Chubb is the last carrier that anybody needs to worry about. The only question with Chubb, is whether they’ll decide to dip their toes into the HARTFORD pool. The Stag business might be a nice complement to round out the Chubb portfolio – but I doubt Chubb will head down that path. Traveler’s and especially ALLIANZ are most likely to end up with Hartford P&C.
Chubb – gold standard? By what measure? Finnegan is a major expense cutter – his impact is being felt by agents and client’s alike in a negative way. Client’s are experiencing the worst claims service over the last few years that Chubb has ever had, mostly due to cutting claims expenses and not paying for items that they would have covered a few years ago and prior. Additionally, their service to agents is becoming very poor and lackluster, they are snippity on the phone, rude and downright not helpful in many cases. Agents are having to quote their own business and endorsements using their new system (that is not very good). If you move a piece of existing Chubb business to another carrier for legitimate reasons, Chubb staff/mgmt literally berate you for moving it. Bad business practices. Somehow Chubb still believes agents and clients will flock to them due to their past reputation, but their reputation is not slipping – it has slipped and continues to erode. Many of us agents are cutting way back on writing Chubb these days for all the reasons above. Their contigency checks don’t matter when we are losing clients to other Chubb competitors due to the above. Chubb never leads as innovator, they always play the catch up game. Their financials will keep slipping as their topline shrinks faster than their bottomline cost-cutting. Let’s see what happens to Chubb’s financials in comparison with their competition over the next two years, and see if you still agree Chubb is the gold standard to grade insurers. I believe the regional carriers and AIU Holdings (whose financials blow Chubb’s away) will really impact Chubb in a big way, sooner than later.
Chubb is the last carrier that anybody needs to worry about. The only question with Chubb, is whether they’ll decide to dip their toes into the HARTFORD pool. The Stag business might be a nice complement to round out the Chubb portfolio – but I doubt Chubb will head down that path. Traveler’s and especially ALLIANZ are most likely to end up with Hartford P&C.
Agree-Chubb is rock solid. They are the gold standard.
Chubb – gold standard? By what measure? Finnegan is a major expense cutter – his impact is being felt by agents and client’s alike in a negative way. Client’s are experiencing the worst claims service over the last few years that Chubb has ever had, mostly due to cutting claims expenses and not paying for items that they would have covered a few years ago and prior. Additionally, their service to agents is becoming very poor and lackluster, they are snippity on the phone, rude and downright not helpful in many cases. Agents are having to quote their own business and endorsements using their new system (that is not very good). If you move a piece of existing Chubb business to another carrier for legitimate reasons, Chubb staff/mgmt literally berate you for moving it. Bad business practices. Somehow Chubb still believes agents and clients will flock to them due to their past reputation, but their reputation is not slipping – it has slipped and continues to erode. Many of us agents are cutting way back on writing Chubb these days for all the reasons above. Their contigency checks don’t matter when we are losing clients to other Chubb competitors due to the above. Chubb never leads as innovator, they always play the catch up game. Their financials will keep slipping as their topline shrinks faster than their bottomline cost-cutting. Let’s see what happens to Chubb’s financials in comparison with their competition over the next two years, and see if you still agree Chubb is the gold standard to grade insurers. I believe the regional carriers and AIU Holdings (whose financials blow Chubb’s away) will really impact Chubb in a big way, sooner than later.