Chubb report reveals the risk and uncertainty faced by SMEs as they increasingly conduct business digitally
MoniqueKunkel85 9-06-2021, 08:00

HONG KONG SAR - Media OutReach - 9 June 2021 - Chubb launched a report - "Digital Business Accelerated," which explores how increased digitalisation impacts small and mid-sized businesses and the emerging risks in 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. Through a survey of 1,350 respondents across diverse industries, the results revealed four mega-trends that impact businesses pursuing digital transformation. These trends are:

  • 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.


"The global pandemic has forced many businesses to accelerate their dependence on digital and pivot their operations," said Doug White, President of Chubb's general insurance business in Hong Kong & Macau. "Digital has changed from being a driver for growth and/or efficiency to becoming a lifeline for all types of businesses. Yet digitalisation comes with significant risks like increased cyber security threats to additional liability challenges. Chubb will work alongside with SMEs to provide the advice and protection they will need to build resilient digital businesses."


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


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