Chubb report reveals the risk and uncertainty faced by SMEs as they increasingly conduct business digitally

HONG KONG SAR - Media OutReach - 9 June 2021 - Chubb launched a report - "Digital Business Accelerated," which explores how increased digitalisation impacts small and mid-sized businesses and the emerging risks in digital transformation – a transition that has accelerated in the wake of COVID-19. Chubb partnered with Accenture to survey small and mid-sized businesses in nine markets around the world.

Chubb partnered with Accenture to survey small and mid-sized businesses in nine markets around the world. Througha survey of 1,350 respondents across diverse industries, the results revealedfour mega-trends that impactbusinesses pursuing digital transformation. These trends are:

  • Navigating digital-first communications: approximately half of the respondents are focusing on seamless on-demand delivery of products and prioritising tailored products and services that meet the needs of multiple generations.
  • Harnessing the power of data: adopting artificial intelligence technology, cloud and big data are the top three-year priorities for businesses today.
  • Supporting a transformed workforce: businesses are prioritising the development of new technology capabilities and skills among employees amidst increasing competition to hire and retain workers with the relevant skills.
  • Thriving in the global market: 41% are prioritising offering products or services internationally.

"The global pandemic has forced many businesses to accelerate their dependence on digital and pivot their operations," said Doug White, President of Chubb's general insurance business in Hong Kong & Macau. "Digital has changed from being a driver for growth and/or efficiency to becoming a lifeline for all types of businesses. Yet digitalisation comes with significant risks like increased cyber security threats to additional liability challenges. Chubb will work alongside with SMEs to provide the advice and protection they will need to build resilient digital businesses."

To learn more about the report and how small and mid-sized businesses can assess their new digital business risk exposures and insurance needs, please visit chubb.com/digitalbusiness/hk.

About Chubb

Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited 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 more than 30,000 people worldwide.

With both general and life insurance operations, Chubb has been present in Hong Kong SAR for more than 90 years via acquisitions by its predecessor companies. Its general insurance operation in Hong Kong SAR (Chubb Insurance Hong Kong Limited) is a niche and specialist general insurer offering products such as property, casualty, marine, financial lines and consumer lines designed for large corporates, midsized commercial & small business enterprises as well as retail customers. The AA- long term insurer financial strength and counterparty credit ratings by Standard & Poor's are indicative of the company's strong capitalisation. Over the years, the company has built strong client relationships by being consistent and responsive, by offering market leading claims services and innovative products, and providing market leadership built on financial strength.

Additional information can be found at: www.chubb.com/hk.

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