News Release

Chubb report reveals the risk and uncertainty faced by small and mid-sized businesses as they increasingly conduct business digitally
Oct 5, 2021

KUALA LUMPUR, 5 October 2021 - Chubb has released a new report, "Digital Business Accelerated," which explores how small and mid-sized businesses are managing their 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 and the results revealed four mega-trends that impact businesses pursuing digital transformation. Specific digital business priorities and associated risks among the four trends include:

 

•             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.

 

“In order to stay afloat in the new normal, SMEs have had no choice but to pivot their businesses digitally, and innovate with agility,” said Steve Crouch, Country President of Chubb Insurance Malaysia Berhad. “Although Malaysia is not one of the nine markets surveyed, the business priorities and trends derived from the survey are still very much applicable to the local market. For instance, increasing cloud adoption has been an integral part of the Malaysia Digital Economy blueprint[1], and with more business leaders realising the critical importance of a digital and cloud-first strategy today, it is projected that 80% of firms will be expanding their digitalisation efforts by the end of 2021[2]. While SMEs continue to survive and thrive with greater cloud adoption and government incentives to digitise, this also exposes them to increased cyber security threats and additional liability challenges. Chubb has extensive knowledge of these exposures which SMEs face as they transform digitally and is well-positioned to partner Malaysian businesses as they navigate the uncertain future,” he added.

 

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

 

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 approximately 31,000 people worldwide.

Chubb’s operation in Malaysia (Chubb Insurance Malaysia Berhad) provides a comprehensive range of general insurance solutions for individuals, families and businesses, both large and small through a multitude of distribution channels. With a strong underwriting culture, the company offers responsive service and market leadership built on financial strength. Chubb in Malaysia has an extensive branch network and more than 2,600 independent distribution partners (agents).

 

 Media Contact

April Lim
Phone: +603 2058 3315
Email: april.lim@chubb.com