After a number of significant launches in 2016, including our Cyber Enterprise Risk Management solution, a new suite of transactional risk products and a new solution for the biogas and solar energy sector, Chubb is really stepping up a gear in 2017 with a series of new and enhanced propositions.
A generous package
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. Last year, we worked closely with our insurance broker panels to develop improvements that clients want, such as new industry-specific package solutions as well as crisis response cover – and we want to continue the dialogue and further build the product over time.
The MasterPackage proposition is all about convenience and transparency. Insurance Brokers wanted comprehensive, warranty-free cover in a single, easy-to-navigate policy and this was a key step in achieving that with a multi-disciplined single point of reference specialist underwriter.
Already in 2017, we have launched a number of industry-specific wordings where we know that specialist expertise is in high demand – for metal manufacturers, legal services providers and theatres. Each of these tailored industry wordings 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 where we will introduce a significantly enhanced package wording that covers property, casualty, E&O and cyber risks.
Financial lines focus
Financial lines is an area where Chubb is traditionally strong. We will soon be launching our first wave of enhanced products for 2017, Elite D&O and Elite Commercial Crime, which will include significant new extensions and fewer exclusions.
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.
A range of extensions are planned, including machinery and computer breakdown cover, machinery movement, and hired in plant cover. Also, there 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, and others. 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 are doing in 2017.
At Chubb, we never stand still. We are committed to investing in our people, products and the use of technology to make sure that our clients get the best available cover in the market, combined with added-value risk management services that allow them to effectively manage and mitigate the risks they are facing.
At the same time, our door is always open to good ideas, so I would encourage insurance brokers to get in contact with us if they identify opportunities they think Chubb can help them with.