8 May 2002
Chubb to Use eReinsure's Internet Platform For Placement of U.S. Facultative Reinsurance
Decision to Conduct Transactions Online Part of Chubb's Strategy To Increase Efficiency and Reduce Costs
NEW YORK, May 8, 2002 - eReinsure.com, Inc., a provider of e-commerce technology to the insurance and reinsurance industries, today announced an agreement with The Chubb Corporation that will result in thousands of facultative reinsurance transactions flowing through eReinsure's online reinsurance negotiating platform over the next 12 months.
The agreement is part of Chubb's strategy to employ Internet technology to significantly increase the efficiency and reduce the costs of procuring reinsurance. Several hundred Chubb underwriters in more than 50 offices throughout the U.S. will use the eReinsure platform.
Bruce Thorne, senior vice president of Chubb & Son said, "Using the eReinsure platform for our facultative placements will allow us to better manage the entire reinsurance process. The ability to have this platform integrate with our other information and processing systems is also an exciting example of the way we see technology moving."
The eReinsure platform, a neutral and secure means by which insurers, reinsurers and brokers can more efficiently collaborate in placing reinsurance, was released earlier this year. It is designed to allow users to communicate, review, negotiate and manage risks, and archive documents. The patent-pending technology automatically tracks each step of a transaction, removing future uncertainties regarding agreements reached by the parties involved.
Igor Best-Devereux, CEO of eReinsure, said, "We are pleased that Chubb will soon be able to enjoy the benefits of process efficiency, thus freeing their underwriters from many of the more mundane tasks of placing reinsurance that are prone to human error. At a time when market conditions are demanding and the focus needs to be on working with reinsurance partners to develop solutions on a timely basis, we believe that our technology is a real benefit to all parties to a reinsurance transaction. We are seeing enthusiastic response to the platform, as well as interest in our demonstrated ability to integrate with back-office systems."
About The Chubb Corporation
With more than $25 billion in assets, The Chubb Corporation is a holding company for a family of property and casualty insurance companies known informally as the Chubb Group of Insurance Companies. The member insurers of the Chubb Group of Insurance Companies (www.chubb.com) provide property and casualty insurance for personal and commercial customers worldwide through 5,000 independent agents and brokers. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.
eReinsure, Inc. (www.ereinsure.com) develops Internet technologies for reinsurance negotiation, documentation, recoveries and other functions that support online trading and is positioned to be a leading provider of e-commerce technology in the insurance and reinsurance marketplace. The company is located in New York and London, and has a technology development center in Salt Lake City, Utah.
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Igor Best-Devereux, CEO
igor at ereinsure dot com