Efficiency of service is topical for insurers in both personal and commercial lines, and AIG is the latest to revamp an area of its business to better accommodate the modern customer.
AIG has announced a joint venture with technology group Azur, in a move designed to improve the insurer’s private client product offering. This particular type of insurance customer is likely to require protection for assets of a significant value, and thus they are likely to have high expectations of conduct and service from the insurer, particularly with regards to the user experience.
Azur is essentially a technology company operating as a managing general agent, and the partnership with AIG will focus on the group’s high net worth (HNW) clientele and the UK brokers serving this space. The company specifically focuses on the deployment of new and simplistic platform features with the intention of providing greater ease of use for customers. The partnership seeks to help AIG restructure and modernize its operations for HNW customers, a group that differs from the average consumer and whom may find regular insurance products and services inadequate.
The overall look and feel of Azur’s website is simple yet effective, with dedicated sections provided for company information, leading team members, and commentary on the areas of insurance the group believes are of significance to the modern consumer. Among the main features on the site is the “Our Products” facility, where brokers can download key facts and policy wordings in relation to home, private motor, and collectable assets insurance. Brokers also have access to a document center where questionnaires, product literature, and other communications are provided.
Meanwhile, as Azur does not sell insurance products directly, private clients can use an efficient search function to find their nearest broker by simply entering their postcode, which brings up the names, addresses, and telephone numbers of the nearest intermediaries within an approximately five-mile radius.
Simplicity is a key feature for online insurance propositions. Certain products in both personal and commercial lines are already complicated enough. This means it has become increasingly important that insurers looking to provide a quick and easy route to market maintain the clarity and transparency of their offerings, regardless of the target audience.
HNW individuals are a unique class of customer, and their insurance needs are likely to differ from the majority, but AIG’s new sleek and illustrative proposition is only going to serve this category well. HNWs want a tailored offering, and considering the value of the assets they are likely to be insuring the more clarity around the products and type of cover they are purchasing the more content they will be.
By Thomas McCourtie, General Insurance Analyst