Ace Ina Sucks Customer Reviews and Feedback
Chubb Limited, incorporated in Zurich, Switzerland, is the parent company of Chubb, a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and the largest publicly traded property and casualty company in the world. Chubb operates in 54 countries and territories and in Lloyd's insurance market in London. Clients of Chubb consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance life insurance. The current corporate branding was established when ACE Limited acquired Chubb in 2016, then adopted the Chubb name.
According to THE INSURANCE JOURNAL in 2004 New York Attorney General Eliot Spitzer conducted an investigation in the insurance industry. ACE, American International Group (AIG), Marsh & McLennan, and other large insurers and brokerages were named in Spitzer's investigation for possibly participating in questionable insurance practices including the payment of contingent commissions, bid-rigging, price-fixing, and improper accounting. Spitzer asserted that contingent commissions contributed to a widespread practice of "bid-rigging" where brokers solicited fake bids with deliberately less favorable terms for the consumer than the bid offered by the insurance company paying the highest commissions. As part of an $80 million settlement that abated further inquiry, ACE signed an Assurance of Discontinuance in which they acknowledged their prior conduct and agreed to alter their business practices. Evan Greenberg himself admitted no fault in Spitzer's allegations although a junior executive did plead guilty to criminal charges. Spitzer's insurance industry probe additionally looked in early 2005 into ACE Ltd's subsidiary ACE Tempest Re's reporting to the SEC of a series of reinsurance transactions, together with the SEC reporting of a further 16 unaffiliated re-insurers. Evan Greenberg said that his company's investigation should be completed within a month. According to Greenberg, contracts appeared "generally structured in a way to provide for appropriate risk transfer and accounted for properly." The Spitzer investigations also triggered civil litigation by policyholders who claim they were victimized by the bid-rigging and commission schemes.
Former Employee - Anonymous Employee says"Matrix reporting, challenging work but no support. Much restriction in decision making"
Current Employee - Acct Manager says"Sups wanted me to take a working lunch daily. No training and mounts of work. Confusing to say the least."
Current Employee - Senior Vice President says"Insane Performance review. Your work is not appreciated. No growth opportunity. Slow to respond to new technologies. They have more headcount in the company just to create a big company impression and possible increase in stock value. It is all smoke and mirror. The management hires staff without any definite work plan. The moron managers need more contractors just for political edge also to cover their mistakes and inefficiency. No culture. No team spirit. People work in their Silos. It is a big political orgy. Definitely not a place to build your career."
Former Employee - Recreational Marine Underwriter says"Slow raises, bonuses, and promotion opportunities."
Current Employee - Anonymous Employee says"Constant change in priority one after another"
Former Employee - Anonymous Employee says"Acquisition of Chubb. The best employer of my 45 year working life turned into the most toxic almost overnight."
Former Employee - Anonymous Employee says"high stress low morale leadership is weak staff is expendable"
says"it is a very corporate atmosphere, pay raises and bonuses are difficult to obtain lately, can become somewhat monotonous at times"
says"Overemphasis on short-term profits at the expense of investment in personnel, processes, and organization"
Underwriting Assistant says"Not a lot of opportunity for growth"