Short Term Insurance Should Offer Customized Solutions

February 9 - The Chief Executive Officer of Aon South Africa, Anton Roux, said that the country's short term insurance sector has not yet fully understood the need to offer true customised solutions to their clients, especially high net worth individuals.

To meet these needs, Aon acquired Pinion Insurance Brokers in 2009, in a bid to offer high net worth individuals solutions that meet their own specific needs, over and above the standard offerings currently available in the market.

"For example, clients with sentimental jewellery pieces often require insurance cover and a claims settlement policy that enables replacement at their jeweller of choice, so that they don't have to go to a general jewellery outlet to replace their insured items," said Roux.

"In addition, because our clients often travel with some of their valuables, Pinion was a forerunner in the development of All Risks cover that is practical, and also introduced specialized cover that protects investment and collectable pieces," he said.

Roux said that Aon wants to take more leading role in driving a customer centric approach to insurance.

As such, the group intends extending customised solutions to other target markets.

"We understand that the insurance needs of a retiree differ considerably from clients who are seeking insurance cover for their teenagers' first vehicle," he said. "We aim to provide solutions that cater to these varying needs."

He believes that other short term insurance groups have been slow to embrace the true meaning of 'catering to individual means' and 'customised solutions', and that Aon is able to provide all these and more for their customers.