How many of you go online to look for home insurance?
There are plenty of price comparison websites that make it easy for you to choose: GoCompare.com, Comparethemarket.com and Confused.com to name a few. Do you go to them because you want the free toy or free cinema ticket? Or is it simply that you are unaware of other channels that you could be buying home insurance through?
The vast majority of us have been pulled in by the multimillion pound advertising campaigns that have been thrust upon us in the last few years. Price comparison websites more than any other channel have changed the way we buy insurance, their ability to scrape the internet for the lowest possible premium and sell direct to the customer has resulted in the traditional method of going through an insurance broker lagging way behind. These high-net-worth (HNW) brokers and insurers historically haven’t chosen to advertise and instead work almost exclusively through referral and word of mouth.
However, more recently, there has been a subtle shift to something new…
Premium HNW insurer, Hiscox, have recently launched a mainstream advertising campaign that includes a television advert for Home Insurance
It is the first time I’ve seen a HNW insurer trying to sell home insurance directly to customer.
Whilst the distinctive red and black Hiscox billboards fill our commutes in London and the South East, a nationwide television advert will engage a huge new audience who might previously have only been on a ‘standard, off the shelf’ type home insurance and encourage them to look at a more tailored solution for their needs.
Hiscox are not the only HNW insurer spending serious money on getting their brand out in the public domain. AIG have sponsored Manchester United Football Club as well as the All Blacks Rugby Team in recent years.
As these HNW brands enter the public eye, the conversation must move towards who needs a high end home insurance policy; why do they need it and where can they get one from?