Chubb taps into third-party data for SMB quoting

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Rising consumer expectations for easy access, seamless service and customized preferences are making their way into every area of insurance — and small-business commercial insurance accounts are no exception. In response to this trend, Chubb is looking to jump-start its small-business line with the introduction of a new digital platform, the Chubb Small Commercial Marketplace.

Chubb launched its Small Commercial Insurance division in March 2016 and offers products and services through an exclusive network of independent agents and brokers in over 500 business segments in a variety of industries. The marketplace is meant to offer these independent agents an easier, more intuitive way to quote, issue and service all of their small business accounts efficiently. The marketplace includes a companion site for insureds to view policies and billing documents, pay bills, and update contact information.

According to Jim Williamson, division president, small commercial insurance, Chubb North America, the new marketplace is a game-changer in a world where the transaction cycle of submit, quote, issue and renew has not previously been streamlined. The new platform’s user-friendly design serves as a one-stop-shop, including a shopping cart, recently viewed quotes and policies, location based services, smart alerts and notifications, contextual knowledge and support tools, and the ability to customize personal preferences.

“Agents who service small business owners were looking for an efficient and intuitive platform so they can spend less time on data entry and other administrative activities, and more time developing insurance solutions for their clients,” says Williamson.

The Chubb marketplace provides agents numerous advantages as they service the unique and varied needs of small businesses, he adds: “The centralized platform allows them to quote, issue, and service a full account, as well as submit business for both standard and specialty lines; auto-generate a consolidated quote proposal; and improve client-servicing efficiencies."

Redundant data entry can be a time-waster across lines of business for the same accounts — which the Chubb marketplace eliminates. Multiple third-party data sources are also fully integrated to cut down on user data entry and significantly reduce underwriting questions. “It generates a single quote proposal across all lines on an account, and provides agents and their insureds easy access to all policy documents, contact information, and billing statements and payment options,” Williamson says.

The move represents a major insurtech investment for the independent agent distribution channel, Williamson says. LIke many modern platforms, it is architected to be highly scalable, with the ability to continually add features, expand to additional segments, and integrate with third parties based on feedback received from independent agents. Chubb has already deployed the marketplace to more than 3,000 agencies and 15,000 users.

“We will continue to expand the user base over the next year so all of Chubb’s appointed agents that write small business accounts will have access,” says Williamson. “We will also be expanding business segment appetite and adding additional lines of business to the platform so we expect adoption and utilization to continue to grow substantially.”

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Digital distribution Customer data Analytics Chubb