November 26, 2007 10:05 ET

Service Brings a Customized, Flexible Approach to Risk Mitigation

Chubb's ServicePOINT(SM) Emphasizes Collaboration Between the Insurer and Customer

WARREN, NJ--(Marketwire - November 26, 2007) - The Chubb Group of Insurance Companies (NYSE: CB) is offering a new in-depth risk management service that is customized to address current and future business needs of select commercial clients.

Chubb's ServicePOINT(SM) is a proprietary methodology for developing and delivering tailored loss control services for companies. Chubb's risk engineers are trained to identify the exposures that can result in the greatest financial risk to businesses. By conducting a loss analysis, the engineers identify trends and exposures and create customized proposals to help mitigate the risks.

Working closely with clients, Chubb builds flexibility into the proposals to address changing business exposures, such as mergers, acquisitions and new product lines. When Chubb and the customer agree on the goals for the policy year, a formalized plan is created to help keep the risk management efforts on track. At the end of the policy period, Chubb's risk engineers present a review of the program successes and the services provided. This tool also helps Chubb and the client analyze service opportunities for the next policy period.

In carrying out the plan, Chubb's Loss Control Services can establish and manage a variety of loss control programs, including training for accident investigations, ergonomics, industrial hygiene and fleet safety. Risk engineers also provide consultations for property protection, plant layout, safety committee development and workflow practices. All services and programs are customized and address industry-specific needs.

"Chubb's ServicePOINT goes beyond the loss analysis and operations assessments that are at the heart of most risk consultations," said Steven D. Hernandez, senior vice president of Chubb & Son and worldwide loss control services manager for Chubb Commercial Insurance. "We take a step back and look beyond the pure safety and health issues. A client's organizational structure, budgets, resources and corporate strategies all play a part in our planning process. The end result is a service plan that is tailored to the specific characteristics of each client."

Chubb may apply the ServicePOINT methodology when an insured begins to plan a building expansion. A risk engineer would meet with the company's risk manager to help identify and mitigate potential exposures. The risk engineer might review the construction plans, identify potential fire and flood risks and recommend conducting an infrared inspection of the existing electrical panels. Then, Chubb would work with the company and agent to develop an effective plan for the business.

Chubb Commercial Insurance's Loss Control Services unit provides loss prevention and premium audit services to more than 100,000 customers annually. With more than 400 risk engineers around the world, the unit offers Chubb customers specialized assistance in disaster planning; fire prevention, detection and suppression; employee health and safety; cargo security; preventive-maintenance planning; and asset protection.

The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb's global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia.

Contact Information

  • Chubb Group of Insurance Companies
    David Hilgen
    (908) 903-4165

    15 Mountain View Road
    P.O. Box 1615
    Warren, New Jersey 07059