12 MARKET REPORT
+
ON
High net worth
- cross selling
Forging a natural
connection
It makes sense for brokers to cross-sell high net worth
cover to their key commercial lines clients as Oak
Underwriting’s managing director, Bob Trott, explains
The failed arrival of the hard market in 2009 Beyond this, I am optimistic about brokers’ minefi eld of warranties and exclusions, and
and uncertainty caused by the downturn business prospects and indeed, there with no advocate to assist them through an
has left many brokers wondering and are signs emerging that customers both unfamiliar and often aggravating process,
hoping if 2010 will bring an improvement in welcome information and guidance and as a the experience inevitably leaves many
circumstances. result would be happy to change to a more direct policyholders wandering if there is an
appropriate product. alternative.
Many have fended off the effects of this
double whammy by pouring much effort Obviously one of the biggest challenges Many of these themes were highlighted in
into retaining clients and looking at ways that brokers continue to contend with in November’s Comparison Site Satisfaction
to bring in business. And, it could certainly 2010 are the direct writers. While the sector Survey, conducted and published by Which?
be worth brokers looking at their existing does still undoubtedly poses a great threat, Money.
commercial lines books of business. they have now been in existence long
enough for consumers to begin to realise In this, Which? members expressed a lack of
These fi rms may well be owned and run by that, in order to cut down the cost, the trust in comparison sites and also said they
affl uent individuals who may be unaware of product itself has to be stripped down. did not provide users with a good enough
why high net worth insurance is suitable for service.
them and instead be purchasing standard Many have come to realise this the hard
personal lines cover. As a result, many of way when, during a claim, access to the Only three in 10 said they trusted them
these individuals may also be under-insured. settlement they thought they would get to fi nd the best price available, while two
proves less than straightforward. Facing a thirds thought they would be presented
Insurance Brokers’ Monthly February 2010
Focus 12-19 FEB.indd 1 1/2/10 13:42:15
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