth spans several e-commerce marketplace categories, from covering damage (e.g., gadgets, home appliances, fashion, beauty) to their finance ecosystem (e.g., cyber, loan/BNPL coverage) to logistics (e.g., damage during delivery) and many others. Combined with Chubb’s technological capabilities to integrate digital insurance quickly and easily into our partner’s digital ecosystem – a market differentiator.

Based on a recent global Chubb survey of e-consumers and e-sellers, shopping is fraught with challenges. Three-fourths of respondents (75%) have experienced financial fraud, 61% have experienced delays in deliveries, 55% lost payments due to glitches in the purchasing process and 42% report that they have frequently received damaged items. A majority (70%) of consumers surveyed say having greater insurance protection would increase their confidence in making online purchases.

Chubb’s breadth of products and integration capabilities have forged partnerships with some of the largest e-commerce players in Asia, Latin America, North America and Europe. The digital insurance protections offered by each e-commerce partner are created using a co-design philosophy, with a product mix customized to each partner’s needs.

In today’s era of a borderless world, e-commerce platforms are aggressively expanding their cross-border businesses. For example, Chinese commodities have gained popularity spanning across Korea, Southeast Asia and all the way to Latin America. Chubb has a geographic footprint in 54 countries and territories around the world and is well-positioned to support these ventures with B2B2C digital insurance protection e.g., a partnership that commenced in Asia has now expanded to Latin America.

Insurance protection propositions are even more meaningful for consumers, sellers and platforms transacting digitally across borders due to amplified pain points, as compared those experienced for domestic transactions. For platforms and retailers, it provides not only added-value, customer loyalty and trust, but also creates an additive revenue stream.