Introducing the Commercial Risk Appetite Tool

In this edition of Inside Commercial Insurance, we examine appetite and how Chubb is bringing greater ease, speed and clarity to brokers and agents building business with small, lower and upper middle market companies. 

Speed and clarity win business. In a market where brokers are juggling multiple lines and multiple clients, the ability to quickly and confidently understand whether a carrier will write your risk is fundamental.

Traditionally, however, carrier appetite has been challenging to pin down - especially as market conditions change and risks become more complex. Brokers often rely on their organization’s institutional knowledge, a variety of spreadsheets and PDFs, and calls to underwriters to get answers that are fundamental to successfully placing risks.

Chubb understood. And we set out to create a tool that makes it easy for our brokers to see if Chubb is the right partner for their risk – fast.  The result is the Commercial Risk Appetite Tool.

Built from the ground up, extensively tested with brokers, and now accessible online, anytime, the breadth of the tool is impressive. It reflects the heft of Chubb’s appetite for small businesses, lower and upper middle market risks - which spans 25 industry sectors and 90% of U.S. GDP – and it mirrors the realities of how brokers work.

• Start by searching by revenue, primary state and industry descriptor (or SIC/NAICS code) to reveal Chubb’s full product lineup for that risk. Brokers can dynamically search more than 1500 exposures.
• For each industry, brokers see risk indicators that can support client conversations – the specific factors that strengthen or limit Chubb’s appetite. Not just a yes or no, but the reasoning behind the underwriting decisions – such as having proactive risk management (a plus) or weak contractual controls (a concern).  
• And that’s not all. Right there are resources: examples of what Chubb’s written lately, industry case studies, and tailored service offerings. 

The value of these resources can’t be underestimated. Knowing a carrier has written similar risks recently in a specific region instills confidence. Brokers have more than appetite guidance in hand, they have a support system.

See what you need and ready to submit business? Dive directly into Chubb Marketplace to quote and bind small business online or contact their local underwriter for larger, more complex risks. 

Chubb worked closely with brokers during planning and development of the tool – and the final product has received overwhelmingly positive feedback: Users viewed the tool as a powerful growth driver and a useful resource for both seasoned brokers and for onboarding new team members.  

The new tool promises to transform the workday for commercial brokers – enabling them to spend less time chasing answers and more time building business and relationships. Because appetite clarity isn’t just a convenience. It’s a competitive advantage. One that Chubb is proud to deliver.