Survey Reveals Agents Seek Cos. with Full Capabilities for Protecting Technology Customers

May 28, 2003

The ability of an insurance company to “fully service the insurance needs of information technology companies” is of paramount importance to agents that target this business sector, according to a survey sponsored by the Chubb Group of Insurance Companies.

“Knowledge and experience of underwriters” and “overall relationship with your insurer” were also among the top three areas that were identified by agents as critical success factors in doing business with companies that insure technology firms.

Chubb’s Information and Network Technology Research Study was conducted in January by an outside consultant via telephone interviews with 125 independent agents and 125 technology firms to assess the attributes they seek in their insurance carrier.

Information and network technology companies responded that the top critical success factors in doing business with an insurer are “responsiveness to claim handling,” the “ability to provide service in a timely manner” and the insurer’s “overall price competitiveness of products.”

“As the largest U.S. insurer of technology companies, we want to continue to meet the needs of our agents and technology customers,” said James West, senior vice president, Chubb & Son, and worldwide manager, Information & Network Technology Industry Segment, Chubb Commercial Insurance. Chubb insures 40% of the top 200 U.S. electronics manufacturers, assemblers and software developers as well as a growing number of emerging information technology companies. “The results of this survey demonstrate that agents and technology companies continue to desire and value the specialized approach that Chubb offers this market segment.

“Information technology is a fast changing industry. As part of our efforts to continue to provide our agents and technology customers with the services they need we are continuing to strengthen and focus our loss control capabilities in this area,” said West.

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