‘
COMMENT / CONTENTS 3
Comment
Insurance
There is no doubt the high net worth has become a distinctive and
important part of the broker market. There are few commercial
Brokers’
brokers who have not spotted the opportunties. Indeed, many brokers
welcome provding advice, and knowing that insurers generally promise
a fi rst claims service, it should be a key way to cement relationships
Monthly
with more affl uent clients.
John Sadler
In our Market Report section, Matthew Schofi eld, the new head of Zurich Editor
Private Clients, says: “I am seeing more and more brokers valuing high
February 2010
net worth as an introduction to other classes and can see the broker
environment becoming much more competitive for this segment.”
VOLUME 62 > No.1
There may well be more competition between brokers (could the market
be any more competitive?) but also between insurers too, who must seek
to provide the best products and services. One positive aspect is that high
net worth remains very much a broker preseve. A few years ago, Hiscox
did launch an online mid-net worth product, but in most cases, insurers
want detailed knowledge of risks - and brokers are ideally placed to
provide this.
It is also interesting to read that rates are set to rise. Notably, David
Sweeney of Sterling Insurance has announced that his company is
increasing premiums. Having a clear strategy is always welcome and it
is refreshing to see an insurer give a marked indication of what they are
doing with their pricing, rather than just wishing others would make a
move fi rst.
A harder market is much needed to improve insurer - and broker - profi ts.
In addition, there are some signs of economic recovery and with an
election round the corner, there may well be other changes afoot. And, on
that note, I hope that readers’ own business plans are progressing well as
we move into 2010.
John Sadler
Editor
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10 Profi le
22 Engineering insurance
in whole or in part, may be
Meet Phil Bunker, managing director
reproduced from this magazine
ents
Preparation is everything
without written permission from the
of LV=’s broker division
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Where outside contributors are

MARKET REPORT - FOCUS
24 Technology
used, their published views are
ON HIGH NET WORTH
The need to connect with customers
always their own and not necessarily
those of their companies.
12 Cross selling 26 Employment
Oak Underwriting’s Bob Trott looks at Managing the challenges of
Celebrating
opportunities for commercial brokers moving teams
60 years
Cont
15 Inside View 28 Legal
Matthew Schofi eld of Zurich Private Understanding differences in
Clients gives his take on the market Scottish law
16 Rating 30 What’s New?
Premiums are rising explains Insurers announce their latest launches
Sterling Insurance’s David Sweeney plus trade association update
18 Claims 34 Comings & Goings
There is an obvious need for specialist Who’s going where?
adjusting in this sector says Quest
Gates’ Ross MacPherson
February 2010 Insurance Brokers’ Monthly
BM 2-3 FEB.indd 2 1/2/10 13:34:03
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