Chubb launches Benchmarq as it targets neglected middle market segment

Chubb has launched Benchmarq Package, a new insurance product for the lower middle market segment that is designed to be more inclusive than alternative industry offerings.

Benchmarq includes an expanded base coverage offering for both property and liability, which Chubb said makes it more inclusive than the typical industry package policies. It offers property and general liability coverages to protect clients from the risks they are most likely to face in specific industries, including education, food, manufacturing, professional services, real estate, retail, technology, wholesale, and wineries. Chubb will expand coverage into additional industries in due course, it said.

While Benchmarq's base offering is optimal for smaller or less complex package risks, coverage can also scale up through higher limits and additional endorsements, Chubb explained. Clients can therefore create fully customised coverage for their specific and evolving needs.

Benchmarq is currently available through field underwriters in 29 states, with more expected to become available in coming months. It will be available via Chubb’s digital platform, the Chubb Marketplace, from the Fall of 2021, Chubb said.

Ben Rockwell, division president for Chubb Middle Market, said Benchmarq fills a gap in the lower middle market space that has been neglected by traditional packages and business owners’ insurance policies.

"We believe agents and brokers will benefit from the scalability, faster quoting, and streamlined product design, all backed by Chubb's specialised underwriting expertise, exceptional risk engineering and claims services, and global reach," said Rockwell.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.