Chubb’s Small Commercial Marketplace, a runaway success for the longtime Duck Creek customer, is enjoying notable success (and remarkable metrics to show for it). Since the introduction of Small Commercial Marketplace in 2017, the insurer has launched business owners policies, workers’ compensation, auto, umbrella, cyber, property, general liability, management liability, and others. New industries and coverages are being added regularly. Thanks to the technology behind Small Commercial Marketplace, Chubb has produced some very impressive statistics:
- A full proposal letter can be generated for a customer within 15 seconds after a quote is complete
- Agents can obtain final policy documents within two minutes of sale
- Time to place a multiline account, which typically involves two to three lines of insurance, reduced by an estimated 40%
- Number of fields required to generate workers’ compensation quotes reduced by 60%
- 85% of submissions for BOP product can now flow straight through without human intervention
According to a December 2018 investor presentation, Chubb projects to grow sales over its digital channels by $500 million to reach $3.3 billion gross premiums written in 2019. That figure refers to digitally underwritten business from traditional distribution partners such as brokers and agents in all markets globally.
Small Commercial Marketplace is an example of a system built not only on what a technology expert thinks but also, and substantially, on input from agents. According to Bennett “BC” Verniero, Chubb’s senior vice president, Business Solution Architecture, listening to agents has been the most important of four guiding principles driving the design and evolution of Marketplace.