Chubb Deploys New Technology for E&O Coverage

September 17, 2004

The Chubb Group of Insurance Companies announced the development of “a new tool to help agents, brokers and their information and network technology clients save time and money when applying for errors and omissions (E&O) insurance.”

Chubb said its “E&O SMART Application” can customize new and renewal E&O applications based on the nature of a company’s operations. The application can then be submitted via the Internet anytime, anywhere.

“E&O SMART Application is our response to valuable feedback we solicited from our agents, brokers and customers about ways to further improve our product and service. They requested a faster, more streamlined application process – and we built it for them,” stated Tim Ehrhart, Chubb VP and global errors and omissions practice leader for Chubb Commercial Insurance. “This new tool customizes the E&O insurance application process by only asking for information that is pertinent to the company submitting the application. With SMART Application, our producers can increase the value they provide to their clients.”

Chubb’s announcement said: “The new technology provides an online repository for creating, completing, submitting and tracking applications. Throughout the application process, agents and brokers can communicate in real-time with their clients through a private and protected Web site, @chubb, eliminating the need for additional phone calls, faxes and emails. Because this technology helps Chubb realize a cost savings, a five percent credit on Chubb’s E&O policy premium is available for information and network technology companies who use SMART Application jointly with their agent or broker.”

Chubb listed the following “key features” for the SMART Application:
— The Application Wizard – This tool walks agents and brokers through the application process by asking questions about their clients’ business products, services, contracts and license agreements, as well as merger, acquisition and subcontractor activity. Based on the answers, the Application Wizard generates an application tailored to suit the clients’ specific business. This process eliminates questions that are irrelevant.
— Secure Online System – User IDs and passwords protect confidential client information, and the client has the power to “lock” the application.
— Renewal Efficiency – To renew E&O insurance, companies only need to input new information such as updated revenue, new merger and acquisition activity and loss history. The SMART Application uses the prior year’s responses to complete the application.

SMART Application is available to Chubb-appointed agents and brokers and their information and network technology clients. Agents or brokers who are interested in a Chubb appointment should contact the local Chubb branch marketing manager. More information on SMART is available at: www.chubb.com/businesses/int/docs/final_fact_sheet_rev_08_2004.pdf.

Was this article valuable?

Here are more articles you may enjoy.