About
Chubb and with several of its luxury retail partners have co-designed an innovative luxury goods insurance product that can be embedded into the websites and apps of online luxury retailers, delivering a seamless digital purchase and claims process.
Innovation presentation
High demand collectibles and luxury goods are recognized as financial assets and considered treasures by their new owners. Adding Chubb’s specialty valuable articles insurance provides added-value increases to the core products and services of retailers, auction houses, appraisers and secondary markets.
Chubb has partnered with several watch, collectible, wine and jewelry online retailers around the world to provide customers with insurance protection at the point-of-sale. Once a customer has signed up, a digital profile is created, where they can access all the information pertinent to their insurance policy as well as luxury purchases that have been uploaded to their user profile, both insured and uninsured.
From there a customer can add or remove items from the policy, download their digital paperwork, and file a claim if needed. The worldwide insurance covers most causes of loss with no deductible and claims can be paid out as store credits ensuring customers come back to the store to repurchase, keeping them loyal to your brand.
A seamless partner experience during the integration process is achieved through Chubb’s digital integration platform, Chubb Studio. With Chubb Studio, partners can access Chubb’s extensive library of APIs, SDKs and microsites. The ability to integrate with multiple products across multiple countries with a single source of integration is something our partners regard as industry leading.
High-net worth customers can now take advantage of both “phygital” and omni-channel access to either walk out of a brick-and-mortar store with insurance protection for their new treasure, as well when shopping at online luxury retailers with “add to cart” insurance protection options.
Uniqueness of the project
Luxury e-commerce retailers can now offer valuables insurance from Chubb, one of the preeminent insurers of high-end valuables, as an added-value service to their customers – helping to build trust as well as customer retention. Chubb’s capabilities to embed insurance protection on e-commerce platforms at the point-of-sale is a unique feature, particularly amongst North American luxury retailers.
There are very few insurers that are digitizing valuable articles insurance and making it available for digital distribution around the world via API integration, without requiring the partner to source an intermediary insurance agent or third-party technology platform, making Chubb’s product innovative.
An additional element that makes Chubb’s product unique is the aforementioned ability to accommodate an affinity partner and balance their white glove service requirements with a flexible omni-channel approach.
Chubb’s digital luxury insurance provides self-service capabilities, instant in-app quotes and the ability to checkout in minutes, maintaining the frictionless customer experience expected from a luxury brand.
Claims are processed in-app, and often within 48 hours.
Appraisal requirements are liberal, with a high-threshold, and premium is as low as 1% of the value of the luxury purchase.
