General insurance provider, Berkeley Alexander, has today announced the launch of its new High Net Worth Service. This service, a first for the market, provides advisers with access to four of the UK’s specialist high net worth insurers, Hiscox, Chubb, Sterling and Aviva.
According to the 2014 World Wealth Report, the population of high net worth individuals in the UK is on the increase, up by 13.4%. With so many of these not even realising that they are high net worth, there is a real opportunity for advisers to tap into this growing and profitable business area. The problem is that appropriate and comprehensive offerings are very hard to find, and this new service from Berkeley Alexander has been developed to fill the yawning gap.
Geoff Hall, Managing Director of Berkeley Alexander, explains:
“Unlike other GI providers that only provide high value insurance, what we’re offering is a true high net worth offering, and there’s a striking difference between the two. There’s a real gap in the market, we feel we’re in a great position to fill it, and we’re delighted that the leading specialist insurers have backed us to do it.
“High value insurance is often a standard household policy that allows for a larger risk to be insured; however the policy wording is designed for a standard risk and will contain certain exclusions and warranties. Our High Net Worth policies will typically be exclusion and warranty free. This means that restrictive standard clauses will not be present and, most importantly, valuable items will be assessed prior to commencement of the insurance, and insured on an “agreed value” basis. The benefits of this approach are that claims can be resolved very quickly at pre-agreed levels, clients get true value, more peace of mind, and a bespoke service that’s really tailored to their unique needs.”
The new service is available to clients requiring a household policy to cover at least £150,000 of general contents and fine art/antiques, and is provided on a worldwide, all risks, warranty-free basis. Cover for buildings can also be added, along with that for holiday homes, travel insurance, motor insurance, and specialist cover for really precious and valuable items.
Due to the bespoke nature of each client’s needs, quotes cannot be provided by Berkeley Alexander’s online quote & buy system. Instead, intermediaries should either complete and submit an online fact-find, call Berkeley Alexander to discuss the case, or refer the client directly to them – the case will then be handled by one of their high net worth specialists.
Geoff concludes: “High net worth clients may be cash rich, but they’re often time poor, and they’re looking to their trusted advisers to ensure that insurance is one thing they don’t need to worry about. Personal service is the key, and we can help intermediaries deliver some of the very best high net worth policies available in the market and cement long term relationships with their most valued clients.”
For further information please contact:
SJ Douglas, Spotlight Consulting: email@example.com 07909546104
Kelly Prior, Spotlight Consulting: firstname.lastname@example.org 07730572878
About Berkeley Alexander Ltd:
Berkeley Alexander Ltd is a general insurance provider, offering IFAs and mortgage brokers a wide range of personal and commercial lines of insurance. Drawing on a large number of insurers, it’s known for its broad range of competitively-priced products; and for its innovative approach to distributor partnerships.