Chubb launches flood insurance platform
Chubb launches flood insurance platform | Insurance Business America
Catastrophe & Flood
Chubb launches flood insurance platform
System will be available in all states where the company writes flood insurance
Catastrophe & Flood
By
Ryan Smith
Chubb Personal Risk Services has announced the launch of a self-service Flood Insurance System for agents.
The new platform, which will integrate with the Chubb Agent Portal and the Masterpiece EZ Quote homeowners platform, will support Chubb’s personal lines business for primary and excess flood. It will provide quotes for low-hazard properties in less than two minutes, the company said.
The system will be available in all states where Chubb writes flood insurance, according to a news release.
“We have made a significant investment to create an exceptional quoting and issuance process for agents to ensure we can offer complete flood protection coverage options for clients,” said Louis Hobson, senior vice president of Chubb’s North American flood insurance business.
Climate change is causing floods to increase in frequency – including in areas not historically prone to flooding, Chubb said. Floods are commonly associated with weather catastrophes such as hurricanes, but can also be triggered by events like rain runoff, which can impact any area.
“The unpleasant reality is that wherever it can rain, it can flood,” Chubb said.
“Standalone home policies often exclude any surface water that enters your home,” Hobson said. “The most common cause of flooding damage isn’t linked to an extreme weather event – it can be as simple as rain runoff that accumulates too quickly.”
Chubb’s flood insurance provides customized coverage with limits as high as $15 million. Coverage can be obtained for as little as $500 a year, the company said.
In other company news, Chubb recently announced the launch of a global transactional risk insurance platform. As part of the launch, the company appointed Josh Cowen as senior vice president for international transactional risk.
Chubb also recently announced the appointment of Seth Gillston as executive vice president and head of North American industry practices.
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