Norwich Union is to launch a new home insurance product, ‘Tapestry’ – the first new general insurance product since last year’s merger.
Norwich Union is to launch a new home insurance product, 'Tapestry' – the first new general insurance product since last year’s merger.
'Tapestry' offers a unique combination of cover for more affluent customers with many new features, including specialist cover for fine art and antiques and a free Home Security Visit.
'Tapestry' will be launched to UK intermediaries in October and is aimed at customers who have household contents in excess of Ł75,000.
Chris Elliott, market development manager at the UK’s largest insurer, said: "There are different views about where this high net worth market begins and often people focus on the top end – people living in large country mansions with contents worth in excess of Ł200,000.
"We have done significant research among our intermediaries and we believe there are other customer groups who would welcome the opportunity to have wider cover and access to a range of support and services, which would not be found in standard home policies.
"These customers may have accumulated belongings throughout their careers, have high disposable incomes, be collectors of antiques and paintings or may have inherited valuable heirlooms.
"'Tapestry' offers market-leading cover and can be tailor- made for these customers. The product will also be backed up by a dedicated team of underwriting and claims specialists."
As standard, 'Tapestry' will offer:
- worldwide contents cover
- first class claims management and servicing
- free home security visit
- preferential rates for Homesitters and valuations from Phillips auctioneers
- travel assistant service to book scheduled flights, car hire and hotels
- a fine art and antiques section
- 24 hours a day, 365 days a year dedicated claims line
- GP helpline for 24-hour medical advice (calls charged at national rate)
- free legal and tax helplines
- a Home Protection Pack with advice on home security and maintenance
Additional cover is also available for buildings, travel, second homes abroad, small craft and caravans.
Elliott added: "The large majority of these customers arrange their insurance through an intermediary because their decision to buy is based on more than just price, so they need the advice and support of intermediaries.
"Intermediaries know their customers’ needs very well and are ideally positioned to sell this new product.
"Norwich Union already has a significant customer base in this sector but I believe Tapestry will make us the market leader."
From January, customers who currently have Norwich Union Keynote, Homelife and Highline products will be converted to Tapestry at their renewal.
For more information intermediaries should talk to their usual Norwich Union contact.
Media contacts:
Jenny Chapman or Liz Kennett at Norwich Union on 08703 666864/666863.
Notes to editors:
- Norwich Union is the largest general insurer, insuring 1 in 5 households in the UK.
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