Article date: 12 October 2001
Norwich Union is to launch a new home insurance product,'Tapestry' – the first new general insurance product sincelast year’s merger.
'Tapestry' offers a unique combination of cover for moreaffluent customers with many new features, including specialistcover for fine art and antiques and a free Home Security Visit.
'Tapestry' will be launched to UK intermediaries in October andis aimed at customers who have household contents in excess of£75,000.
Chris Elliott, market development manager at the UK’slargest insurer, said: "There are different views about where thishigh net worth market begins and often people focus on the top end– people living in large country mansions with contents worthin excess of £200,000.
"We have done significant research among our intermediaries andwe believe there are other customer groups who would welcome theopportunity to have wider cover and access to a range of supportand services, which would not be found in standard homepolicies.
"These customers may have accumulated belongings throughouttheir careers, have high disposable incomes, be collectors ofantiques and paintings or may have inherited valuableheirlooms.
"'Tapestry' offers market-leading cover and can be tailor- madefor these customers. The product will also be backed up by adedicated 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 fromPhillips auctioneers
- travel assistant service to book scheduled flights, car hireand 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 atnational rate)
- free legal and tax helplines
- a Home Protection Pack with advice on home security andmaintenance
Additional cover is also available for buildings, travel, secondhomes abroad, small craft and caravans.
Elliott added: "The large majority of these customers arrangetheir insurance through an intermediary because their decision tobuy is based on more than just price, so they need the advice andsupport of intermediaries.
"Intermediaries know their customers’ needs very well andare ideally positioned to sell this new product.
"Norwich Union already has a significant customer base in thissector but I believe Tapestry will make us the market leader."
From January, customers who currently have Norwich UnionKeynote, Homelife and Highline products will be converted toTapestry at their renewal.
For more information intermediaries should talk to their usualNorwich Union contact.
Jenny Chapman or Liz Kennett at Norwich Union on 08703666864/666863.
Notes to editors:
- Norwich Union is the largest general insurer, insuring 1 in 5households in the UK.
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