Month: January 2020

Confidas, the market leading provider of Mid and High Net Worth insurance portfolio products for home, travel, motor and pet – available exclusively through insurance brokers and intermediaries – is enhancing its MNW Confidas Home Max household product with the addition of unlimited general contents and unlimited alternative accommodation cover as standard*.

Confidas Home Max was one of the first, non-direct products to offer unlimited buildings insurance to the intermediated MNW market. Incorporating unlimited general contents and alternative accommodation into the household policy now strengthens Confidas Max as the market leading solution for MNW clients.

Steve Smith, Confidas Partnership Director, commenting on the new offering says: “The Mid Net Worth market is highly competitive and it is widely accepted that under insurance, particularly for general contents, is a real challenge for brokers and Insurers alike. Under insurance is often compounded by years of index linking, leaving the client vulnerable and significantly under insured in the event of a major loss.”

“We have seen a number of direct brands such as John Lewis have success in offering unlimited general contents. Now, this new proposition further supports brokers in winning and keeping business and adds another layer of security for brokers and their customers by giving them even greater peace of mind that the client is adequately insured.”

Steve continues: “We already offer policy holders great value in terms of cost, level of cover and claims service. Importantly, this underpins our commitment to assist brokers and intermediaries in delivering ‘treating customer fairly’ outcomes.”

“We believe Home Max is a winning product for our brokers to sell. Clients will have all the comfort of unlimited cover, combined with great broker service. Policyholders also have the ability to add their cars, pets and travel cover needs to the Max portfolio at any time, with one renewal date and one interest free direct debit.”

All existing Home Max policy holders will benefit from this enhancement.

Confidas Home Max – key benefits for brokers and intermediaries:

• Helps sell and retain business in a competitive market
• Helps brokers comply with FCA regulations to ‘Treat Customers Fairly’
• Reduces the opportunity for underselling
• Makes sure customers are not under insured
• Home Emergency Limits doubled

* Confidas Home Max now offers unlimited home buildings, general contents and alternative accommodation cover. Limits do apply to other sections of the policy and brokers should always check the policy wording in conjunction with the schedule to ascertain the full scope of cover. As Mid Net Worth and High Net Worth insurance specialists, Confidas will work with advisers and their clients to ensure they purchase the correct household policy to meet their specific needs.

Confidas, the market leading provider of mid and high net worth insurance portfolio products for home, travel, motor and pet, is pleased to announce that it has been selected by First Complete and Pink, foremost UK mortgage and insurance intermediary networks, to join their general insurance (GI) panels.

This partnership is a first for the network intermediary sector, with Confidas and its parent company, Smith Greenfield, not currently featuring on any other network panel.*

Confidas products are available exclusively through advisers and traditional GI brokers. Confidas provides highly competitive home insurance propositions for customers with mid and high net worth homes and possessions and allows them to add additional properties, travel insurance, motor and pet insurance at any time.

The Confidas product portfolio enables advisers to compete more effectively for MNW and HNW business, allowing them to quote and buy a MNW home product 24/7. The platform also commits to providing the majority of HNW home quotes within four working hours, which in turn supports advisers in winning business and achieving higher customer service levels.

For Confidas, this deal consolidates its growth in 2017, which has seen its Gross Written Premium increase by just under 50%. Confidas is now writing business at a level which should see a further 35% growth in 2018.

Hannah Tasker, Development Manager for General Insurance, First Complete and Pink says:

“We are hugely excited to welcome Confidas to our GI panel to help bridge the gap in our proposition for those clients that don’t fit into mass market home insurance products. Approximately 2.7 million households who should have more premium policies are currently choosing standard cover. Through extending our product offering in this area we can improve customer outcomes by making sure more customers get the right cover at the right price.”

“We have been piloting Confidas for a number of months now and the partnership has been a great success. Feedback from all firms who have used Confidas has been exceptional in all aspects of the offering including the system, ease of use, process, product and service.”

Steve Smith, Partnership Director at Confidas, says:

“We are delighted that First Complete and Pink are the first intermediary networks that we join, and we are looking forward to working closely with their advisers in the future. At Confidas, we recognise that people with high value homes and possessions require higher levels of specialist cover and attentive service. By offering our products through First Complete and Pink’s advisers, we can be sure that policyholders will receive the individual attention, bespoke cover and first-class service they deserve.”

New investment set to accelerate Smith Greenfield growth plans

Smith Greenfield, leading independent broker for High Net Worth private clients and corporate insurance, is pleased to announce that Andrew Cross has been appointed Chairman.

Cross, who is also Chairman of the Somerville Group, has a proven track record in investing and growing businesses in the High Net Worth insurance sector. As part of the agreement with Smith Greenfield, Cross has invested in the company and has taken a minority shareholding.

Steve Smith, Company CEO, speaking about the appointment, said: “Smith Greenfield has ambitious growth plans to double in the size over the next two years. Our private client business is thriving and we have successfully established the Confidas brand as a product of choice for the HNW and MNW intermediary market. With new investment and the added expertise that Andrew brings to the team, we can accelerate our plans to expand operations and develop the business.”

“In Andrew Cross we have found an experienced investor and Chairman who will guide and support us in achieving our strategic vision.”

Andrew Cross is Chairman of the Somerville Group which he founded in 1982. The Group is involved with a range of underwriting, broking and advisory businesses in the insurance and financial services sector. He was central to the creation, growth and sale of Plum Underwriting and responsible for the transformation of Oak into a market leading high value insurance provider.

Commenting on his appointment, Cross adds; “I have always admired the professional and innovative culture at Smith Greenfield and am delighted to be working with Steve Smith and his team in growing the company. Smith Greenfield is forward thinking and has developed cutting edge ideas and initiatives that look like a real solution to the changing distribution challenge within the insurance market. I will use my experience to help the business build on these fantastic foundations.”