After-sale service more impactful than priceTuesday, July 1, 2014
With high net worth clients falling into a more lucrative and financially stable category, they are less inclined to be concerned with the insurance price war. Taryn Kerr chats to JonJon Smit from CIB, about the importance of after-sale service for the HNW client.
South Africa is a diverse country, with most citizens living economically unequal amongst each other. One of the smallest economic groups, the high net worth clients, is more financially stable and require a unique product to insure their assets. “HNW clients want a product and value,” says Smit, “they want the best product for a decent price.” Smit identifies that these clients are not as concerned with price as the lower LSM group, but do require specialised products and service. “Service delivery is critical, and these clients need a piece of mind and value for money.”
Smit also conceded that HNW clients require products that are broadly designed , with ease of claims being particularly important. “Everyone is looking for the market share, and having the criteria upfront and transparent creates a real difference.”
Big companies such as Santam and MUA might be in the same competitive realm as CIB, but Smit feels that the edge comes in the form of unique offerings. “We offer free evaluative risks upfront, to ensure the ease of claim,” Smit says. He adds that CIB offers unique all risk cover, policy wording that covers everything unless excluded, and will only cover an individual over the age of 35 years old.
“HNW clients are considered as a niche area, and we make sure that we look closely at the client’s profile.” Despite the financial security of these clients, it is important that products are structured to suit that market and client, and brokers are trained to deal with this group. With CIB setting their product offering and after-sale service bar high, they aim to ensure that their HNW clients are uniquely insured for their most prized possessions.