High Net Worth

There was a time when the advertising of insurance products was restricted to the more remote pages of the broadsheet newspapers. Not any more! The unprecedented growth of websites supported by offshore call centres provides total information overload right across the media. Whilst they might have a part to play in the sale of price driven products in certain areas of the service sector these sites are totally unsuitable for the provision of high net worth household cover.

Protection for high net worth property needs to be purchased on the quality of advice approach as opposed to the lowest price. The policies are invariably complex and require the services of a qualified broker to differentiate as to what represents value for money.

At Oak we have developed a product which is not only best of breed but is also sold solely through a panel of brokers who have the skills necessary to demonstrate to the customer that price is only the tip of the iceberg. Our approach concentrates on providing the widest possible cover. We combine this with maximum flexibility on underwriting issues and an efficient and sympathetic response on our approach to claims settlement. The Oak contract contains the minimum level of restrictions and has been developed in conjunction with our broker colleagues who know what there clients want and how to provide it for them cost-effectively.

We are proud to work with PHPL because we know that their client relationships are underpinned by trust and a high level of service in all areas including claims. In saying all this we need to beware of the imposters who are attacking this market aggressively. Many carriers see it as an area of maximum expansion with minimum risk and rate their contracts accordingly. Unfortunately this is only in the short term and when the account starts to lose money for them their approach is punitive premium increases and a less than tolerant approach to claims.

It is vital therefore that we have a panel of brokers who recognise what we do, work with us in improving the service and still keep us on our toes when it comes to price. We know that PHPL carry out an annual market review to make sure that Oak remain on the top of their game and I am pleased to advise that for the fifth consecutive year we are their preferred supplier of high net worth insurance products.

Bob Trott - Managing Director, Oak Underwriting PLC
Spring/Summer 2007

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