Competitive Landscape - Ladder Insurance and Chubb Insurance
Ladder differentiates itself by offering a quick online application process, while Chubb organizes charity events. In the spreadsheet, columns C and D have been filled with the requested information.
- Ladder is an online life insurance company founded in 2015. The start-up has raised a total of $54 million in funds from investors. Their goal is to "reinvent life insurance to be instant, simple and smart", tailored to today's consumers.
- Ladder offers quick, easy online policy application processes, as well as low rates. They also offer flexible insurance coverage. This means customers can decrease their insurance coverage online, as well as add coverage in case of increased value.
- Ladder has been "modernizing the process of acquiring life insurance, making it simpler and more convenient for consumers to get coverage". The company aims to remove unnecessary complications surrounding life insurance, as well as to improve the industry overall.
- Ladder uses social media to announce received awards, share tips and point out facts surrounding life insurance. Also, their posts are sometimes focused on holidays, such as Labor Day.
- The company also markets its services through innovative, creative videos on Youtube.
- Ladder is planning to partner with Radius Bank, an online bank, in order to provide a faster, easier life insurance policy application process.
- Also, Ladder has announced they will use funding they've received to hire engineers, marketers and expand product-focused teams.
- Ladder is different from the competition in that it offers a quick online application process, as well as real-time, online underwriting. They also offer competitive prices, explaining their internal savings allow them to keep the rates low.
- In addition to this, Ladder also offers anytime cancellation services and a price lock guarantee. Also, they offer no policy fees.
- Ladder also offers customers an opportunity to advance over time, which saves additional money.
- This insurance company also uses behavioral economics, design thinking and machine learning to make the insurance process "as seamless as possible".
- Chubb Insurance is the largest commercial insurer in the U.S. and the world’s largest publicly traded P&C insurance company. The company operates in 54 countries and territories. Their services range from personal property insurance to health and life insurance. The insurance company has main offices in Zurich, New York, London and Paris and employs over 30,000 people.
- Chubb offers Customarq, an insurance approach for businesses that involves underwriting and claims by risk engineering professionals. The company offers the following digital tools: the business income consultation tool and the Commercial Insurance App.
- Chubb Insurance is popular on social media, their Twitter account is followed by over 25,000 people. On social media, the company's posts mostly focus on events and success stories, such as important meetings.
- The company emphasizes its personalized insurance coverage. When talking about their services, the company uses the word "craftsmanship". The company states they "believe insurance is more than underwriting, it’s a craft".
- Chubb Insurance is actively advertising on TV. Their TV advertisements predominantly feature young couples standing in front of a big screen, watching their homes get destroyed from safety. Then, their homes are replaced with new ones. At the end of each advertisement, the line "Chubb. Insured." appears.
- Chubb has recently entered a 10-year partnership with VietABank to distribute life insurance products in Vietnam, according to SPGlobal.
- Recently, Chubb has introduced a new offering intended for aiding professional service firms in mitigating professional liability, cyber liability and other exposures.
- In July this year, Chubb Insurance has announced the company will stop underwriting new risks for companies that "generate more than 30 percent of their revenues from coal mining or energy production from coal". They've announced their insurance coverage for already existing coal-plant risks that surpass this boundary will be entirely phased out by 2022.
- Chubb has also announced partnership with Dashlane, an online security platform, in order to provide its European customers with a Dashlane Premium License as part of their policy benefits. Other regions are also expected to receive these benefits.
- Also, Chubb has recently announced a partnership with NAWBO, the National Association of Women Business Owners, in order to provide the Association members with small business insurance and education services.
- This company offers "Chubb Cyber Podcasts", which discuss industry-specific events and scenarios.
- The company is also innovative in that they participate in golf tournaments. The tournament is aimed at raising charity funds, the winning team is given an opportunity to win $50,000 in donations for a charity of their choice.