Chartis Insurance stands out in Hong Kong

With a client base of more than 120,000 individual customers and 11,000 corporate customers in Hong Kong, Chartis Hong Kong is one of the leading providers of general insurance in the city. Serving Hong Kong since 1931, Chartis Insurance Hong Kong stands out to its customers because of a combination of corporate longevity, financial strength, international experience and local knowledge.

We have been serving Hong Kong customers locally for over 80 years, providing them with insurance cover through the decades,” says Marc Breuil, President and CEO of Chartis Insurance Hong Kong.

Rated A by S&P with a stable outlook, the company has the financial strength and the international reach that comes with being part of AIG, one of the world’s largest insurance groups. Locally, Chartis is one of the best capitalized Hong Kong domiciled General Insurance Companies. This is particularly important in Hong Kong where the next few years will see the introduction of a new Independent Insurance Authority and a new RBC-based solvency regime.

Mr Breuil, who is back to Hong Kong for the second time, believes that Chartis’ key strengths lies with its staff, their dedication and professionalism. “It is that blend of local and international talent and experience which enable us to continually adapt our insurance products to protect customers from a range of risks. Our customers vary from individual holiday-makers to multinational companies looking to manage exposure on balance sheets against the evolving risks they face.

Indeed, in 2011 Chartis was the second largest direct underwriter of General Insurance in Hong Kong (excluding inward reinsurance). The company has a very diverse portfolio with significant global scale, which is supported by its capital market strength. In the US, Chartis businesses recently rebranded to AIG. In line with this change, Chartis in Hong Kong will re-brand to AIG in the first quarter of 2013, marking a significant milestone for the company.

Aligned with the rebrand to AIG is a new brand promise – ‘Bring on Tomorrow’. “Bring on Tomorrow underscores AIG’s tremendous tenacity and ambition – to solve problems, to innovate for the benefit of our clients, and to act as a powerful, global team,” said AIG President and Chief Executive Officer Robert H. Benmosche. “Now we look to tomorrow, and we’re excited about the potential we see there. We’re excited to get to work on seeing, building, and securing a better future – for our customers, for ourselves, and for communities around the world. I believe that the spirit of inventiveness and adaptability at the core of AIG will bring opportunities and open doors that will redefine what’s possible, helping our customers thrive and make the most of every day.”

Chartis’ competitive advantage

So what sets Chartis’ claims service apart from its competitors? “By the close of 2012 Chartis in Hong Kong will have reviewed 68,000 claims,” says Breuil. “What matters most to our customers is the ability to process these claims anywhere in the world on local terms. Being part of AIG gives Chartis in Hong Kong the advantage of global reach, and provides access to 9,000 claims professionals in over 160 countries and jurisdictions. This is a unique set of capabilities which is critical for the insurance business,” he added.

“Chartis also provides a customer-focused service. The claims team manages claims in a consistent and fair manner that is pro-active and transparent. For large and multinational customers, Chartis also offers a tailor-made claims service to meet our customers’ requirements; we call it - Claims Account Relationship Management.”

“Our Claims Account Relationship Managers work with claims teams across all regions to ensure consistency and clarity of service. We work with brokers and customers to agree clear benchmarks and expectations, as well as marinating open channels of communication. We build tripartite working relationships between customers, brokers and the claims teams to deliver our claims service,” says Breuil.

Keeping its focus

Chartis is single minded in its focus on underwriting principles, discipline and standards, and not distracted by the competition. Breuil believes that insurers should focus on producing a sustainable business model to back products and meet potential customer claims.

“That starts with underwriting discipline, with knowing risk and knowing how to price it properly It takes years of experience to build up this kind of knowledge, and with a 80-year presence in Hong Kong Chartis has this knowlegde. Among the top insurers in the world, AIG has the most well-balanced portfolio in terms of geographies and distribution between the major lines of business,” he adds.

Chartis’ dedication and excellence played a pivotal role in providing momentum to Hong Kong’s insurance industry. Chartis has been a pioneer in offering innovative insurance solutions to businesses and consumers to address evolving insurance needs, with new insurance products introduced over the years, such as Environmental liabilities, Product contamination, Directors and Officers liability, Dragonshield, CyberEdge and many others.

Breuil cites cyber threat as an emerging new risk which is threatening businesses and consumers in an increasingly interconnected world. “Providing dedicated insurance products is one of the key ways to manage new risks and address changing concerns. Hence Chartis developed CyberEdge, the most comprehensive cyber product available to commercial enterprises in Asia Pacific.”

Chartis initiatives

While ensuring world-class service, Chartis in Hong Kong also positions itself as an industry employer of choice. “Beyond the strength of our best-in-class insurance products and services, we also put forward our management values in ways our staff, customers and business partners can relate to,” says Breuil.

“Transparency, fairness, integrity and professionalism are the key values Chartis adheres to as an employer to ensure we attract and retain the best talent in the industry. In 2013, we are introducing new maternity benefits for our staff that we believe will be a first in the Hong Kong general insurance industry. This is particularly relevant to the 60% of our staff who are female. Another program offered by Chartis is the Volunteer Time-Off (VTO) leave allowance where employees may provide a public service and make a difference in their communities by participating in charitable initiatives or volunteering to work for charities of their choice.” The “Giving Back” VTO program was established to support activities that enhance and serve communities. Employees can donate up to 16 hours each calendar year to an eligible charity.

FAST FACTS

• Chartis Insurance Hong Kong Limited is a member of American International Group, Inc. (AIG)

• Chartis in Hong Kong will be rebranded to AIG in the first quarter 2013.

• The financial strength of Chartis Insurance Hong Kong Limited is vetted by global rating agencies: A (stable outlook) by S&P, A2 (stable outlook) by Moody’s.

• AIG’s strategic vision is to be the most valued insurance company.