Insurance Age Broker Survey: High net worth

Insurance Age High Net Worth Broker Survey - Covéa Insurance takes top honours
Covéa Insurance is the standout winner of this year’s Insurance Age High Net Worth Broker Survey.

The survey was based on a range of metrics that focused on broker service, quality of underwriting and clear policy documentation as well as requesting views from readers on insurer’s strengths and weaknesses.

The Gold Award
Covéa is awarded the “gold” position, achieving  an average score in the top 10 ranking of 91.27%. The insurer scored the highest rating in the ‘policy documentation – usability and clarity’ category with a score of  93.64%.

There was praise from a raft of broker respondents on areas such as its competitive rates, turnaround times and efforts to build relationships.

According to one broker: “Very efficient response when quoting and documentation issued without delay and a fast, efficient turnaround for new business. Can always speak with an underwriter and generally receive any MTA documents straight away.”

Another broker says: “Service is great, underwriters are great and the product is probably the best in its area, compared with others. It’s the same for the claims service also.”

By its very nature, and the fact higher premiums are involved, high net worth leads to close working partnerships, and as this broker stated: “We have built a really good relationship with David Farnworth (HNW new business team manager) and Paige Kenyon (regional underwriter) over the last 12 months.  Their turnaround on quotes and queries is excellent and they are keen to help where they can. We have transferred a lot of business to them in the last 12 months - rates are very competitive and cover is great.”

With scores typically in excess of 90%, brokers had few complaints about the Covéa HNW proposition. Even so, a couple of brokers did refer to the insurer’s preference for the more mature policyholder, with one saying: “Covéa is not very competitive for young HNW individuals, which can lead to missed opportunities.”

There will always be differences based on insurers’ particular risk appetites, but overall, Covéa has scored highly across the board.

Sara Simmons, Covéa’s head of HNW and operational governance, comments: “We’ve remained fully open for business throughout the pandemic, with 100% of our HNW teams mobilised to work from home before the first lockdown was announced.  We were determined to respond quickly to our broker partners to enable them to keep looking after their customers, despite the challenges. 

“We adapted our broker proposition, moving our classroom-based Broker Training Academy online and changed our usual in-person hospitality events to virtual events. In addition, having quickly adapted to working virtually, we continued to evolve our proposition with the reinvigoration of our Leakbot initiative (a smart water lead detection device), product upgrades and new partnerships facilitated and launched during the lockdown periods.”

The Silver Award
In second place, Zurich Private Clients gained an average score of 80.03% and gains the “silver” position, with the scope and quality of its cover being particularly praised, and where it received a rating of 90.44%.

The insurer expanded its scope after the acquisition of Oak Underwriting in 2018 and received high levels of broker satisfaction as reflected in the comments. These included: “Clear communications and they explain why they are unable to assist or why they are. Underwriting is far superior than any other HNW insurer in the market.”

Another broker described Zurich’s HNW division as: “A great team and very easy to work with – we get the results we need for our clients.”

The insurer’s claims provision was also singled out: “Claims service is fantastic, while the willingness to trade and look for solutions is good.”

Meanwhile, in terms of shortcomings for the insurer, some referred to “slow admin”, while one broker says: “There can be a drop off in service when they are busy and in another, appetite was an issue, with the view: “Can be picky with the business they want – and always want more security installed than others.”

The Bronze Award
Hiscox gains the “bronze” award in the survey, coming in third place and with average score of 77.96% - it received its highest rating for scope and quality of cover at 87.04%.

One broker said: “Very efficient response when quoting. We deal with the same underwriter or new business and MTAs, so they know the risk, which works well.”

Another broker added: “Having the same person dealing with the risk from new business, MTA and renewal helps and builds a good relationship and they get to know the client like we do as brokers.”

Hiscox has experienced a challenging year given the FCA’s test court case which resulted in the insurer agreeing to settle hundreds of business interruption claims that had originally been rejected.

One broker said they had been “disappointed” on the BI cover, but on HNW, appreciated “great communication and flexibility.” Meanwhile, another claimed that the insurer was more interested “in brokers that hold significant business with them” and that this would merit better service.

More broadly, the survey shows that there are a number of quality HNW insurers in the sector, which is good news for brokers and their clients. It is also a competitive one and the fact that Chubb’s average score was 77.93%, while, Azur’s was 77.83% show the bronze position was indeed a close run thing.