Chubb anticipates digital transformation over the next three to four years could reduce its headcount by about 20%.

“Radical automation goals” could mean 85% of major underwriting and claims processes are automated, with 85% of global gross written premium operating as digital business or significantly digitally enabled, the insurer says in an investment presentation.  

“Data, AI and process automation will be the driving force to achieve growth at low marginal cost,” it says.

Digital transformation will affect 70% of the organisation in the next three years, encompassing sales and marketing, underwriting administration and support, claims, finance and other functions. 

Chubb says it has made significant investments in data and the use of AI, and has more than 3500 engineers, and engineering hubs in Mexico, Greece, India and Colombia.

The insurer says 60% of its business is from commercial and 40% from consumer.

The company is well diversified by geography and it has outperformed peers during property and casualty soft market cycles, it says.

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