Chubb offers products exclusively through trusted advisors commonly known as brokers or agents. We believe that providing complete protection for your family, home, and possessions can only be achieved successfully with the involvement of a trusted insurance advisor.
While many companies offer “direct” insurance, many of these providers are actually offering self-service insurance, forcing consumers to be experts in the complex and evolving insurance marketplace.
Developing a relationship with a trusted insurance broker offers numerous benefits:
Significant product knowledge: With hundreds of insurers offering a variety of products across the country, it is impossible for the typical consumer to stay updated on the options available to them. Brokers are constantly assessing the insurance marketplace, and participate in dozens of hours of continuing education each year in order to maintain a strong depth of knowledge.
Pricing awareness: Brokers combine their vast product knowledge with a regular assessment of pricing trends in the insurance industry. A trusted broker is aware of discounts that may only be offered by certain companies, and can also determine whether circumstances around a specific client’s needs are likely to lead to significant pricing changes from year-to-year.
Independence: Insurance brokers choose to remain independent, meaning they work with multiple insurers on the consumer’s behalf. These advisors are in a position to offer their clients numerous options with variations in coverage, service levels, and pricing, all in consideration of the specific needs of each individual.
Dispute resolution: Occasionally difficulties can arise with obtaining insurance for certain individuals due to claim history, driving records, or a variety of other factors. When dealing with a broker, clients have an industry expert on their side who will work to develop a solution for nearly any insurance issue.
Regular reviews of your coverage: Insurance companies are constantly innovating their products and adjusting rates. The expertise that a broker brings to their craft means that their clients will benefit from frequent reviews of their insurance portfolio. Your broker will make sure that a customer doesn’t miss out on discounts or new product opportunities.
Affordability: Brokers are compensated by the companies they choose to represent by way of commissions. Clients generally do not pay separate fees for the numerous services provided by brokers, as commissions are contemplated by insurance companies when setting prices. When a consumer chooses to obtain insurance in a self-serve fashion through so-called “direct” provider, they may pay a slightly lower price because there is no broker to compensate. These consumers are missing out on the valuable advice and the involvement of an advocate committed to finding the ideal solution for each individual and their family. Often there is less than a 5% price difference between self-serve insurance and broker-recommended coverage- a small price to pay when you consider the potential coverage gaps that may exist in the event of a catastrophic loss that affects your family.
Most people wouldn’t consider tackling a plumbing or electrical job around their home without using a qualified expert. Avoiding the advice of a trusted insurance broker could leave a family open to significant financial risk, particularly individuals who have unique homes and possessions, and prominent business positions in the community.
Dealing with a qualified, licensed insurance expert is the best way to receive comprehensive insurance protection at the best possible price.