Chubb has enhanced its global digital platform with an eye on better serving its multinational clients and brokers. Nationwide’s digital insurance platform designed for small business clients has expanded into three additional states.
Chubb said it has made a number of improvements to the insurer’s global digital platform in order to better serve multinational clients and brokers.
Specifically, Chubb’s Worldview platform has new features and better functionality – particularly a new policy translation option that the insurer said is exclusive to the company and its existing multinational customers.
Chubb can use its global infrastructure to issue policies locally in its more than 625 offices worldwide. Many of these policies are required to be issued in languages other than English. The local policy translation service, available in Worldview, gives multinational clients and brokers quick access to English translated versions of policies that were issued in another language. The new translation feature relies on machine automated technology that uses Optic Character Recognition software to perform the majority of the policy translations.
Other enhancements to Chubb’s Worldview platform include enhanced premium tracking functionality and proactive renewal insights. The improved premium tracking functionality for captive and deductible recovery programs now provides the status of all payments in a single view. The enhanced reporting functionality provides users with a holistic view of activity across all programs, including an “upcoming renewals” feature to help avoid policy issuance delays.
Nationwide’s Commercial Digital Direct insurance platform has expanded into three additional states: Arkansas, Connecticut and Indiana.
Small business owners in those states can now buy business insurance online through the company’s platform, which offers 24-hour access to full-service, end-to-end digital capabilities across the entire insurance lifecycle.
Nationwide’s Commercial Digital Direct insurance platform is designed to address the specific needs of 30 types of businesses with fewer than five employees. The broad range of business types served means a customized experience that makes it fast and easy to buy the right coverage. The business types include office (such as business consultants and legal practices), service (like beauty/barber salons and photographers) and retail (such as coffee shops and clothing stores).
These small business owners tend to value guidance and validation, be comfortable with online self-service insurance shopping and policy management and seek out convenience and options that allow them to maintain low overhead costs, Nationwide said. Commercial Digital Direct first became available to businesses in Illinois in 2018, and Nationwide will expand the service to businesses in additional states throughout 2019.
Sources: Chubb, Nationwide