market talk
Risk assessment and evaluation forever!”
Cave charity presidency
HNWbuyers still seek quality T
he new e-trading platform for Acturis users provided by high net worth specialist
wholesaler Home & Legacy is reported on page 29 in this issue of Insurance People. During the course of my interview with sales & marketing director Mark Wooldridge I took the opportunity to ask how HNW customers are reacting to the current economic recession. “Well, HNW individuals still have a valuable home and in the main they still have valuable contents. They still need a bespoke product, but what we are seeing however for the first time is that clients who have been paying say £10,000 year after year to the broker are now saying, ‘Is this the best you can do?’. They are becoming a
little more conscious about what they are paying. We are seeing a greater incidence of cases coming in for requote where the risk has been held for many years with a single insurer.
“As a HNW wholesaler with a panel of five insurers, we are gaining significant growth largely from the movement of the larger premium business. Clients are beginning to look around, but are still seeking quality. They are not substituting quality for price. They are making sure, predominantly via their broker, that they don’t lose any cover, but at the same time asking the question, ‘Can I get the same cover at a slightly better price?’. And with five insurers sitting behind our own wording, the cover is
in association with
excellent, and the choice among five means that very often you can hit the sweet spot and offer a good value for money price. Different
underwriters have different views, and one underwriter may view a certain risk favourably while another may have a different view.” I asked Mark if HNW buyers’ attitude towards risk management has changed at all in recession. “No, I don’t think it has. Most clients accept prevention because that advice is either a guide or it is a
recommendation. Do they like spending extra money, no. But they appreciate that, say perhaps their alarm is not sufficient, if they have just bought £100k’s worth of jewellery. They do understand the
Mark Wooldridge
need for protection, and any reluctance is usually driven by the thought of all the upheaval during the installation. HNW people see lots in the press about aggravated burglary and can see themselves in that position, where prevention is infinitely better than cure.
“I think risk
assessment and risk evaluation will continue to be an integral part of this market forever.”
Newpresident for InsuranceCharities G
raham Cave takes over as the new
Graham Cave 10 insurancepeople NOVEMBER 2011
president of the Insurance Charities. A Fellow of the Institute of Chartered Secretaries & Admin- istrators and member of the Chartered Institute of Marketing, he was born in London and attended Alleyns School, Dulwich. He became a Freeman of the City of London in 1972 and a Liveryman of the Worshipful Company of Pattenmakers in 1998.
His business
activities are divided between his marketing consultancy Harwood Marketing, and his role as development director of CILA, having been executive director of the institute between 1998 and 2009. Since 2001 he has been marketing/
communication director of FUEDI, the European Federation of Loss Adjusting Experts. The Insurance
Charities has helped many thousands of insurance people, their families, and dependents since it was founded in 1902.
See
www.theinsurancecharities.org.uk
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