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15 Mountain View Road
Warren, N.J. 07059
908-903-2000; fax: 908-903-3134
Keeping its promises is a key to Chubb Corp.'s success, says Robert Cox, Warren, N.J.-based chief operating officer of its Chubb Specialty Insurance unit.
"We do a darn good job of keeping the promises we make, and I think over the years we've proven that we take care of those who are important to us," including customers, agents and brokers and employees, said Mr. Cox.
Chubb was voted best admitted commercial lines property/casualty insurance company in Business Insurance's 2007 Readers Choice Awards.
"Everything we're doing these days, and every dollar that we spend on improving our infrastructure, our people, our technology, is about how we have to answer the question: How is it going to make it easier for customers to do business with us? What types of technical solutions, what types of other services and tools are helpful to them, and how can we best deliver them in a way that is responsive to what the customer is looking for?" he said.
One of the ways Chubb has pursued this goal is to use its already established global network to offer locally admitted directors and officers liability insurance for its multinational clients. That is a "very big topic" in this post-Sarbanes-Oxley era, said Mr. Cox.
Another area in which Chubb is involved, in which few others have ventured, is cyber risk and cyber security, for both first- and third-party coverages, said Mr. Cox.
Paul Krump, Whitehouse Station, N.J.-based chief operating officer of Chubb Commercial Insurance, which offers standard lines of coverage, said the insurer has also been very involved in developing insurance products for federal government contracts and educational institutions.
The insurer is also focused on energy risks. "We've been expanding our capabilities in the energy area to work on so-called green energy areas," said Mr. Krump.
"There's no magic bullet" to responding to clients' changing needs, said Mr. Krump.
It is a matter of "sitting down with the producers and the insureds and the potential insureds and asking probing questions," then "making certain we can get something together that really meets their needs."
"Anyone can copy the words on an insurance policy," said Mr. Cox. "But what they can't necessarily duplicate is the underwriting expertise, the local relationships that exist between Chubb underwriters and our producers and our customers, our ability to listen" and develop customized solutions, he said.