WORLDcert Proves Industry is Innovative

The P&C industry is innovative according to Chubb executives speaking at the 60th Annual Risk and Insurance Management Society conference, held in Boston at the end of April.
Frank Goudsmit, vice president Life Sciences, at Chubb Group of Insurance Companies, believes the industry is unfairly branded as a slow-adopter of technology and innovation. His colleague, Jon Bidwell, chief innovation officer, Chubb Group of Insurance Companies agrees. “The insurance industry is really the ability to do business through risk transfer,” explained Bidweel. “We move in a market that requires rapid movement of capital to opportunity; this is the impetus [for our industry] to come up with new ideas with market responses… [a process otherwise known as] innovation.”

Bidwell and Goudsmit were presenters at a press conference held on Monday April 26, at the RIMS Annual Conference, that unveiled WORLDcert, Chubb’s new online system that will help life sciences companies deliver products to market faster by simplifying the process of obtaining clinical trial liability insurance documentation.

At present, the National Institutes of Health (NIH), a U.S. federal agency, lists 87,778 clinical trials ongoing in 172 countries. For each of these trials a life science company must obtain approval from the residing Ethics Committee; this approval is contingent upon many factors, including proof of appropriate insurance.

Goudsmit explained that prior to the Internet-based WORLDcert, the insurance component was considered a “moving target” as many factors and details about the trial would change in the weeks, and in some cases months, it took to submit the query, obtain the quote, develop the certificate and bind the policy.

“A seemingly minor mistake, such as a typographical error, insufficient insurance limits or an incorrect number of participants could delay,” the insurance certificate and shorten the timeframe a life science company has with patent exclusivity.

In WORLDcert brokers can enter information, obtain country specific data and requirements, in real-time, and complete the query, quote and certificate release in a matter of minutes (or hours, dependent on the information required by each country).

The pilot program is currently in use by 16 high volume life science companies and two high volume brokers, all located in North America, and considered a complete success, said Goudsmit.

By cutting the time it takes to query, offer and bind a trial policy for life science companies, WORLDcert offers tremendous value to this multi-billion dollar global business.  “Innovation is really about value,” explained Goudsmit, who believes the value of this new online tool for life sciences is proof positive that the P&C industry is far more innovative than critics believe.

Originally published on on April 27, 2010

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