The market for luxury assets is changing, with exciting advancements from 3D rendering, digital authentication and just the ability to buy assets online or even via WhatsApp. Our last post ‘The Changing Landscape of Luxury Watch Ownership: Gen Z vs Millennials’ touches upon some of the demographic shifts in the ownership of luxury goods with Gen Z making their first luxury watch purchases. But the High Net Worth market is shifting down the generations too, and the committed luxury collectors are now Gen X and Millennial and they expect these levels of innovation in all of their customer experiences.
Insurance had seemed to be just about the only thing that hadn’t evolved with the changing industry; becoming heavily outdated with the needs of modern consumers and failing to align with the customer buying journey to which businesses had worked so hard to perfect.
The inception of Zing Cover in 2021 marked a turning point for luxury asset insurance and the role it could play for both customers and the brands. Focus was not just on providing the customers of partners with seamless access to specialist cover, but on how insurance could work to further embed customers with their chosen brands over their lifetime of product ownership. Customers for the first time have a place where they can insure and manage their collection of luxury assets which are linked to the Zing partner brand, benefiting from their expertise to keep values automatically updated with changes in market price and product availability. This comes together to achieve a claims experience with their chosen retailer that replicates the original shopping experience.
Fast forward four years and we’re still enhancing our platform to keep pace with the demands of customers and the industry. As 2025 shapes up to be another big year we’re continuing to experience increasing demand from customers, especially those that have previously been reliant upon high net-worth home insurance policies, wanting more specialist protection for their collections. In response to this we are excited to now enable customers to insure assets with an individual value up to £100,000 and collections with a combined value of £1,000,000 across all their jewellery, watches and handbags. The increase will enable more customers to experience the benefits of Zing Cover and enjoy ownership of their luxury assets. We look forward to continuing to build and share our platform with you.