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Chubb Insurance has announced the launch of its newly enhanced broker website – Masterpiece24 – which for the first time has been designed to allow brokers to quote and bind high net worth cover online.
Chubb has one of the best brand names in the property- and-casualty insurance industry. Its Masterpiece homeowners coverage is the top choice of wealthy Americans to protect their houses.
The well-managed insurer, based in Warren, N.J., also has a conservative underwriting and investment approach that enabled it to weather the 2008 financial crisis with little damage to its balance sheet.
Considering its consistent profitability and franchise value, Chubb (CB) looks attractive at its current price around $50. That's less than 1.1 times the company's estimated 2009 year-end book value of $46.50.
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After 30 years at Chubb Corp, Thomas Motamed joined Chicago-based commercial lines insurer CNA Financial in January 2009 as chairman and CEO. In this edited interview with Insurance Journal’s Andrew Simpson, Motamed talks about his goals and changes at CNA, as well as the state of the economy and the financial and competitive environment facing the property/casualty insurance industry. He also adds some advice for agents and brokers.
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In looking at the top drivers for technology spending, Furtado reported business growth was cited as the top driver by 66 percent of respondents. This was followed by both business process optimization and cost containment/expense reduction, each of which was cited by 56 percent of respondents.
“These drivers reflect the need to strengthen processes and stay competitive,” said Furtado
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O'Connell suggests. "Senior business executives are sitting down and asking questions about the architecture that this new platform will be built on and asking for assurances that three years down the road we will be able to reuse the platform and architectural components and be able to give them the flexibility they need," O'Connell says. "They really want to understand."
The former Hartford Life CIO says that in the past the company found value in the flexibility granted by letting the company's various businesses go their own ways with regard to technology decisions. But even though flexibility may be more important than ever, he adds, as the businesses have matured scale and efficiency have become more important.
suggests Infosys' Mohan. "Technology modernization cannot be justified on the basis of technical merit alone," he says. "There has to be significant business upside for modernizing or re-architecting to be approved."
Hartford P&C CTO Kim identifies four layers of enterprise IT that the committee considers: infrastructure, platforms, applications and business architecture. "The trick is understanding which of those layers is appropriate for different services. In some cases it's a shared platform, but the application might differ between life and P&C," he explains. "That's the art -- not science -- that we're grappling with right now."
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Insurance firm Chubb Corp. has not started to test either Google or Microsoft's hosted offerings (the latter also includes the coming Web version of Office 2010.) But group CIO Jim Knight says "the whole concept appeals to me."
"Eighty percent of our employees are using 10% of the functionality of Office," he said. "So I could seriously consider Google Apps for 80% of my users, with the other 20% getting the full Office."
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Chubb Group of Insurance Companies has licensed the FJA-US Product Machine to re-engineer the policy administration system behind its Masterpiece® personal insurance product line.
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The reason why the best property casualty insurance companies report earnings first is the same reason the smartest pupils sit in the front of the class: they’ve done their homework and they’re ready to answer questions. So it came as no surprise that Chubb was early out of the box to report that third quarter earnings had doubled, and Travelers announced the same day that profits had quadrupled.
Meanwhile in the back of the class - where kids are staring into space, texting on cell phones and counting on government bailouts - the scene is not so serene. They haven’t been called upon to recite yet, but a gloomy longer-term picture emerges from what Chubb and Travelers already reported.
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