Latest new product from Aviva Private Clients;
Aviva Private Clients has announced the refresh of its product suite with the launch of Refine Home.
Available through Aviva Private Clients Online, APC’s self-serve broker platform, Refine Home is targeted at risks with rebuild values between £1 million and £3 million, up to five UK locations and up to £250,000 in jewellery.
Refine Home is part of a refreshed product suite that caters to customers with simple high net worth properties all the way through to customers with larger and more complex ultra-high net worth needs. The suite includes Smart Home – an entry level product designed for emerging wealth risks covering rebuilds up to £1m – followed by Refine Home, designed for simple high net worth risks for properties with rebuild values between £1m and £3m.
Complete Home is designed for complex high net worth risks and covers rebuilds over £3m and Ultra Home is available for clients whose properties typically have a rebuild value of over £10m with premiums of £25k and above.
Smart and Refine Home are digital products, made available on a self-serve broker platform, APC Online. APC Online enables brokers to self-serve through a simplified process and reduced question set. By using data enrichment, APC Online gathers information related to the customer’s property, such as market value, square footage and listed status, which allows them to price the risk accurately and proactively flag underinsurance within minutes.
APC Online also works proactively by sending email notifications to brokers when valuations or clauses are approaching critical dates.
Ann Owen, Managing Director, Aviva Private Clients, said: “We are thrilled to bring Refine Home to the market. The mid to high net worth segment is an important and growing market and complements our existing product suite. We have made significant investment in our underwriting platform to refresh our online and bespoke propositions which will make it easier for brokers to trade with us.
“Our refreshed proposition offers four home products each aimed at different types of high net worth customers. However, to reflect the complexity and individuality of the high net worth market, we’ll be retaining a flexible approach to ensure brokers can provide their clients with the right product for their needs.”
Refine Home initially launched on a phased basis in partnership with selected brokers to ensure a smooth implementation and allow for feedback. It is now live to all APC brokers.
As part of the launch of Refine Home, Aviva’s Distinct 75 and 150 home products have been closed and existing Distinct customers have started migrating to either Refine or Complete Home.
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