Chubb in Hong Kong harnessed a mix of claims excellence, digital capabilities, diversified distribution channel, premium growth and solid underwriting profit to secure the Award.
The P&C player, which has recently moved to new offices in Taikoo, has utilised Hong Kong’s new Faster Payment System to allow it to make swift claims settlements to its personal lines customers.
The firm created an online portal for claims’ applications and document submission, and offers claim status updates. As soon as a claim is approved, payment is credited to the customer’s bank account in a matter of seconds, with the transaction status immediately returned to the insurer for automatic reconciliation. The move not only increases convenience for customers, who previously received claims settlements by cheque, but it has also led to greater internal efficiency and reduced costs.
Stanley Wong, President of Chubb in Hong Kong (pictured), said: “It is an important milestone in Chubb’s digital journey of transforming the traditional insurance claim model from offline to online, resulting in an enhanced customer experience and improved operational process efficiencies.”
Chubb’s innovation didn’t end there, with the group launching the Chubb Travel Smart app which helps companies keep their employees safe while they are traveling overseas for business.
The app, which is available with its Group Business Travel policy, provides direct access to medical and travel information and help for business travellers, including 24-hour emergency assistance. Live location-based alerts notify travellers of any major incidents at their destination, enabling employees to stay away from potentially dangerous areas.
In addition, the award-winning app has an online dashboard, through which HR, risk and security managers can locate their staff and send messages and alerts to them anywhere in the world.
Wong said: “This app bears testament to our agility in responding to the changing needs in business travel and an increasingly mobile workforce.”
Chubb has continued on maintaining its strong underwriting profitability and solid financial position, rated by S&P as AA- in recent years, and it is now ranked as the number one general insurer in Hong Kong according to the figures of the Insurance Authority for direct business under the general liability – excluding employees’ compensation category, which is also the group’s best performing area of business.
The insurer has consistently achieved an underwriting profit even in both 2017 and 2018, despite the region being hit by two highly destructive typhoons in both years, one of which was the most intense storm ever recorded in Hong Kong. Its strong consistent performance has transformed its business over the last ten years in Hong Kong and is now ranked firmly in the top ten for both premiums and profitability.
With further innovations planned, expect more from Chubb in Hong Kong as it continues being one of the market’s leaders.