Key Takeaways
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Brokers should conduct a full fact-find for their high-net-worth policyholders to ensure valuations are always kept up to date
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With indexation at an all-time high of 18%, brokers should recommend that their high-net-worth clients have their property valued every 1-3 years to avoid losses via underinsurance in the event of a claim
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Between 70-85% of properties are likely underinsured
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iPrism Underwriting evolves with changing exposures to provide suitable policies and coverage for brokers to support their policyholders
Quotes of the Episode
“Getting valuations is so vital, and they’re not too expensive. You can start with a straightforward desktop valuation really from £150, up to £1000 for a surveyor coming in and doing a full valuation. So, the prices can vary from a desktop to a full site visit, but I think it’d be the best bit of money you’ve ever spent. Brokers advising their clients [should] really stress that: the importance of claims inflation. We’ve had COVID, we’ve had the wars going on, we’ve got exchange rates going all over the place (a lot of these things are imported), and the cost factors are just going through the roof. So, the only thing I can suggest is to keep those valuations coming in.”
“Realistically, it’d be very hard for an insurer to decline a claim if [their property had been valued within] one to three years. Morally, the policyholder has done the right thing. If I hadn’t had anything valued for 10 years, you could argue that there could be problems. If, morally, the policyholder is doing the right thing. It’d be very hard for an insurer to decline a claim.”
About the guests
Aaron Woodhams is the Chief Underwriting Officer of iprism Underwriting. Having previously held senior roles at Arch Insurance, Axiom and Allianz, in this position Aaron oversees the day-to-day management of underwriting across all lines of the business, and collaborates with its insurer partners.
Aaron’s LinkedIn Profile: https://www.linkedin.com/in/aaron-woodhams-dip-cii-9b22a2109/
About the Host
Sarah Myerscough is the Chief Ideas Officer at Macaii, formerly Boston Tullis. She hosts/co-hosts several podcasts and is known for her knack in connecting with people. Sarah excels in bringing out the best for video, podcast, and live events, helping clients showcase the human side of their business.
Sarah is passionate about the evolving dynamics of the insurance industry and enjoys conversing with innovators, trailblazers, and long-term advocates of change.
