Gatecrashing the party.
The traditional stamping ground of the specialist broker is feeling the force of change, with technologically-minded brokers and insurers gatecrashing the exclusive high net worth party proving that customised business can be done on a wider scale.
High net worth insurance is traditionally the preserve of specialistbrokers, who have kept the competition at bay with high levels of personal
service and bespoke policy wordings. However, more non-specialist brokers
are breaking into this sector - often via wholesale brokers - and the
internet and affinity agreements look set to open the distribution
channels still further.
The established view is that HNW cover cannot be sold online. Andy Bell,
general underwriter at Cox, believes: "The internet
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