04 Executive Summary
Key Insights from your 2024 Survey include:
Peer Group Ranking
Overall Ranking (from 29 Markets)
Overall NPS Score (vs Average of -5)
A top 5 position overall in 11 of the 28 Lockton Business Units relevant to Chubb UK&I
What is going well?
Power & Renewables – They are open to discuss programme options and offer alternative solutions.
Construction & Investments – Their knowledge of products is good. They take a pro-active approach to new business.
Real Estate – They offer a huge amount of capacity and are commercial in their underwriting decisions. They hold a strong European proposition.
UK Construction – With regards to CAR, Chubb are a consistent lead market for mid-size new business. In terms of Casualty, they offer very competitive pricing with lots of capacity and have consistent service levels for new business.
Belfast – Their knowledge on multinationals is great.
Dublin – Chubb offer good rates with good quality cover.
Aberdeen – Their Commercial Combined Master package is great.
Birmingham – They have a broad appetite which is clearly understood.
London Retail – Package policies is an area that Chubb succeed in. Their Global policy solutions are great.
Manchester Corporate – They excel in what they specialise in, i.e. Life Sciences. There is good communication between the underwriters and Broker Development Managers.
Newcastle – They are good at building relationships with Brokers and are always flexible.
ML – Their service levels and local policies are commendable.
Private Clients – Chubb are great at negotiating and are willing to trade.
Marine Cargo – They have excellent service and trading standards. They are quick to respond to new enquiries and flexible when writing policies. They deploy good line sizes and write business 100%.
Areas for Improvement for Chubb UK&I?
Power & Renewables – Chubb need to improve response times to mid-term changes.
Construction Investments – Chubb should improve/widen their appetite.
Real Estate – Their underwriting strategy is wholly focussed on International. They are very strong when it comes to European business, but are noticeably more obstinate when dealing with the UK.
UK Construction – They should offer lead terms on major construction projects.
Belfast – They need to broaden their appetite and increase their headcount.
Dublin – They should expand their appetite more.
Aberdeen – It would be good if they were a little more flexible. Chubb Property underwriters can be quite set in their ways sometimes.
Birmingham – They should broaden their appetite.
London Retail – A broader appetite in heavier trades would allow for greater participation across more Lockton programmes.
Manchester Corporate – Their limited Property appetite around heavier risks and warehousing sees them losing out as they cannot write/deploy enough capacity.
Newcastle – They should push their Motor offering more aggressively.
ML – It would be good to see greater resource in the team to improve turnaround times.
PI – Their responsiveness is slow.
Private Clients – Their pricing is completely different to other HNW markets. They tend to be 25-30% more on quotes.
Marine Cargo – The speed of set up of Multinationals and local policies post binding is slow.
Marine Hull – They need to be more flexible on terms.
Through 2025, let’s address these areas for improvement together – and keep building on your many strengths.
Peer Group
