It was only relatively recently that Lee Mathewson (pictured) and his family relocated to the UK when he took up his role as head of Hagerty UK. Yet the growth of the classic vehicle insurer over the last several months has shown this business is more comfortable diving into the deep end than starting out in the shallow end of the pool.
It recently announced a partnership with Markel for UK insurance business, which follows the 10-year collaboration enjoyed between both brands in the US. This partnership complements Hagerty UK’s existing partnership with Aviva to provide a strong product offering to clients and, speaking with Insurance Business, Mathewson noted that the key to successfully forming and maintaining such alliances is trust.
“Markel trusts Hagerty, and we trust Markel to be there for our clients and members,” he said. “Our relationship in the UK is an expansion of the successful business model Hagerty has built with Markel in the US. Markel has been Hagerty’s US capacity provider since 2010 and over that time we’ve been able to grow our business significantly, particularly among more modern vehicles.
“Markel recognizes Hagerty as the experts in the collector space allowing us to build an incredibly strong insurance offering that is highly regarded by our clients and members. And this is evidenced by our Net Promoter Scores, Trust Pilot reviews, and strong retention.”
Looking to the partnership Hagerty has crafted with Markel in the US, Mathewson noted that its success goes back to that trust piece and that the connection has thrived because the team is trusted to have control over the segment. Hagerty’s strong automotive brand attracts millions of enthusiasts annually, he said. But it is when this is coupled with its automotive experience, which the business is proud to have built into its policy and servicing model, it enables the company to build insurance solutions for those that are usually forgotten by classic insurance companies - including modern vehicles, specialty usage, and newer drivers.
The Markel partnership, which is effective immediately, will improve product flexibility, he said, allowing more collectors and enthusiasts to enjoy the classic vehicle lifestyle and ensure that Hagerty UK can now insure newer collector vehicles, younger drivers and offer more flexible mileage allowances.
“Among other things,” he said, “[this partnership] will allow us to write more modern vehicles, create options for drivers newer to the hobby, offer increased flexibility to use, drive, and store their vehicle, and enable an improved digital and servicing experience, including an expanded online quote-to-issue process with mobile-friendly documents.”
When Mathewson first came across to join Hagerty UK, he noted that he would be driving several key strategic objectives and, while this latest partnership is a point of pride for him and the team, that commitment is ongoing and will be achieved through a variety of efforts. Hagerty is continuing to build its automotive brand in the UK, he said, and this can be seen from the series of new partnerships announced – including with Ace Cafe, Starter Motor, Spinal Track and Bicester Heritage Scrambles – that will allow the insurer to interact closer with its members and clients to build a community.
“Additionally,” he said, “we are also looking to expand our offerings to this community which will include continued growth in media and video content; a global product for HNW customers offering expanded liability cover outside of the UK and a track-day product offering. Additionally, we are full speed ahead to launch the Hagerty Drivers Club in early 2022 which will offer bespoke media and content, special access and experiences, emergency services, and educational content to enthusiasts across the UK.”
