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Personalised cover for the affluent segment

Article provided by Santam

In today’s ever-changing environment, it’s important to ensure you have the correct insurance cover that meets your needs. Santam’s Personal Lines Executive Product was launched in early 2020 specifically to provide a premium insurance solution for affluent individuals.

The Executive Product forms part of Santam’s Segment Solutions – a business unit that focuses on relevant consumer and business segments by providing packaged solutions around risk with in-depth knowledge and value for those segments. One of the key features of Segment Solutions, including the Executive Product, is that, over and above providing value, it also provides brokers with specialist knowledge, support, underwriting and risk management. Karen Muuren, Head: Segment Solutions at Santam, answers the most pressing questions about this new product – and why it’s worth considering.

1. What makes the personal lines executive product unique?

The Personal Lines Executive Product is a bespoke solution. The offering is broader, with higher limits specifically suited to discerning individuals looking to insure their most valuable assets. We also introduced cover for contents on an asset all-risks basis, which includes flexible worldwide cover against loss or damage of up to 30% of the contents insured amount. This provides a solution for clients to not have to specify items taken out of their homes on a regular basis, separately on the policy.

2. Why has Santam chosen to launch the executive product?

Santam did extensive international and local research into market segments that have large growth potential but also have unique needs. The findings from this research pointed to the need for an insurance product that included cover for high-value household contents like fine art, jewellery and collectables. Many brokers had already provided us with feedback that a product such as this had been requested; however, our additional research impressed upon us just how large this need was.

3. How does the executive product address the needs of your high-net-worth clients who are most likely to opt for this cover?

A lot of insurance companies speak about value proposition. However, when speaking about value proposition, you cannot ignore service, claims, pricing and brand value, which are inextricably linked. At Santam, our Executive offering includes a dedicated claims and service hub. Through our dedicated Executive service hub, intermediaries have access to a team of expert claims and service consultants who are available to assist with any insurance enquiry.

The offering is tailor-made, which doesn’t mean complicated. That’s why we provide a simplified policy wording with covers and limits that are easy to understand, and both automatic and optional covers that can be customised to meet clients’ individual needs. Our premiums are personalised and are calculated using scientific ratings to ensure clients receive competitive rates, dependent on their individual risk characteristics. Our excess structures are easy to understand and stipulate flat rand amounts.

With the Executive Product, it’s all about the unique and differentiated experience. Additional benefits are available to all our Santam clients, such as:

  • Protection against the application of average on building and contents cover, subject to using Santam valuation tools and providers
  • A policy that provides additional covers automatically at no additional cost
  • Weather notifications to help clients safeguard their assets
  • SOS services, which include 24/7 emergency roadside assistance, home-drive assistance, household repairs, legal advice, medical and emergency services, as well as route assistance
  • Clients have access to additional tier points for their Santam personal lines policy if they are a Sanlam Reality member
  • Our Guaranteed Value Insurance offering removes any uncertainty about what clients can expect when claiming if their car is written off or stolen
  • SmartParkTM, which entails saving up to 20% on one’s vehicle insurance premium if driving less than 15 000 km a year.

4. How does the executive product fit into the current climate?

COVID-19 has clearly shown the vulnerability of the markets and client behaviour. With clients’ ever-changing circumstances, the Executive Product offers clients a tailor-made option that protects what’s most important to them – without any hidden inclusions.

5. Do you have any stats based on the South African or global market in support of the need for this offering?

In a South African context, the average South African individual has net assets of approximately R180 000 (wealth per capita). This is a relatively healthy level when compared to most other emerging markets. There are approximately 38 400 millionaires (HNWIs) living in SA, each with net assets of R16 million or more, and 2 030 multi-millionaires, each with net assets of R160 million or more. Lastly, South Africa is the largest wealth market in Africa and the 32nd largest worldwide (in terms of total wealth held). From these statistics, we have determined that there is a healthy market for our Executive Product.

For more information on the Santam Executive Product, speak to your intermediary, or visit

Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies

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