Feeds:
Posts
Comments

Posts Tagged ‘chubb’

teen driverThis time each year, it seems the media is full of back-to-school protection tips advising parents and college students on how to protect their “stuff”.  While the guidance is helpful, these tired articles commonly ignore the host of emerging risks that can expose a family’s assets and jeopardize the welfare of their child.   

Every parent of a college student understands the degree to which their child seems tethered to their smart phone and other connected technology.  The common condition of being too connected has been termed “virtual addiction”, a condition so common there is a website that offers on-line questionnaires to help the public examine the degree to which addiction describes their relationship with technology:   http://virtual-addiction.com/smartphone-abuse-test/  (these tests are eye-opening…)  Whether the student’s use of technology qualifies as an addiction or not, very few college students today are not at least heavy users of modern technology.

As a result, today’s college students face risks that are far more grave that a stolen laptop!  Consider the following risks that can arise from the improper and unmonitored use of the modern technology at every student’s disposal:

  • loss of privacy
  • computer malware or virus
  • stolen identity and personal information
  • mis-use of social media that can cause harm to another
  • texting, e mailing, snapchatting, taking selfies or just plain talking on a cell phone while driving
  • sending, receiving and or forwarding illegal content

The insurance industry can help parents and students to better prepare for the above issues.  Consider reviewing this helpful series of recommendations from ACE Private Risk Services.  For those with college students and younger children, this helpful guide from Chubb offers a number of protection insights.

In addition to having a complete discussion with your child about the risks that can arise from their mis-use of technology, following are two specific protection recommendation I can also offer:

  1. Make sure the homeowner policy that provides primary liability protection for family members includes coverage for “personal injury” related risks: libel, slander, defamation, and other verbal torts. MANY homeowner policies do not!  Be sure to supplement this primary liability protection with adequate excess liability insurance.
  1. If your college student is at school with the use of a car, install a device that restricts the use of their cell phone while operating that car! There are a growing number of providers for this important safety service, but this device from cell control has been well reviewed. (why not also take this step for those children driving cars while at home?)   Preventing distracted driving is achievable, and a cause I am passionate about.

 

Read Full Post »

chubbAsk someone familiar with branding this question, and they will explain a person’s or organization’s name conveys a brand.  Good, bad, or unfamiliar, names convey a brand.  Donald Trump and Colin Powell.  Two very different brands.  Ritz Carlton and Hotel 6.  Again, two distinctly different brands.   Coke and Pepsi. Two brands that are quite similar. John Public and Mary Doe? Nothing — I don’t know them either. Now, consider these two prominent insurance companies: Ace and Chubb.  I view Ace and Chubb as very similar and very different.

Among the ways Ace and Chubb are very similar: financial performance.  According to Fitch Ratings: “For the five-year period 2010-2014, ACE’s average consolidated GAAP combined ratio was 91 and the operating return on equity was 12 percent. Chubb’s average combined ratio and operating return on equity for the same period was 91 and 13 percent, respectively.” That’s pretty similar.

Among the ways Ace and Chubb are very different: how their brands are perceived. Says Ace Chairman and CEO Evan Greenberg: “The combined global operation will operate under the Chubb name, an acknowledgement of the distinctiveness and recognition of its brand, particularly in the U.S.”   

Recognizing the importance of “what’s in a name”, Ace, the acquiring company, has shown the wisdom of moving forward using the acquired company’s brand.  Ace will re-brand as Chubb, the ultimate compliment. Those who question the importance and value of a brand should take note — and believe in the power of the Chubb brand.

Read Full Post »

This video on You Tube is part of a series that shows in vivid detail the remarkably customer centric protection and world class service available to all who insure their home with Chubb and experience a loss.

The vast majority of those I speak with believe that insurance products are a commodity — able to be differentiated by price alone. Sophisticated consumers know better. Meanwhile, only those who are unfortunate enough to experience a truly large loss have a first hand chance to examine the actual “worth” of the coverage provided by their policy. For claimants fortunate enough to be insured by Chubb, the well chronicled ”Chubb Difference” becomes very apparent, and as you will see, very quickly. This video is eye opening for those who think “all insurance is the same”.

A question: what insurance carrier do you want handling your claim, or a claim for your best client? Watch the video, and send it to those who wrongly think “all insurance is the same”.  

Read Full Post »

A client who had been insured by a well known carrier recently asked if there wasn’t “any other carrier out there” that could also offer broad coverage for his large home “that didn’t charge an arm and a leg”. I explained that his carrier’s rates reflected their overall loss experience, and reminded him of a claim that he had many years ago and how happy he was with the outcome. Pressing his point, he asked if there were any carriers that had “better loss experience” so that they were able to price their coverage at a lower cost.  Enter a new carrier I’ve written about frequently here – Pure High Net Worth.

This excerpt is form a recent professional journal assessing the marketplace for high valued home insurance summarizes the opportunity: “However, there is some competition out there for these big players. For instance, a relatively new company from Florida called Privilege Underwriters Reciprocal Exchange (PURE) is making a big splash on the East Coast right now.  PURE offers similar features to Chartis and Chubb, and is very open to coastal properties where others are more restrictive in coastal areas.”

When my client reviewed the terms of Pure’s offer, he asked how the costs could be appreciably lower given the very similar coverage. I explained that because Pure was just beginning to add new risks, they had not yet experienced many losses, adding that Pure’s risk selection process relies heavily on credit scoring, which they believe will help attract policyholders who better manage their finances and their homes. The client shared that he regards this as a de-facto “sale” on home insurance, and told me I should explain it in such terms to others.

Well —– although insurance carriers do not have “sales”, it is fair to observe that new carriers entering the marketplace without the burden of prior losses and who also carefully select the risks they insure are able to price their policies at rates that can give the impression they are on “sale”.  For those who find the idea of a “sale on insurance” appealing, please contact me to examine an offer from Pure.  Meanwhile, as an independent risk advisor, my advice on “who the best carrier is” remains unchanged:  it is whichever carrier best meets that particular client’s specific protection needs.

Read Full Post »

My father is adamant: each morning after the coffee has been finished, the coffeemaker must be unplugged. It seems a fireman told him 30 years ago they caused fires, lots of ‘em, and the O’Brien clan doesn’t like fire — not even in fireplaces.

Well, after paying a claim caused by a fire in one of their policyholder’s homes, Chubb has brought a lawsuit against Apple, alleging the house fire was the result of a faulty computer charger. The suit further alleges Apple had received numerous complaints alerting them to heating, burning and sparking problems with the MagSafe adapters used to charge Macintosh computers.

Unlike a Macbook, my father’s coffeemaker does not need charging, so un-plugging the coffeemaker when not in use actually IS a real option.  

A copy of the complaint is available here.

Read Full Post »

I was surprised at the level of interest in my post a few weeks ago referencing the often overlooked (and uninsured) risk of “personal injury”. For those who missed it, I reminded readers of the need to be aware of this risk, especially for those with children who are active on social media websites.

I recently learned that Peter Spicer, one of the personal insurance industry’s true thought leaders, sat down with NJ.com last year to explain the often overlooked consequences of sharing so much information so freely on the internet.  To read Spicer’s thoughts on on NJ.com click here(it should be noted that while Spicer was working at Chubb at the time of the interview, he’s now working with Ace Private Risk Services, and remains a great source of information on this and other topics concerning personal risk).   

Read Full Post »

Almost forever, consumers who have wanted “the very best” in personal insurance protection have placed their coverage with Chubb. While Chubb has remained the leading insurer of fine homes and valuable articles, they have also seen a marked decrease in the number of automobiles they insure over the past decade. Mass marketers, offering variations of the “save x %  in y minutes” (those savings are funded by coverage that is often very deficient after a large loss, by the way), have caused Chubb to research and introduce a new approach to pricing their program that rewards those families who have the best risk characteristics.

The result? Chubb is recapturing many of the automobile accounts they lost to the “better deal” carriers in the past decade.  This isn’t just a price play; in many cases Chubb not only competes well on cost, but provides vastly improved protection. If you or your clients have not seen an automobile coverage offer from  Chubb in the past 6 months, we can help you evaluate the many reasons to also regard Chubb as “the very best” in automobile insurance.

Read Full Post »

Older Posts »

%d bloggers like this: