Tailor-made insurance for South Africa’s super rich!

01 June 2012 FAnews

The latest Global Wealth Report suggests that South Africa will produce more millionaires than 20 other emerging economies by 2016, while the number of local millionaires will exceed 243 000 this year. It is time for insurance companies to cater to the needs of the high net worth individual market segment.

CIB Insurance Administrators (CIB) is emerging as a market leader in servicing this niche. Their Vertex policy is tailor-made to accommodate the needs of South Africa’s high net worth individuals (HWNI). According to Douglas Donnelly, CEO of CIB, Vertex is a unique and comprehensive assets-based insurance policy.

Supercharged insurance

"We have designed this product to cater to discerning clients who demand customised solutions to accommodate their lifestyles,” he says. Vertex is a comprehensive solution that meets the different and sophisticated insurance requirements of wealthy individuals.

The product is aimed at HNWI age 35 years and older – with a main residence contents sum insured in excess of R1 million – and combined insured assets to the value of R3 million or more.

South Africa’s HNWI know what they want, recognise value when they see it and expect a high level of personalised service. This is why the Vertex offering includes features such as basic All Risk Asset extension cover at no additional cost.

Policy for everything

Why should brokers sell Vertex rather than other "run of the mill” wealth insurance products? The main reason is that Vertex offers a true assets-based policy, which unless limited or excluded by the policy wording, covers everything!

CIB designed the product for wealthy individuals that prefer not to specify all of their belongings individually, nor be limited by policy wordings. When your client signs up for Vertex they become part of an exclusive club, enjoying cover that surpasses anything available on the market today.

Simple and affordable

The Vertex product offers you and your client a simple and easy underwriting process, affordable premiums and excellent service. "We ensure that the quoting process is pleasant, efficient and professional,” says Donnelly. This means that you can get back to your client promptly.

Underwriting is carried out at policy inception to ensure that when a claim event occurs it can be dealt with appropriately and without undue delays. If your clients demand a unique insurance solution with excellent customer service and higher claims limits, then you are well advised to consider Vertex.