Chubb’s Digital Small Commercial Initiative Selected by 50+ Insurer CIOs for Novarica Research Council Impact Award
June 26, 2018 (BOSTON) – Chubb will receive an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurer CIOs, for its new digital platform – the Chubb Small Commercial Marketplace®. More than 50 members reviewed dozens of case studies to select the winners for the seventh annual awards.
Chubb deployed an agent portal for its small commercial business that enabled straight-through processing and leveraged third party data and microservices to enhance usability and optimize the agent experience. Launched in 17 months, it emphasized user experience and has resulted in a 40% improvement in time to quote multi-line business and significant growth.
“We are honored to receive the Impact Award from the Novarica Research Council on behalf of the Chubb Small Commercial Marketplace,” said Jim Williamson, Division President, Small Commercial Insurance, Chubb North America. “The Marketplace delivers an intuitive digital experience, built for and with independent agents to modernize the placement and service of small business insurance. It represents a major investment and reinforces Chubb’s commitment to helping independent agents grow their business.”
“The Chubb Small Commercial Marketplace was selected by our Council members because of its use of innovative technical architecture to create a digital user experience that drives business results,” said Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
Chubb’s case study, along with case studies of seven other winners and more than 20 additional cases considered for Impact Awards, was published today in Novarica’s 7th Annual Best Practices Case Study Compendium, online at https://novarica.com/compendium2018/. Novarica has published more than 200 case studies through this program since 2012.
About the Novarica Impact Awards
The Novarica Research Council Impact Awards are the largest purely peer-juried awards in insurance technology. Council members vote annually to recognize the efforts of their peers to use technology to drive business value in digital, data/analytics, core systems, and IT operations. No vendors, consultants, journalists, or members of the Novarica team participate in the selection committee, making the Novarica Impact Awards distinctive in being a purely peer-juried award.
The Novarica Insurance Technology Research Council is a free, moderated, knowledge-sharing community of more than 300 insurer CIOs and senior executives. In addition to recognizing successful initiatives through the Impact Awards, members participate in anonymized studies and private, vendor-free events. More information at https://novarica.com/council/.
The Council is managed by Novarica, a research and advisory firm that helps more than 100 insurers make better decisions about technology projects and strategy through published research, advisory services, and consulting on IT strategy, benchmarking, project assurance, capability and organizational assessments, and vendor selection. https://novarica.com/.
Chubb is the world’s largest publicly traded property and casualty insurance company, and the largest commercial insurer in the United States. With operations in 54 countries and territories, 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. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: chubb.com.