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What motor cover do High Net Worth clients want?

At a glance

  • Insurers should build close working relationships with brokers in order to develop products that meet clients’ needs
  • We have refreshed our Zurich Private Clients motor proposition following detailed and productive discussions with brokers and clients
  • As we launch our enhanced motor proposition, we discuss key changes we’ve made to ensure our product meets clients’ expectations

High Net Worth (HNW) clients have particular expectations when it comes to the service they receive from their insurer.

However, when it comes to motor insurance for HNW clients, many brokers feel it is difficult to differentiate between the main insurance providers, and therefore offer real choice to their clients.

At Zurich, we are constantly looking to evolve our offering to ensure it meets the needs and expectations of brokers and clients.

In the past two years, we have refreshed our property and travel propositions, and are now re-launching our motor proposition.

Here, we explain how discussions with brokers and their clients have informed this process, and the key changes we have made to our core cover and value-added services.

What brokers and clients expect from our core cover

We carried out a series of in-depth interviews with brokers and clients to gauge their views on the current state of the HNW market, our existing proposition and areas for improvement.

This research confirmed that while brokers and clients recognise the strength of our claims service, there is scope for improvement in other areas.

Our enhanced motor product comes on the back of the re-launch of our travel product last year and our property product the year before. When you combine those offerings, they offer a real breadth of proposition.”

Matthew Schofield, Head of Private Clients, Zurich

Matthew Schofield, Head of Zurich Private Clients, said: “We are very close to our brokers, so we get a lot of feedback on a daily basis. However, it was helpful to have one overarching piece of work to bring all this feedback together in one place.

“There were plenty of positives, in particular on claims. The flexibility and speed of our claims service is something we are recognised for, and also the way that we go out of our way to hold our clients’ hands through the whole claims process, from first notification of loss to settlement.

“However, there were a couple of areas in our core cover where we had to uplift to meet client demand.”

Some of the key enhancements we have made include:

  • Fully Comprehensive cover for policyholders when driving other vehicles
  • Two levels of quotes for Any Driver cover: open cover, or driver and spouse
  • Business use as standard
  • Removal of the 90-day restriction on foreign vehicle use

Matthew adds: “We have also addressed historical concerns about our breakdown cover by switching provider, and have partnered with the RAC, which has a specialist team for high-end vehicles.”

Value-added services

Our interviews with brokers provided useful insight into the types of value-added services that would be most beneficial to clients.

For example, many HNW clients regularly use their high-performance vehicles at track day events across the UK. Our enhanced motor product will make us one of the few insurers able to offer accidental damage and liability cover for track days (up to three a year).

Another important value-added service we can offer is vehicle valuations, in partnership with Bonhams.

Matthew says: “Clients want claims settled quickly and with the least amount of hassle. A valuations service means that claims can be settled incredibly quickly, because you already have that clarity over a vehicle’s worth, and it’s all documented for the client.”

Future-proofing our motor cover for HNW clients

Technology is having a profound impact on the way we live our lives, and that includes the way we drive.

While it may be some years before our roads are dominated by fully autonomous vehicles, there are other technological trends that brokers and insurers are already responding to.

One example is the growth in the market for electric and hybrid vehicles. Nearly 30,000 electric vehicles were sold in the UK last year, nearly twice as many as were sold in the four preceding years combined.

In addition, there are a growing number of ‘connected cars’ on our roads – internet-enabled vehicles that can provide in-car entertainment or allow users to interact with smartphone apps.

Matthew says: “We have made some important changes to our policy wordings to future-proof our product. Our cover now extends to electric and hybrid vehicles, and also includes loss or damage to a vehicle as a result of a cyber attack.”

He adds: “Our enhanced motor product comes on the back of the re-launch of our travel product last year and our property product the year before. When you combine those offerings, they offer a real breadth of proposition.”

To find out more, speak to your usual Zurich Private Clients Account Executive.

Image © Getty

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