The insurer has rolled out this new line of products to appeal to digitally savvy consumers.
Chubb has unrolled an entirely new Blink insurance brand which is a line of new coverage products meant to be simplified for consumers comfortable with the digital experience, particularly Millennials.
The coverage provided by these products is meant to be flexible and customizable, as well as modular.
The Blink insurance brand coverage products are sold via modular insurance policies written in easy to understand, plain English. According to Chubb, the products sold under this brand name are “crafted for consumers who are just beginning to identify their insurance needs and for those who know exactly what coverages they want.”
The first product from the brand – a cyber insurance product – has rolled out in 25 states. This rollout has occurred at a time in which the digital economy has never been higher, spurred on by the pandemic and the need to accomplish tasks in a contact-free way.
Millennials are now the largest living adult generation in the United States and are very comfortable with the digital experience. They are happy with the convenience of being able to shop online for – and purchase – the products and services they want. In fact, for many people, it is their preference over phone or in-person shopping. This is true of comparison shopping for insurance policies.
Among the goals of the Blink insurance brand is to meet the needs and expectations of Millennials.
“Even though their biggest concerns were things like financial security and their family’s health, many millennials did not really feel that insurance was meeting their needs,” said senior vice president of eConsumer for Chubb in North America, Laura Bennett.
“Most wanted an insurance solution in a digital format, which fit into their world and how they live their lives. That helped us shape our design and approach to the Blink brand. We also went to potential partners and asked them where they see insurance fitting into their customers’ purchase path to create added value and increase customer loyalty. That’s where personal cyber protection really resonated. It’s a product that everyone has a need for and is something that potential partners would like to offer to their customers,” added Bennett.
For this reason, the Blink insurance brand was created with a simple and straightforward experience in mind.