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Chubb Group of Insurance Companies
Corporate Structure
The Chubb Corporation was established in the year 1882, by Mr.Thomas Cadlecot Chubb
and his son Mr. Perry in the year 1882 in the district named “Seaport” of New York City.
Initially, corporation started helping the policy holders by providing solutions to the business.
Chubb could able to establish a strong relationship with the insurance agents and the brokers,
who were all able to place their clients’ business with Chubb as an underwriter. The company
has a wide footprint across the globe. At present, Mr. John D. Finnegan serves as the
Chairman, President and Chief Executive Office, Mr. Gerry Delon serves as the Chief
financial officer and Mr. Teren Brady the Senior Vice President takes care of the Human
resources. Mr.Paul J. Krump has been designated as the President of Commercial and
Specialty Lines and Mr. Harold L. Morrison, Jr work as the chief Global Field officer and
Chief Administrative Officer. The company deploys close to 10,000 employees across the
globe.
Distribution System Used
For every insurance company, it is important to have good products as per the market
requirements. The Chubb Corporation has been successful till date, by designing good
insurance products and meeting the choppy market requirements every now and then. The
company could survive for last close to 129 years because of its innovative product designing
and use of right distribution channel to reach the customer. As it is understood that , the
company has presence across the globe, because of its efficient system, it could identify the
appropriate distribution channels. The distribution happens through the company agents or
through the brokers. For a company like Chubb, the distributors made the difference in terms
of the good quality advice towards choosing the product, providing the post sale services and
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settling the claim. All the distributors seem to be the trusted financial advisors of the
company.
The company use many channels in order to sell its products. Some of them are highlighted
below:
(i) Distribution System (Personal): - There are many agent models and brokers
developed by Chubb suitable to the market, work site marketing and
bancassurance. This has been very successful till date for many of the insurance
companies because of the market needs and requirements. The reason behind this
kind of distribution system is that, every human being wants to have an insurance
policy for him as well for his family in order to avoid the future risk appetite
attached to the day to day activity of the life. Though the person in intended to
avail a policy, he does not know which is the policy will meet his requirements. In
such a scenario, he needs assistance of an agent...