Chubb to reduce global headcount by 20% through digital transformation
Chubb has estimated its digital transformation programme will reduce its global headcount by circa 20% within 3-4 years.
In an investor presentation this month the insurance giant predicted a run-rate expense saving of 1.5% in its combined ratio as part of what it described as “radical automation goals”.
These include 85% of major underwriting and claims processes automated and 85% of global gross written premium operating as “digital business” or “significantly digitally enabled”.
Low marginal costRelatedHiscox launches affirmative AI cover for tech businessesHiscox UK has updated its insurance for technology
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