Singapore, 29 July, 2019 – Chubb announced today it will provide instant shipment insurance on the Networked Trade Platform (NTP) via its Value-Added Service (VAS) listing. Catering to the needs of the transport community, a wide range of goods including commercial containerised cargo, household goods, parcel freight and speciality items, like works of art, can now be insured instantly on the NTP.
Currently, Chubb offers automated shipment insurance in Australia, Korea and Singapore. This allows traders, logistics service providers, carriers, and even insurance intermediaries to obtain an insurance quotation and bind cover within minutes. The process, previously characterized by endless paperwork and long turnaround time, is now seamless, quick, and available 24/7.
In order to benefit the marine insurance community, the instant shipment insurance technology was developed to be promptly and easily deployed on other platforms, thereby allowing transport operators to easily offer automated shipment insurance to their clients on their proprietary platforms.
Prior to this, Chubb’s intermediaries were able to quote and issue marine insurance to shippers instantly with CargoAdvantage®, a proprietary and award winning web-based marine insurance quoting and issuing system.
Mr Anthony O’Brien, Chubb’s Regional Marine Manager in Asia Pacific said, “Being part of the NTP ecosystem reinforces Chubb’s commitment to innovate in marine cargo insurance. We are proud to be part of this robust, vibrant environment, and pleased to be able to serve and grow with the community.”
“In addition to our automated solutions, Chubb’s team of specialists will be on hand to assist with complex marine insurance risks such as heavy lift and over-dimensional freight, special transportation contracts, higher value shipments, as well as fine art and valuable goods in transit. Our shipping and transport partners can also be assured with Chubb’s strong network of claims, e-commerce and risk management professionals in the Asia Pacific region,” he added.
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 30,000 people worldwide. Additional information can be found at: chubb.com.
About Networked Trade Platform (NTP)
The NTP is a one-stop trade and logistics ecosystem which supports digitalisation efforts and connects players across the trade value chain – in Singapore and abroad. It aims to provide the foundation for Singapore to be a leading trade, supply chain and trade financing hub. Designed as an open digital platform, it enables service providers to develop new applications and foster innovation within the trade ecosystem.
By bringing players across the trade value chain onto a single platform, the NTP enables end-to-end digital trade. Traders can tap on a range of trade-related value-added services (VAS) such as cargo freight booking, trade financing, cargo insurance, customs declarations and payment reconciliation.
These services will allow them to the arrange shipments easily, improve cash flow, and better manage trade compliance, all on one platform.
For more information, visit www.ntp.gov.sg