Chubb’s enhanced platform is a fully-automated system which can simplify the process for retail and wholesale brokers
Image: Chubb introduces enhanced TankSafe insurance. Photo: Courtesy of PublicDomainPictures/Pixabay
Property and casualty (P&C) insurance firm Chubb has launched an upgraded version of its technology platform for the management of commercial underground and aboveground storage tank insurance.
The new platform, Chubb TankSafe, is claimed to be a fully-automated internet-based system that has been designed to simplify and make a complicated process more user-friendly and efficient for retail and wholesale brokers.
The simplification can range from submission through policy and financial responsibility certificate issuance.
The insurance is available in all the 50 states in the US
The new TankSafe insurance can be used to combine underground and aboveground storage tank coverage into a single policy that is available on an admitted basis to brokers across all the 50 states in the US.
Chubb first introduced online underwriting for storage tanks in 2003 and has continued to invest in the technological advancement of the system since then.
The redesigned TankSafe system is now available on the insurance firm’s Worldview Commercial Producer Portal.
The integration of technologies offers its brokers a centralised platform for new business quotes, renewals, and mid-term changes. At present, Chubb claims to be the only carrier to offer admitted storage tank coverage via an online portal.
The enhanced TankSafe system features an on-the-go access via a smartphone and tablet, a geolocation tank mapping functionality which readily identifies each scheduled location, its ability to quote up three deductible options at one time, helps expedite customer’s ability to review and select coverages based on their specific needs and budgets.
It also lets the upload of storage information to the portal via spreadsheet which allows users to review all documents at one centralised location.
Chubb Environmental executive vice president Craig Richardson said: “For more than 15 years, Chubb has helped commercial companies of all sizes identify and fill potential coverage gaps and mitigate the risks associated with tank ownership and management.
“This latest enhancement provides both retail and wholesale brokers with greater control over their storage tank programs, ultimately providing tank owners and operators with the integrated financial responsibility coverage and technology solutions they need.”
In August this year, the company introduced CoverPlus, a new platform to offer expanded liability-driven products tailored to the risks faced by middle-market manufacturers.
The new platform will support manufacturers as they take up new technologies and process to remain competitive.
CoverPlus features a customisable suite of insurance products designed to fill the gaps which are inherent in traditional insurance programmes and offer flexible enhancements to address an array of exposures such as scalable pollution liability, product withdrawal expense, errors and omissions liability, and cyber liability.