Life can get pretty hectic sometimes, and Chubb wants to help make things easier. Traditional bill payment by check is always an option, but, for your personal insurance clients who don't have time to worry about writing a check and sending the premium by mail, Chubb offers a new electronic funds transfer (EFT) option.

How EFT Works

The policyholder simply chooses a bank checking or savings account from which to electronically withdraw the payment. The bank automatically deducts payment from this account and electronically transfers the funds through secure payment channels to Chubb on the date your client selects. EFT saves time plus the cost of checks and postage. Best of all, EFT offers peace of mind that the premium payment will be received on time, every time.

Easy Enrollment

Policyholders must complete the EFT authorization form and send it to Chubb, along with an original voided check. To access this form and more information, clients may visit www.chubb.com/personal. Go to the EFT banner and select "Click Here."

Increase Retention, Lower Acquisition Costs

The insurance industry has among the highest customer acquisition costs. In fact, it costs your agency much more to attract a new customer than to retain one. With EFT, you can enhance your clients' ease of doing business and help them avoid late fees and policy cancellations. This will increase customer-retention rates. Renewal business drives agency growth, ultimately resulting in higher written premium and commissions.

Selling EFT

About 54% of U.S. consumers now use EFT to pay their insurance premiums, mortgage, loans and other monthly bills.* For clients who are still uneasy about EFT, explain that Chubb does not access their bank account at any time. Actually, Chubb bills the bank, and the bank simply pays us from the client's account, based on the EFT authorization form. The transaction is similar to direct deposit of a paycheck. (Over 71% of the workforce receives its pay through direct deposit, and the satisfaction rate is 97%.*) With EFT, fewer people have access to the client's personal banking information than with paper checks, which should help ease concerns about identity theft.
*Source: www.electronicpayments.org 2007.

Other Payment Options

• Online Payments. Clients who prefer to pay bills online each month may visit www.chubb.com/personal and select Auto-Pay for automatic bill notification and payment services. To enroll online, go to "My Policies," and click "Register Now."
• Pay-By-Phone. Clients may call 1.800.322.1341 to make a payment immediately, without the hassle of writing or mailing a check. A one-time debit card payment is processed automatically and deducted from a personal checking account. Or, the client can authorize an electronic check payment via a bank routing number.

For More Information

Call the Chubb Customer Care Team at 1.866.324.8222 or send an email message to customercare@chubb.com. Visit www.chubb.com/personal and go to "My Policies" for access to personalized online services. Request copies of the Bill Payment Options brochure from your marketing specialist.