Chubb innovates in marine insurance with instant shipment insurance

July, 29/2019 - 03:05
Chubb innovates in marine insurance with instant shipment insurance

SINGAPORE - Media OutReach - 29 July2019 - Chubbannounced today it will provide instant shipment insurance on the NetworkedTrade Platform (NTP) via its Value-Added Service (VAS) listing. Catering to theneeds of the transport community, a wide range of goods including commercialcontainerised cargo, household goods, parcel freight and speciality items, likeworks of art, can now be insured instantly on the NTP.


Currently,Chubb offers automated shipment insurance in Australia, Korea and Singapore.This allows traders, logistics service providers, carriers, and even insuranceintermediaries to obtain an insurance quotation and bind cover within minutes. Theprocess, previously characterized by endless paperwork and long turnaroundtime, is now seamless, quick, and available 24/7.


In order to benefit themarine insurance community, the instant shipment insurance technology wasdeveloped to be promptly and easily deployed on other platforms, thereby allowingtransportoperators to easily offer automated shipment insurance to their clients ontheir proprietary platforms.


Priorto this, Chubb's intermediaries were able to quote and issue marine insuranceto shippers instantly with CargoAdvantage®, a proprietary and awardwinning web-based marine insurance quoting and issuing system.


Mr Anthony O'Brien,Chubb's Regional Marine Manager in Asia Pacific said, "Being part of the NTPecosystem reinforces Chubb's commitment to innovate in marine cargo insurance.We are proud to be part of this robust, vibrant environment, and pleased to beable to serve and grow with the community."


"In addition to our automated solutions, Chubb's team of specialistswill be on hand to assist with complex marine insurance risks such as heavylift and over-dimensional freight, special transportation contracts, higher valueshipments, as well as fine art and valuable goods in transit. Our shipping andtransport partners can also be assured with Chubb's strong network of claims,e-commerce and risk management professionals in the Asia Pacific region," headded. 


About Chubb

Chubb is the world's largest publiclytraded property and casualty insurance company. With operations in 54 countriesand territories, Chubb provides commercial and personal property and casualtyinsurance, personal accident and supplemental health insurance, reinsurance andlife insurance to a diverse group of clients. As an underwriting company, weassess, assume and manage risk with insight and discipline. We service and payour claims fairly and promptly. The company is also defined by its extensiveproduct and service offerings, broad distribution capabilities, exceptionalfinancial strength and local operations globally. Parent company Chubb Limitedis listed on the New York Stock Exchange (NYSE: CB) and is a component of theS&P 500 index. Chubb maintains executive offices in Zurich, New York,London, Paris and other locations, and employs more than 30,000 peopleworldwide. Additional information can be found at: chubb.com.


About Networked Trade Platform (NTP)

The NTP is a one-stop trade and logistics ecosystem whichsupports digitalisation efforts and connects players across the trade valuechain -- in Singapore and abroad. It aims to provide the foundation forSingapore to be a leading trade, supply chain and trade financing hub. Designedas an open digital platform, it enables service providers to develop newapplications and foster innovation within the trade ecosystem.


By bringing players across the trade value chain onto asingle platform, the NTP enables end-to-end digital trade. Traders can tap on arange of trade-related value-added services (VAS) such as cargo freightbooking, trade financing, cargo insurance, customs declarations and paymentreconciliation.


These services will allow them to the arrange shipmentseasily, improve cash flow, and better manage trade compliance, all on oneplatform.


For more information, visit www.ntp.gov.sg  


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