Introducing Blink by Chubb
Chubb announced the launch of Blink by Chubb , “the company’s first-ever endorsed brand of insurance for millennials” that offers cyber insurance starting at $5.28 a month. “You’ll be covered for expenses related to a cyber event such as identity theft, fraudulent wire transfer, cyberbullying – or even extortion from ransomware.”
While the website features a Get A Quote button where prospects can select between coverage for their household or up to 5 households they share digital accounts with, Chubb views this offering as “a viable option for insurtechs to help quickly and easily expand insurance product offerings to millennial consumers.”
Chubb first filed for a trademark in May 2020 and it plans to move beyond personal cyber insurance later this year by offering travel, sick pay, life insurance, and gadget protection. The product is available in 25 states and has been offered previously as a voluntary benefit.
As a note, insurers launching digital brands isn’t a new trend and Chubb is late to the party.
- In 2015, Berkshire Hathaway introduced biBerk, a direct-to-consumer small commercial insurance brand that is now a team of 70 people servicing over 100,000 customers; up from 50,000 – the last number we reported in October 2020.
- In 2016, Canadian P&C insurer Economical Insurance launched Sonnet Insurance, a direct-to-consumer personal lines insurer that is now a team of 212 people.
- In 2017, Johannesburg-based Constantia Insurance established JaSure to offer on-demand protection; for two-ish years it missed all the signs regarding the challenges that come with offering on-demand product insurance but finally – this month – JaSure (a team of 8) expanded to car insurance.
- In 2018, RGAX launched Greenhouse Insurance (socially inactive – at the very least).
- In 2019, National General launched Pickle for home insurance, and the last time it showed any kind of love was on Valentine’s Day – 2020.
- And in 2020, QBE launched Mitti Insurance, a joint venture with security and compliance company SafetyCulture that offers virtual risk assessment and business insurance; it went from a team of 5 to a team of 8.