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Executive product: tailor-made insurance for affluent clients



South Africa has a large wealthy population with unique insurance cover and service needs. Following extensive research and many requests from intermediaries for a premium product, Santam found there was significant demand for specialised cover, so it recently introduced Executive Product: a best-in-class, customisable solution that protects affluent clients’ most valuable assets.

Beyond offering exceptional cover, this product also includes an enhanced service model to deliver more efficient assistance – all built into an effortless format and backed by over 100 years of experience and knowledge from Santam.

In-depth research findings

Extensive international and local research went into creating this niche product. For example, research showed that this market has large growth potential with complex needs, which Santam is perfectly positioned to meet. These needs include cover for high-value, extensive house contents such as fine art, jewellery and collectables, vintage cars as well as watercraft. Wealthy clients travel extensively, usually taking their high-value items with them. Therefore, cover for contents needed to be on an asset all-risk basis with flexible worldwide cover.

Broader cover, less admin

The Executive Product offers a myriad big benefits for clients and encapsulates a broad range of covers with high limits for buildings and contents. One standout feature is the fact that higher cover limits reduce the need for clients to constantly update their contracts as their insurance needs change. 

Benefits in this regard include: 

  • Cover for power surges, up to the insured amount.
  • Cover for contents on an asset all-risks basis and flexible worldwide cover against loss or damage of up to 30%.
  • Cover for accidental damage to buildings up to the building’s insured amount and for accidental damage to fixed machinery up to R100 000.
  • Private collections cover with certain limits and exclusions. 

Broader cover also reduces the need to specify specific items on an on-going basis, providing sustained peace of mind with less admin burden.

Scientifically calculated premiums

Santam has some of the most sophisticated scientific rating models and technologies in the market. With the Executive Product, premiums are precisely calculated to ensure your clients receive a competitive rate, dependent on their individual risk characteristics. Taking a holistic value proposition approach, Santam’s product offers extensive cover and an enhanced service model to deliver more efficient assistance. What’s more, there’s the flexibility to tailor-make a policy based on individual needs.  

Uncomplicated excess structures, no surprises at claims stage

Clients will also receive protection against the application of average to their buildings and contents, subject to using Santam’s valuation tools and providers. When average is applied, only a portion of the loss is paid out, based on the ratio of the insured amount selected by the client vs. the total replacement value (exposure) of the contents and buildings.

Santam provides a number of questionnaires, tools and preferentially priced third-party services the client can use to calculate the replacement value, but also to remove the application of average on their policy. This will make excess structures easy to understand with a fixed rand amount stipulated.

A dedicated Executive Service Hub

We understand and appreciate the important role our intermediaries play in providing advice, which is why we will provide you with exclusive access to a dedicated Executive Service Hub. A team of expert claims and service consultants will provide optimal support to deliver the best personalised service to your clients.

If you have any questions about the Executive Product, speak to your Relationship Manager or get in touch with us. For more advice tailored to intermediaries, visit our blog for more useful articles.