Chubb CEO Greenberg sees “tremendous opportunity” in middle market, SMEs
Property/casualty insurer Chubb is targeting major growth opportunities in the global middle market and small commercial business sector, CEO Evan Greenberg said in a letter to shareholders.
“We have a tremendous opportunity to grow our $8.9 billion worldwide middle market and small commercial businesses, which are also at the core of who we are,” Greenberg said.
In the US, Chubb is relying on its extensive local presence on a national basis and its ability to serve these companies as they grow their business outside of the US, Greenberg explained.
Outside of the US, Greenberg believes Chubb has a good opportunity for above–average steady growth as economies in many regions around the world expand, with the vast majority of economic growth coming from small and mid–sized businesses.
In markets such as Mexico, Colombia, Malaysia, Australia and France, Chubb is transforming itself from primarily a monoline and specialty lines focused provider for mid–market companies to a full–service, full–capability carrier offering package plans rounded out with specialty and global capabilities.
“Middle market business by its nature is less cyclical than the large account segment,” Greenberg said. “We’re making real progress with our small commercial business initiative globally,” he added.
In the US, Chubb created a new division to serve small businesses and launched a broader product set connected to a technology platform called the Chubb Small Commercial Marketplace, which is expected to make it easier for distribution partners to quote, issue and service their small business customers.
Internationally, Chubb’s focus is on expanding product and distribution through easy–to–use technology.
“We’re seriously investing to build an SME presence in select markets using both traditional and digital distribution. We have tens of thousands of agents now selling Chubb,” Greenberg said.
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