Insurer Chubb’s new digital platform Blink is partnering with its first insurance carrier to offer cyber insurance to military families.
The arrangement allows USAA Insurance Agency to offer a Chubb-backed personal cyber insurance offering through Blink. USAA Insurance Agency is part of USAA, an insurer and financial institution whose customers are primarily U.S. military officers and their families.
The stand-alone insurance policy covers expenses related to a personal cyber event, including identify theft, fraudulent wire transfer, cyber bullying and ransomware extortion.
Blink, launched in February 2021, includes a roster of Chubb’s personal insurance products distributed through Chubb’s digital brokers, as well as other “affinity partners.” Beyond USAA, they now include Bolt, Waffle and iBynd.
“Understanding the unique cyber risks associated with being a military family is important,” Laura Bennett, senior vice president of eConsumer for Chubb in North America, told Carrier Management via email.
She said the partnership between Blink and USAA focuses, in part, on simplifying the process, making it “not only easy but understandable.”
“This was a core tenet of our partnership process,” Bennett said. “Can we reduce the number of fields members have to complete? Can we reduce the quote process to two screens? Can we get all the applicable coverage information alongside the pricing display?”
As part of their arrangement, the USAA Insurance Agency and Blink will also provide USAA members educational resources on how to protect themselves and their families from cyber threats.
Chubb launched Blink as an “easy, effortless and affordable” option for “digitally-savvy consumers” – millennials and other younger customers.
“Our research during development has shown that many millennials do not see existing insurance products as meeting their needs, despite their heightened concerns about financial security,” Bennett said at the time of Blink’s launch. “Millennial consumers not only want peace of mind, they want insurance that’s easy to understand, affordable and simple, much like the rest of their digital world—and that is the gap Blink intends to address.”
Sources: Chubb, USAA
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