I've recently been highlighting #InsurTech a lot because of the significant role I think it will play in enhancing the profile of insurance and engaging better with Clients.
Chubb's efforts with their HNW offering demonstrate that innovation can come in many different forms.
Often, when new threats or risks arise, they are almost immediately excluded from most 'All Risks' policies (I know this is not always the case, but it has happened often enough - particularly on corporate exposures - that Clients are questioning the value of what they are buying even more). That Chubb have redeveloped their product to provide specific support for emerging threats is an excellent example to set.
Chubb has revamped its private clients offering to include cover for cyber-bullying. The insurer said policyholders can claim up to £50,000 towards professional support, lost income and temporary relocation costs under their home policy. According to Chubb, it is one in a range of new and amended home and motor covers introduced within its three tiers of private client policies - Initial, Masterpiece and Signature.