Chubb Life
Chubb is awarded outstanding achiever for two products – Critical Illness and Whole Life product. In addition, Chubb has also demonstrated improved efforts in digital capabilities helping agents and brokers on offering a better client journey. Most noteworthy is its adoption of ESG practices across the board globally, and the company is ranked in the top-10 percentile against its peer by Benchmark's sister company, BlueOnion. Responsible investment policy in participating funds looks promising.
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Benchmark Awards
Benchmark Awards Recipient - Chubb Life
Each year, Benchmark awards best practice insurers based on the Voice of the Customers (VOC) and Expert Reviews. Winning an award from Benchmark means that the winner has the highest overall ratings combining the VOC scores and the Expert Ratings in Benchmark’s 22 qualitative and 54 metrics in their respective categories, where companies are assessed on the quality in product, brand, client services, governance, and digital experience.
See Awards
Product Proposition +
Benchmark awards high-quality providers who offer outstanding qualities in financial strength, unique product propositions, features, value for money to customers, return on investments, customer care, claims process, ease of access, quality of advice, and social responsibilities, including investment policies for participating funds of customer policies.
Expert Rating
Outstanding Achiever
Consumer Rating
Expert Rating
Not Rated
Consumer Rating
Expert Rating
Not Rated
Consumer Rating
Expert Rating
Not Rated
Consumer Rating
Expert Rating
Not Rated
Consumer Rating
Expert Rating
Not Rated
Consumer Rating
Expert Rating
Not Rated
Consumer Rating
Expert Rating
Outstanding Achiever
Consumer Rating
Client Journey +
Expert Rating
Not Rated
Consumer Rating
Benchmark awards high-quality providers who offer the best strategies and practices on after-care, ease of contacting a client service desk, availability of digital tools and ease of usage, supporting clients regardless of the situation, assisting the client through administrative processes, and ensuring that they understand each stage entirely, and, more importantly, keeping promises. The winners have demonstrated outstanding service level and commitment, advocacy scores, the way and channels they engage with the clients, and the alignment between agents and the clients being served.
Brand Performance +
Expert Rating
Not Rated
Consumer Rating
Digital Satisfaction +
Expert Rating
Not Rated
Consumer Rating
Benchmark looks at the overall customer ratings for companies' digital capabilities using the Aggregated Voice-of-Customers rating of the following scores in digital satisfaction: Ease of Use, Overall Sentiment, Utilization, and Usage, based on results from the BENCHMARK 2019-2020 Insurance Survey.
1 Ease Of Use – The overall score of ease of use of digital tools includes clients' rating on availability and quality of digital services
2 Overall Sentiment – Satisfaction of mobile app and web portal
3 Utilization – Rating of clients' rate of use of mobile app and web portal
4 Usage – Rating of clients' usage of digital tools includes their digital experience in purchasing products and policies, making claims, account management, and activities before being a client (i.e. browsing products, gathering insurers' background information, on-boarding process)
Sustainability & ESG
As of March 2021, Chubb's financial rating has remained strong and stable: “A+” (Stable Outlook; as of 15 May 2020) by Standard & Poor’s, “A+” by AM Best (Stable Outlook; as of 17 Dec 2020) and “A+” by Fitch (Stable Outlook; as of 26 Mar 2021).
Parent Company Sustainability Rating
ESG Global Ranking Percentile
Global Compact Sector Ranking Percentile
Short-Term Temperature Alignment
Long-Term Temperature Alignment
Top 9.22%
Top 37.14%
1.5°C Aligned
2°C Aligned
The ESG score identifies sustainable companies that are better positioned to outperform over the long term. The methodology considers the principle of financial materiality for long-term performance, with an algorithm built only on information that helps explain future risk-adjusted performance.
The Environmental pillar considers the company's contribution and the impact of business activities to the emission of greenhouse gases and air pollutants, biodiversity, forest stewardship, generation of waste and other hazardous output, water pollution and withdrawal, investments into resource efficiency, and impact reduction.
The Social pillar considers the business' contribution and the impact of activities to equal opportunity, workplace-related health, and safety, support learning, product access to the disadvantaged including medicine, education, finance, food, the quality and safety of products, recognizing codes for child labor, the fair and equal compensation, and the working conditions.
The Governance pillar assesses the business practices on ethics against corruption, ensure long term control of board committee, shareholder rights, insider trading transparency, overall earnings, and debt to equity ratios.
The Temperature score represents the company's performance by their near term and long term alignment to the Paris Agreement using a simple scorecard for four different ratings: Aligned, Aligned long term, Aligned near term, and Overheating.
Companies contributing to the rise in global temperature under the agreed limit with a Near-Term Score with 2°C or less means the company is Paris-aligned for the current pathway until 2030, and a Long-Term Score with 2°C means an alignment for the current pathway until 2050.
The score quantifies the United Nations Global Compact (UNGC)’s four core principles: Human Rights, Labor Rights, the Environment, and Anti-Corruption. This measurement can be used as a risk management tool to approximate reputational risk-facing companies with lower scores.
2021 Benchmark Sustainable Wealth Forum - Chubb Life
The Benchmark Sustainable Wealth Forum is a knowledge exchange where industry leaders and winners of the Benchmark awards are featured. The Forum covers the financial eco-system and discovers the inside out of the providers’ practices that lead to a more sustainable industry through responsible and ethical investing in protecting the investors across multiple generations. The inaugural series covers the Winners at the Benchmark Wealth Management Awards of 2020. The topics covered in the Insurance series include topics from Product Proposition, Quality of Advice, Client Journey, Digital and Brand Value.
Michael Ho on Critical Illness and Whole Life Product
- Full Version
- The Products
- Corporate Culture
- On Sustainability
- About Digitization
- Corporate Citizenship
- Read Blog
Featuring Michael Ho, President of Chubb Life Hong Kong, leading Chubb Life since 2017 to one of the most preferred providers in Critical Illness and long-term protection products.
Featuring Michael Ho, President of Chubb Life Hong Kong, leading Chubb Life since 2017 to one of the most preferred providers in Critical Illness and long-term protection products.
Featuring Michael Ho, President of Chubb Life Hong Kong, leading Chubb Life since 2017 to one of the most preferred providers in Critical Illness and long-term protection products.
Featuring Michael Ho, President of Chubb Life Hong Kong, leading Chubb Life since 2017 to one of the most preferred providers in Critical Illness and long-term protection products.
Featuring Michael Ho, President of Chubb Life Hong Kong, leading Chubb Life since 2017 to one of the most preferred providers in Critical Illness and long-term protection products.
Featuring Michael Ho, President of Chubb Life Hong Kong, leading Chubb Life since 2017 to one of the most preferred providers in Critical Illness and long-term protection products.
Benchmark Sustainable Wealth Forum features Michael Ho, President of Chubb Life Hong Kong, leading Chubb Life since 2017 to one of the most preferred providers in Critical Illness and long-term protection products. This session is co-hosted by Roger Steel, the Managing Director and veteran expert juror, from Willis Towers Watson Hong Kong and Macau.
Award-winning products: ***Critical Illness – Embrace Care Critical Illness Protector ***Whole Life Product – Chubb Platinum Plus Insurance Plan
CARE WHAT CUSTOMERS CARE
The attentiveness to customer needs is key to how Chubb garnered the highest 5-star rating on both 1) Product Satisfaction for Critical Illness product and 2) Cost of products.
While some insurers see the quantity of illness coverage as a competitive edge, Chubb Life believes in less is more. “I guess the key question is not about how many, but really what do you need as a customer? ” With customer needs in mind, Chubb Life was the first to offer Critical Illness Premium Waiver for the family in the market. This extra protection extends even to the future children of an insured individual.
DIVERSE WORKFORCE, BETTER IDEAS
“Culture is a very fundamental and important element of corporate success.” Chubb’s journey to develop a deep understanding of its customers is rooted in a culture of diversity. “We have specific rules in terms of no discriminations and how we recruit people.”
A diverse workforce brings in various ideas, which leads to a better representation of multicultural clients.
COMPELLING NEED FOR LONG-TERM PROTECTION
“The pandemic actually makes a lot of people aware of protection needs.” Another offering of Chubb Life, the Whole Life Series, ranked 3rd in the Benchmark Insurance Quality Study 2020. The product is known for its focus on retirement and regular income stream. “People are becoming more aware that retirement is important, and therefore more inquiries are coming our way.”
SAILING FORWARD IN STORMS
“A lot of people are scaling back, but we move forward.” Simultaneously, the pandemic has been a hard hit for people from all walks of life. The underprivileged bear the brunt. Some businesses step in to ensure all voices are put at the table, and their needs are not forgotten. “We maintain our philosophy of trying to support the underprivileged group, and we continue to do it.” Chubb Life was one of the first to respond to COVID aid. Globally, the group has contributed 10 million to the pandemic relief fund. Locally, existing clients have been given additional COVID-related coverage free of charge.
COMMITMENT FOR THE FUTURE
“We are a strong believer, a believer in terms of the sustainability aspect, and hopefully, we can create a better world in the near future.” Alongside active participation in offering aid for the current crisis, Chubb Life has again demonstrated diversity by including our planet in its plan.
Chubb Life has acted on its belief by excluding new debts or equities against the principle of ESG in its investment profile. “We will not invest in new debts or equities in companies which generate more than 30 percent of their revenue from coal mining or energy production that deal with coal mining.” The group is also a member of the United Nations Global Compact, the world’s largest corporate sustainability initiative.
This episode is co-hosted by Elsa Pau, CEO of WealthAsia Group, and one of our industry veteran judges, Roger Steel, the Managing Director at Willis Towers Watson Hong Kong & Macau.