Chubb reveals digital “mega-trends” impacting businesses during COVID-19

Most companies in Australia went digital when the COVID-19 pandemic hit the country. Chubb has released its latest report, Digital Business Accelerated, which explores how small and mid-sized enterprises (SMEs) managed their businesses digitally during the pandemic.

In partnership with Accenture, Chubb surveyed SMEs in nine markets globally – with 1,350 respondents across diverse industries. The survey found four mega-trends that impact businesses pursuing digital transformation, such as:

• Navigating digital customer demands: Approximately half of the respondents are focusing on seamless on-demand delivery of products.
• Harnessing the power of data: Adopting AI technology in processes is the top priority for Australian SMEs.
• Supporting a transformed workforce: 77% of businesses are focused on providing flexible, remote work solutions.
• Playing in the global marketplace: 41% are prioritising offering products or services internationally.

Mike Hooton, the head of small commercial and middle market division for Chubb Insurance Australia Limited, said many SMEs have pivoted their businesses digitally.

“Embracing digital transformation can help companies survive and thrive, but it also comes with significant risk. From product liability to increased cyber security threats, Australian business owners need to review their risk mitigation plans to ensure they have the necessary protection in place as they seize digital opportunities,” Hooton added.

Marianne Hutchinson, the insurance lead for Australia at Accenture, commented: “Following COVID-19, small and mid-sized businesses will look to embrace data and technology to grow, improve customer experience, operate more efficiently, and become more flexible and resilient with digital processes and services. We're excited to be collaborating with Chubb on new insights to support Australian businesses in a rapidly changing, digital future.”