Top global insurer
Chubb has entered into a long-term preferred provider distribution agreement with one of the biggest and most famous retail brands in China.
Chubb will be partnering with retail giant Suning to develop and market personal and commercial general insurance products to the Chinese firm’s vast customer base through online channels.
The two companies will initially focus on distributing accident and health products, travel, homeowners, personal device and package policies for small-to-medium-sized enterprises.
Chubb CEO Evan Greenberg said China represents a significant long-term opportunity for the insurer. He described Suning as a “distinguished” brand with a “national footprint, significant marketing expertise and a multi-channel sales model with a large and growing online platform.”
“Our near-term focus is working closely with Suning to develop custom-designed products and marketing initiatives to maximize the scale and profitability of our partnership,” he said.
The distribution agreement with Chubb will also improve Suning’s customer experience, according to said Zhang Jindong, Suning Holdings Group chairman.
Zhang said Suning’s massive member base, multi-channel online and offline network and strong sales complement Chubb’s experience in the insurance industry.
“Together, we will offer our customers convenient access to insurance coverage that meets their needs,” he said.
Suning’s network includes around 1,700 retail stores across mainland China, Hong Kong and Japan. The online platform of Suning Commerce is the third largest in China.
The retailer has 230 million registered e-commerce customers while Suning Yifubao, the online payment processing platform, has 130 million registered members.
In 2014, Suning became the first retailer in China to obtain a nationwide insurance agency license from the Chinese Insurance Regulatory Commission.
