A major insurer has demonstrated an increased focus on the SME market this week, announcing a senior appointment in the field as well as a product expansion.
Chubb confirmed yesterday afternoon that Matthew Head had officially joined the firm as SME manager, Australia and New Zealand, to lead the company’s dedicated SME team based in Melbourne.
Head is stepping into the role following a five-year stint at Gallagher, where he was the general manager of offshore market placements and served on the inaugural Australian executive leadership team.
In addition to the new appointment, Chubb also announced that its broker-distributed Business Pack Insurance product for small and medium sized enterprises now covers 16 industry segments.
“Brokers have been eager for Chubb to expand its offering to the SME segment across more industries and we are pleased to deliver that today,” said Jarrod Hill, the firm’s country president for Australia and New Zealand.
Designed to protect business owners from a range of operating risks, the policy includes standard coverage for business interruption, general property damage, public and products liability, machinery and equipment breakdown, theft, money and tax audits.
However, in a clear sign of changing times, the product also includes protection against cyber and environmental liabilities. The cyber component offers coverage for issues such as network security, privacy and data asset loss while the environmental component of the policy covers sudden, accidental and gradual pollution originating at the insured location.
“Chubb recognises that every small business is unique,” said incoming SME manager Head. “That is why we have crafted a customisable business package product to fit their insurance requirements.”
The expansion of occupations means Chubb will now be able to cover 70% of the SME market in Australia.
