The personal lines market for high value assets, such as watches, jewellery and handbags is increasingly a pain point for brokers. High value luxury assets either require a personally broked and underwritten HNW household product, or scouring the market for credible and reliable standalone alternatives which are all too thin on the ground. Even where brokers choose to go down the HNW household route with one of the well-known brands, all too often their efforts are thwarted by a perceived imbalance between home re-build values and post code data in granting substantial single article limits. This is a problem for personal lines brokers who suffer a constrained marketplace, but it’s also a problem for commercial lines brokers when the principals of their large commercial accounts, not unreasonably, expect that their insurance broker might also arrange cover for their growing collection of luxury assets.

To make matters worse, all this effort is for precious little gain. The brokerage associated with such a task, combined with the ongoing administration of policy production, premium processing and mid-term adjustments can quickly make such business profitable for underwriters but loss-making for the broker.

Such inefficiencies are creating a growing protection gap for brokers’ clients, who variously end up under-insured due to restrictive terms or single article limitations or having to buy a household product with a breadth beyond their needs and wants and weighed down with security subjectivities.

Increasingly, brokers are seeking an MGA solution specialised in luxury assets with an intuitive platform that can generate quotes directly to a client in moments and fully automate all aspects of quote, bind, policy issuance, mid-term adjustments and premium collection.

Zing has the credibility of holding exclusive partnerships with many of the leading national and international luxury brands. Such partnerships give Zing the valuable data and insights to provide unrivalled specialism in this niche end of the market, with genuinely value-added services such as automated annual re-valuations and preferred access to scarce and hard-to-find assets when it comes to claims.

With a quote-to-bind rate of 60% and a retention rate in excess of 90%, Zing has proven itself as a superior specialist insurer of high net worth individuals, with the agility of an insurtech business free of the operational inefficiencies that create such a drag on personal lines business elsewhere in the market.

At Zing we believe in the power of partnerships. From our earliest days we partnered with leading luxury retailers and manufacturers to serve their customers and to better align insurance with the businesses that really understand the luxury market and its customers’ needs and wants. Now we are connecting with peers and partners within the insurance industry to extend our reach still further and to better serve customers and brokers who want specialist, personalised insurance without the hassle and the pain.