Senior Vice President, North America Financial Lines, Chubb
Data to Decisions
Chubb is the world’s largest publicly traded P&C insurance company and the largest commercial insurer in the U.S., with operations in 54 countries and territories. The company serves multinational corporations, mid-size and small businesses with property and casualty insurance and risk engineering services; affluent and high net worth individuals with substantial assets to protect; individuals purchasing life, personal accident, supplemental health, homeowners, automobile and specialty personal insurance coverage; companies and affinity groups providing or offering accident and health insurance programs and life insurance to their employees or members; and insurers managing exposures with reinsurance coverage.
One of Bobbie Goldie’s key directives is to spearhead new and innovative distribution partner initiatives for overall growth and profitability of Chubb’s cyber solutions. With 25+ years of experience, she knows clients could benefit from deeper claims visibility that could lead to continuous service improvement and coverage offerings.
Chubb has over 20 years of cyber claims data, and ranks in the top 3 of cyber insurance organizations globally. This gives Chubb a unique industry position in capturing and analyzing key metrics globally and across industry sectors regarding cyber issue triggers, sources, costs and scope. With the right platform, Chubb could for example, detail with relative confidence the volume of incidents in an industry like retail, benchmarking how retailers rank in incidents vs. other industries such as healthcare, and what retail’s overall incident profile looks like. Does retail suffer more from external hacks vs. lost or stolen devices or human error? Where does retail need to have stronger monitoring and security compliance focus – internal employees, external attackers or partners such as suppliers and outsourced IT providers? Being able to detail these nuances would enable Chubb to have a more constructive partner-level conversation with customers, leading to reduced customer security exposure and policy costs, while also reducing the impact of security issues on Chubb's claims output.
Stakeholders were engaged to understand how additional tools could assist in education of cyber security and insurance. Chubb then designed an interactive platform to deliver blended trend data, updated bi-weekly, helping stakeholders more easily learn about the most prevalent risk factors, how those risks evolved, and how to protect against them. Chubb choose Qlik for its ability to securely blend data sources, dynamically adjust visualizations in real-time and encourage exploration for deeper insights.
The award-winning Chubb Cyber IndexSM provides anonymized real-time access to Chubb’s proprietary data. Leveraging the claims process, Chubb now shares data on key metrics such as actions causing a cyber loss, whether an internal or external actor caused a cyber incident, incident response costs like forensics and notification, which when combined with public trend data becomes an industry first resource that can improve business and reduce exposures to future losses.
The launch of the Chubb Cyber Index was an industry first, and changed the dynamic of the conversation Chubb could have with employees, customers, partners and the market at large. By delivering a publicly available portal detailing data analyzed from over the last ten years, Chubb could illustrate key trends with clarity and direction, backed by data. For example:
- Chubb has seen a surge of phishing attack claims associated with cloud-based migration, where bad actors take control of the victim’s email account under the guise of system upgrade or migration and set up forwarding rules so that all future email traffic is diverted to the criminal's own account.
- Human error has accounted for 24% of cyber incidents reported to Chubb over the last ten years, and is especially prevalent in healthcare with inadvertent disclosures accounting for an increasing number of claims. From 2013 to 2017, human error incidents rose from 39% to 53% in healthcare.
These types of insights were never publicly available before. The range of conversation and insights now possible is unprecedented and encompasses eleven industry sectors, six company size ranges (measured by revenue ranging from under $10 mil to over $1 Bil) and three distinct date ranges (last three years, last five years and all avaialble data). This has fundamentally changed the way Chubb can engage every stakeholder in its ecosystem.
Chubb executed a global launch of the Chubb Cyber Index in April 2018, with no credentials required, meaning anyone in the world could use the portal. In the initial 5 months the site saw over 15,000 users, with a 45% repeat visit rate.
In August 2018, the company executed an employee focused launch which included greater insights, more Chubb data, and a reputable third part data source, and started to use related data for media opportunities and marketing materials.
In September 2018, the company executed a launch to strategic partners which included greater insights, more Chubb data, and a reputable third part data source, targeting 1,000 initial users with select strategic partners receiving a license.
Based on the overwhelming positive feedback, Chubb is developing version 2.0 of the Chubb Cyber Index, which will continue to be accessible to anyone anywhere in the world. The enhanced version will include greater insights to the Chubb cyber claims data, thought leadership, cyber records and costs calculators, and cyber insurance policy limits and deductible peer purchasing insights.
Qlik Sense is Qlik’s platform for self-service oriented analytics, supporting a full range of use cases including self-service visualization/exploration, guided analytics apps and dashboards, custom and embedded analytics, mobile analytics and reporting, all within a governed multi-cloud architecture. Users benefit from associative exploration and search, smart visualizations, self-service creation and data preparation, geographic analysis, collaboration, and fully interactive mobility.
Making data available for analysis from last 10 years has allowed Chubb to segment key trends leaders needed to focus on, including Ransomware, DDoS, IoT, Crime as a Service (CaaS), Human Error and Social (related to Phishing and W2 Scams).
It also allowed Chubb to determine and deliver dynamic views that are updated regularly on the most important data sets for action, including Total Claims, Actions Causing Cyber Losses, Actors Causing Cyber losses, Affected Assets, Incident Response Costs, Trends, Current Cyber Threats and Industry Insights.
The prioritization of these insights based on the long history of Chubb in the field helps the company set the right agenda with customers and partners for the biggest mutual impact.
These unique insights are now available like never before, with Chubb designing into the portal the ability for any user to grab a snapshot of any chart for use in presentations, or to share across social platforms such as LinkedIn, Twitter, Facebook and email. In an industry understandably known for caution around data, Chubb has taken a bold step and considerably democratized this data, widening the audience on a global scale for these important conversations.
Cyber exposure evolves at an exponential pace. Annual and even quarterly reports are often outdated before they are even published. The Chubb Cyber Index is the first platform that provides consistently updated and current cyber incident trends, and the company is proud to have been the first in a very cautious industry to take this bold step.
About Your Organization
Chubb is the world’s largest publicly traded property and casualty insurance company, serving consumers and companies of all sizes with traditional and specialty insurance products and industry-leading claims and risk engineering services.