Chubb | May 24, 2021
Chubb has launched a new insurance product, Benchmarq Package, for the lower middle market segment, setting the standard for package plans based on broader, more scalable coverage and performance. Benchmarq provides a more comprehensive base coverage offering of both property and liability, resulting in insurance protection that is more robust than typical industry package policies. Although Benchmarq's base product is best suited to smaller or less complex package risks, coverage can be scaled up by higher limits and additional endorsements to build completely customized solutions for clients' unique and evolving needs in an underserved middle market space.
"Benchmarq addresses a gap in the lower middle market that isn't traditionally filled by a standard plan or company owners insurance scheme," said Ben Rockwell, Division President, Chubb Middle Market. "Chubb's latest modernized package broadens our presence in the middle market and allows us to include the esteemed insurance programs and offerings for which we've been popular to an ever wider range of customers, at a time when exposures in this space begin to emerge." We assume that the scalability, quicker quoting, and simplified product architecture would help agents and brokers—all backed by Chubb's advanced underwriting experience, excellent risk engineering, and claims scalability.
Benchmarq's key product features provide comprehensive and flexible property and general liability coverages that protect customers against the risks they are most likely to face within the sectors in which they specialize, which include education, food, manufacturing, professional services, real estate, retail, technology, wholesale, and wineries, with plans to expand into additional industries.
Benchmarq is currently accessible via field underwriters in 29 states, with more to follow in the coming months. Benchmarq will be available in the Fall of 2021 on Chubb's award-winning digital platform, the Chubb Marketplace. The Chubb Marketplace is intended to modernize the placement of insurance policies.
Chubb is the largest publicly traded property and casualty insurance corporation in the world. Chubb, which has operations in 54 countries and territories, offers a wide range to clients commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance. We assess, assume, and manage risk with insight and discipline as an underwriting company. We service and pay claimants in a fair and timely manner. The company is also defined by its broad product and service offerings, extensive distribution capabilities, exceptional financial ability, and global-local operations. Chubb Limited, the parent company, is a member of the S&P 500 index and is listed on the New York Stock Exchange. Chubb has executive offices in Zurich, New York, London, and Paris, among many other places, and employs about 31,000 employees globally.
Groundspeed | June 25, 2021
Groundspeed, a leading provider of SaaS-based smart submission and analytics solutions to the property and casualty insurance sector, and Unqork, the leading enterprise no-code platform, have announced a strategic collaboration and integrated offering to commercial insurance firms. Combining two solutions enables carriers to enhance risk selection, reduce time-to-quote, and better serve their customers, all while significantly improving and accelerating their return on investment.
Groundspeed is changing the way carriers, brokers, and others use data to improve underwriting outcomes, save costs, and offer better service. Today, one of the essential parts of the underwriting process is assessing submission papers, and existing techniques do not use the value contained in these documents. Groundspeed enables carriers to get deeper insights from data that was previously trapped in unstructured submissions. Its artificial intelligence Rapid Data Pipeline transforms commercial insurance documents, including emails, applications, loss runs, and exposure schedules, into enhanced structured data that can be utilized for underwriting, pre-fill, and analytics.
Unqork's no-code visual platform enables companies to create mission-critical apps that can manage the complexity, scalability, and security demands of contemporary businesses – all without writing a single line of code. Compared to coding techniques, insurers can bring solutions to market at least three times quicker and at a third of the cost by using Unqork's pure no-code platform. Unqork's no-code method also results in 600x fewer defects than code-based solutions, allowing for higher-quality apps with considerably less future maintenance.
Groundspeed was recognized to FinTech Global's InsurTech 100 for the second year in a row, a select group of industry pioneers in digital transformation. The InsurTech 100 recognizes "innovative use of technology to address a major industry issue, or to create cost savings or efficiency gains across the insurance value chain."
About Groundspeed Analytics
Groundspeed Analytics is a major supplier of commercial P&C sector SaaS-delivered submission and placement solutions. Insurance carriers and brokers may automate the ingestion and enrichment of information in unstructured submission documents by using Groundspeed's API, the company's enterprise data pipeline solution. API access is provided for Groundspeed's complete solutions.
Unqork is the industry's first no-code enterprise application platform, allowing big organizations to develop, deploy, and manage sophisticated applications without writing a single line of code. Organizations such as Goldman Sachs, Liberty Mutual, New York, Chicago, and Washington, DC, and Maimonides Medical Center use Unqork's drag-and-drop interface to develop enterprise applications quicker, with better quality, and at a cheaper cost than traditional methods.
Vertafore | April 01, 2022
Insurance professionals from across the country gathered in Denver this week for Accelerate, powered by NetVU. The event was for four days of education, networking and a tour of the latest Vertafore® InsurTech innovations.
Attendees were educated about the new additions and what's next for their core insurance technology. They were also provided with information about getting the most out of the solutions by themselves during the conference's general sessions. NetVU also celebrated the return of an in-person conference by offering a full curriculum of business development and IT management classes for agencies.
Vertafore, the leader in modern insurance technology, informed the launch of its Commercial Submissions platform during the onset general session of Accelerate, powered by NetVU.
The energy at this year's Accelerate was incredible. There's nothing like being together to learn and grow as professionals in an industry defined by relationships. A huge thanks to the NetVU volunteers and Vertafore experts who made 2022 a success."
Jessica Jeffress, conference chair and AVP of Peel & Holland.
This industry-leading market connectivity solution provides a game-changing experience for commercial quotes by simplifying and automating the entire process. Agencies can find quotes from multiple carriers in time than it usually takes. Thus, it will streamline the process and timeline for submitting commercial business. Carriers on the platform can get immense benefits from increased opportunities to present their insurance products to clients.
Vertafore also announced that Commercial Submissions will be accessible to its customers until September 30, 2022. The offer would remain part of its commitment to improving market connectivity between independent agencies and insurers.
In addition, Vertafore demonstrated its industry-leading efforts to create innovative, user-centric, and inclusive InsurTech solutions. With the launch of Commercial Submissions, the company has made a long-term investment in product design as part of its vision for smarter, simpler, and more human insurance distribution. It will incorporate comprehensive principles to remove user barriers, improve accessibility, and overcome situational challenges that obstruct user productivity.