Fam Fleet /Brokers Monthly 1/2/10 12:35 Page 1
MARKET REPORT 15
THE perfect COVER +
ON

“
for all models

I am seeing more and more
brokers valuing high net
High net worth worth as an introduction to
other classes and can see the
from the masters of high net worth insurance
- Inside view
broker environment becoming
much more competitive for
Oak Underwriting specialise in high value home insurance
this segment.
and family motor fleet cover as a combined portfolio
”
Everything your high net worth client needs!
Single-minded
www.oak-underwriting.co.uk
focus
Brokers’ Monthly spoke to Matthew
Schofi eld, the new head of Zurich Private
Clients about how he sees the market
BM: High net worth is a competitive I am seeing more and more brokers valuing BM: Do you see yourselves as true high net
market, how diffi cult is it to achieve high net worth as an introduction to other worth specialists or do you also encompass
differentiation? classes and can see the broker environment mid net worth?
becoming much more competitive for this
MS: Evolution of products is an important segment. MS: We are a true high net worth provider
aspect of this business but the most important and with Zurich’s brand we have a very high
differentiator is expertise. We deliver this High net worth insurers will need to ensure they capacity as well as the ability to write the wider
through expert underwriters, expert claims have selected their broker panel carefully if they portfolio such as super yachts and we provide
and expert client managers all of whom have are to benefi t from the growth in this segment. our own client managers for each client. Zurich
signifi cant experience and knowledge in the also has a personal lines account that delivers
high net worth market. We are also developing BM: Are you aware that there is more fraud a mid net worth product but that is separate to
new talent for the future. as a result of the recession - even in this Zurich Private Clients.
sector?
BM: Do you think there needs to be more BM: Has the high net worth sector been
innovation in the high net market and if so, MS: Fraud is prevalent in all segments and affected by the soft market - do you see
in what ways? high net worth is no exception. The main rates going up?
difference appears in the complexity of fraud
MS: There needs to be more focus on claims but we have a dedicated claims team MS: High net worth is a competitive market
accessing the wider high net worth market that that includes a fraud co-ordinator focusing and subject to the same competitive forces as
is currently not being served - namely those solely on fraud. other segments. We are seeing rates rise and
customers who are on traditional contracts that will continue to be the case for the near
that need the benefi t of a high net offering. Among other things we carefully handle claims future. Issues such as increasing claims costs,
The potential gains in this area are huge and it with accidental loss of personal possessions cost of fraud and reduced investment income
requires a different approach by both brokers such as jewellery, watches and cash. Burglaries have just as big an impact on high net worth as
and insurers to open up this additional revenue - staged or exaggerated - and losses close they do on other segments.
stream. to policy limits, such as single specifi ed or
unspecifi ed items, we keep a close eye on. BM: What are your priorities for 2010?
OAK
BM: Do you feel more brokers should be Obviously, given the nature of these clients, all
providing high net worth cover? fraud cases are handled sensitively and actually MS: For me there is just one priority which is
only make up a very small part of the total to listen to our brokers and deliver what they
MS: Broadly brokers fall into three distinct claims we see. need.
categories. Those who specialise in high net
worth, those who use it as an introducer to We always start from the position that all claims
larger commercial risks and those who view the are genuine unless there are real indicators
OAK UNDERWRITING PLC
sector as accommodation to their commercial otherwise. We stand and fall by reputation and
customers. claims service, but equally owe it to the vast
majority of customers to ensure they don’t
For further details please contact Oak on T: 01608 648100 or E: agency@oak-underwriting.com
fund fraud.
February 2010 Insurance Brokers’ Monthly
Focus 12-19 FEB.indd 4 1/2/10 13:44:14
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