Chubb restructures HNW business

Chubb has restructured its high net worth (HNW) business, including a complete overhaul of its broker service team, following its first major review since 2009.

The insurer has changed its HNW underwriting and account handling teams around three core types of broker – national, cornerstone and independent. Chubb has also improved its service and range of products, including the coverage of its three main home and motor products – Signature, Masterpiece and Initial – and taken on new staff as a result.

Chubb spoke to more than 300 UK and Ireland brokers and held nine roadshows between December 2011 and January 2012 to get their views on its HNW offering. 

Brokers told Chubb they wanted:

• More streamlined service with dedicated underwriters that have the authority to make faster decisions
• Easier access to account managers
• The best and broadest policy coverage, with greater product differentiation.

Chubb Insurance of Europe personal lines manager Simon Mobey (pictured) said: “It had been three years since we took an in-depth review of our HNW service and products. During this time the market has changed considerably, with a number of new players entering which has heightened competition for business.

“We had also experienced considerable growth across our portfolio and needed to review how we managed an expanding business and team. And most importantly, client and broker service needs have changed so we wanted to hear what they required from us, and then give them what they want in a way that suits them.”