The Lark Insurance Group has launched a new offering that is tailored to the personal demands of senior insurance professionals.
Lark’s Elite Home and Motor insurance policy is aimed at insurance professionals with a high net worth lifestyle who prefer to keep their private lives confidential and their choice of insurance cover undisclosed.
The company said the product targets senior insurance professionals who have worked in the industry for at least five years.
The Elite policy offers “independent, discrete, and private” insurance scheme for insurance professionals, in-house claims team with delegated authority up to £30,000, middle net worth and high net worth products and solutions for complicated insurance problems and professionals.
“We will provide a high quality, high net worth style policy at preferential rates for insurance executives,” the company said.
“We recognise that senior insurance professionals understand the value of relationships, and understand that they want to be part of a good quality risk pool, populated by individuals who will want to protect that pool by being careful and risk aware.”
The company noted that insurance professionals usually rely on a staff schemes for their cover, which is problematic since the policies tend not to be aimed at a mid or high net worth lifestyles.
Also, not all insurance executives want their staff and colleagues to know about their private lives, or they feel a conflict of interest in using their own scheme.
“The mentality of ‘one size fits all’ isn’t true for all clients and that’s why we adopt the approach that insurance should be ‘made to measure’, especially for insurance professionals,” said Mark Daines, Lark director of private clients.
“With a higher excess than most household policies, Lark adopts a similar approach to that taken with the High Net Worth market; where larger excesses are commonplace,” he added.
Daines also said that by keeping attritional losses low, the company can ensure that the pool remains profitable, securing and maintain the best rates for clients.