The Chubb Group of Insurance Companies has expanded its online commercial inland marine system used by agents and brokers to quote, bind and issue insurance policies. The system called u.writer features underwriting parameters to permit business to be processed online and can be accessed by wholesale brokers and independent agents.
The agents and brokers can use the system to quote, bind and issue insurance policies for builders risk, contractors equipment and motor truck cargo. The business that is declined by the system is sent to underwriters for additional review. Subsequently, Chubb underwriters can override the system online to accept or decline the business.
Pat Stoik, vice president and global commercial inland marine manager at Chubb & Son, said: The broader underwriting parameters are a value-added proposition for agents, brokers and customers. Commercial inland marine is a high volume business that can be costly for agents and brokers to transact on a manual basis.
“For trucking and construction industry customers, delays in obtaining certificates of insurance caused by servicing or regulatory issues can mean lost revenue when cargo can’t be shipped or construction can’t be started. By expanding our underwriting parameters, even more of this business can now be submitted through the u.writer online system. This saves everyone time, reduces cost per transaction and assures regulatory compliance.