CHUBB CEO Reveals Insurance Giant is Preparing to Roll Out AI at Scale
CHUBB CEO Reveals Insurance Giant is Preparing to Roll Out AI at Scale
Insurance leader Chubb is preparing to roll out AI tools at scale, according to CEO Evan Greenberg.
Chubb

News of the roll out came during Chubb’s Q1 earnings call with investors, when CEO Evan Greenberg revealed that the company is exploring various uses of artificial intelligence (AI) and is preparing to use AI tools on a larger scale. 

Greenberg stated that the uses of AI range from underwriting to claims, marketing, analytics, customer interface, and customer service. He said, “We have a variety of use cases that have proven themselves out and we continue to iterate with them. We’re in the dawn of a period where we use these tools at scale.”

New technology services centre to focus on customer-centric innovation

Chubb is also set to launch a new technology services centre in Thessaloniki, Greece in early 2023, which will focus on delivering innovative technologies to “enhance customer experience, increase efficiency, and accelerate the company’s digital transformation,” according to a news release. The center will be staffed by tech experts who will lead initiatives in intelligent process automation, machine learning, cloud, and data analytics, as well as cybersecurity and systems modernization.

Regarding reinsurance programmes, Greenberg said that Chubb would not be making significant changes despite rising renewal costs. He explained, “We don’t buy reinsurance for earnings protection. We buy it for more for balance sheet protection and, depending on the line of business, volatility, and that’s been a steady policy of ours. We maintain it regardless of cycle.”

CHUBB financial reports show growing revenue

In terms of financials, Chubb reported a net income of $1.89 billion in Q1 2023, down from $1.95 billion the previous year, due to catastrophe losses that offset the gains from rate increases and premium growth. 

However, the company did post strong double-digit core operating earnings and double-digit premium revenue growth globally. Greenberg expressed confidence in Chubb’s ability to continue growing revenue and operating earnings across most lines of business, citing the company’s business model, financial strength, stability, and liquidity as reasons for optimism.

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