David Robinson, President of Chubb's UK and Ireland region, highlights some of the company’s recent product enhancements and looks ahead at what brokers can expect during the rest of the year.
David Robinson, Division President of Chubb’s UK and Ireland retail business is feeling bullish. “Despite the workload that integration brought, we haven’t taken our foot off the pedal in terms of product development. And now that we are into 2017, we’re really stepping up a gear.”
For David, highlights of 2016 included the launch of Cyber Enterprise Risk Management at the beginning of the year, as well as a new solution for the biogas and solar energy sector and a new suite of transactional risk products in the second half (both are reviewed in this newsletter).
“These are new offerings for us and they are complex areas. We’ve been impressed with the level of interest they have generated, not only in London but right across the region. And we’re very happy to work with brokers who want support in terms of training and education for their teams and their clients.”
But it’s not all about the ‘new’, it’s also about the ‘improved’, according to David. “One of the things I long admired the Chubb team for was their MasterPackage offering. So that was an obvious area for us to look at and see how we could enhance the offer for the future.”
MasterPackage is designed to meet the needs of UKI business with domestic and/or international operations and a turnover of £2m-500m. The new policy responds directly to broker and client requesting comprehensive cover in a single policy document.
“Last year we added a range of new extensions providing the benefit of meaningful limits for emerging risks such as data breach and cyberattacks, as well as crisis response cover,” says David. “We worked closely with our broker panels to develop improvements that clients want – and we want to continue the dialogue and further build the product over time.”
“The benefits of the MasterPackage proposition are all about convenience and transparency”, he says. “Brokers wanted comprehensive, warranty-free cover in a single, easy-to-navigate policy and this is a further step in that direction.”
2016 also saw the launch of an enhanced casualty policy wording with a number of new extensions.
In the entertainment team, an improved policy wording for companies producing television and other advertising commercials was also introduced. Chubb’s new commercial producers’ policy wording includes a number of significant updates, including cover for emerging camera technology; automatic cover for antiques, objects of art; animal mortality; and visitors’ personal property.
Package remains high on the priority list for 2017, says David. “Building on feedback from the new MasterPackage policy, we will be launching a number of new, industry-specific wordings where we know that specialist expertise is in high demand – from metal manufacturers to legal services providers and theatres.”
Each of these tailored industry wordings will take the same approach, bringing cover together in a single policy and adding new extensions.
“Info tech is another specific industry segment where we have a great deal of collective expertise at Chubb and we will introduce an upgraded package wording that covers property, casualty, E&O and cyber risks.” There will also be the option to purchase these covers separately for larger and more complex clients.
The team will shortly relaunch its first wave of products for 2017. These include its commercial crime policy which will offer a new 24/7 incident response service 365 days a year, to provide immediate assistance. Elite, its D&O policy, will contain key new extensions and fewer exclusions; and both the investment management liability and civil liability policies are being updated.
Finally, David highlights some key enhancements planned by the property team. “Property has always been a key pillar of our book both nationally and regionally and we have been looking at how we make sure our proposition remains competitive in the future”, he says.
A range of extensions are planned, including machinery and computer breakdown cover, machinery movement, and hired in plant cover. Also in view are plans to widen coverage for many contingent business interruption exposures for example; the insured’s customers and suppliers, for prevention of access, loss of attraction, utilities etc. Additionally a number of optional extensions are now included as standard for example, theft damage to buildings, property in the open, fine art, undamaged stock and undamaged tenants improvements & betterments.
“These are just three examples of what we have planned for 2017”, says David. “Our door is always open to good ideas, so I would encourage brokers to get in contact with us if they identify opportunities they think Chubb can help them with”.
We will provide updates on the 2017 pipeline in this newsletter throughout the year.
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With continued economic volatility and Brexit ahead, insurance can play an increasingly valuable role for those involved with mergers and acquisitions. Chubb therefore recently launched a suite of transactional insurance products in the UK and Ireland.
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Chubb is the world’s largest publicly traded property and casualty insurer. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally.