Chubb report reveals the risk and uncertainty faced by small and mid-sized businesses as they increasingly conduct business digitally
Chubb partnered with Accenture to survey small and mid-sized businesses in nine markets around the world, including Australia. Through a survey of 1,350 respondents across diverse industries, the results revealed four mega-trends that impact businesses pursuing digital transformation. These are: navigating digital customer demands, harnessing the power of data, supporting a transformed workforce and playing in the global marketplace.
“To navigate the new normal, many small and mid-sized companies have pivoted their businesses digitally,” said Mike Hooton, head of small commercial and middle market division for Chubb Insurance Australia Limited. “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.”
Specific digital business priorities and associated risks among the four trends include:
- 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 small to mid-sized businesses;
- Supporting a transformed workforce: 77% of businesses are focused on providing flexible, remote work solutions; and
- Thriving in the global market: 41% are prioritising offering products or services internationally.
Marianne Hutchinson, insurance lead for Australia at Accenture, said, “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.”
To learn more about the report and how small and mid-sized businesses can assess their new digital business risk exposures and insurance needs, visit chubb.com/digitalbusiness/au
