- Businesses
- Individuals & Families
- Partnerships
- Brokers
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Product Oversight and Governance
Chubb Product Approval and Governance Framework
Chubb Europe has developed a framework which governs the processes and controls to deliver and assure customer best interests. Control standards and customer outcomes are established through the Conduct Risk Policy, related policies and guidance documents. First line management implements the standards through operational procedures across the customer journey, from product development through to post-sale servicing. The organisation structure includes a Product Council for each line of business and first line management activities are focused on the implementation and delivery of customer best interests through the processes. There are dedicated conduct resources within the first line to support senior management carrying out their responsibilities.
Distribution arrangements are controlled through the Third Party Framework, with Chubb Conduct Risk standards applicable to outsourced service providers and appropriate Manufacturing and Distribution responsibilities agreed with Insurance Intermediaries under terms of business arrangements.
Conduct Risk Framework
Conduct Standards and customer best interests are established through Board approved Framework, Policy and guidence
- Conduct Risk Policy
- Customers Best Interest Guidance
- Customer Vulnerability Strategy
- Conduct Pricing Strategy
Common procedure are processes to ensure that products deliver value and meet conduct standards and are reviewed and approved at each stage of the product lifecycle.
- Product Risk Profile
- New Product Development
- Product Modification
- Product Review
Fiirst line procedures operate to control and monitor outcomes across the customer lifecycle.
- Product Underwriting
- Marketing & Distribution
- Claims & Assistance
- Customer service
- Complaints handling
Product Councils structure deliver the review monitoring and approval process for products on behalf of the line of business Senior Executive.
- Local Product Councils
- Line of buiness Product Councils
- Product level conduct MI
- Functional level conduct MI
- Activity and Exception Reporting
Quarterly Conduct Risk Reports to management bodies, providing information on conduct performance (exceptions) and product activities.
- Underwriting Controls Product Oversight Committee
- Executive Management
- 2nd and 3rd line oversight
- Audit and Risk Committees/ Board