SINGAPORE - Media OutReach - 1 June 2021 - Chubb has released a report, "Digital Business Accelerated," which explores how small and mid-sized businesses are managing their 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 and 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.
According to Scott Simpson, Country President for Chubb Insurance Singapore Limited, "Although Singapore is not one of the nine markets surveyed, the mega-trends are still relevant. For example, cloud adoption among Singapore SMEs has been on the rise since the start of the pandemic as companies pivoted to online business solutions to enhance operational efficiency and customer engagement. This is also boosted by the government's support to help SMEs digitise their business. While increased cloud adoption and government incentives to digitise present opportunities to grow and scale the business, SMEs will become more vulnerable to new risk exposures – from increased cyber security threats to additional liability challenges. Chubb is committed to providing the necessary risk management advice supported by solutions to help SMEs embark on digital opportunities in the evolving marketplace."
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/sg.
1 June 2021
