The Benefits of Private Advisor Services in Insurance

Considering potential insurance options can feel overwhelming. There are dozens of service providers to choose from in South Africa's short-term insurance market. Even once you've found an insurer that you're happy to work with, you're still faced with dozens of insurance products. Things can also get more complex if you need proactive portfolio management assistance. Working with a private insurance advisor can help you to manage all your concerns from a single contact point. Auto & General Insurance understands this need, so we've recently added Private Advisors to our service offerings. Here's what you need to know about using them and what benefits they can provide.

What are Private Advisory Services in insurance?

South Africa is currently home to 1.6 million individuals whose investable assets exceed one million US dollars (or roughly 18 million ZAR). Thousands more fall into the income brackets below this one, qualifying them as millionaires. If you fall into either of these categories, you'll know that meeting your insurance needs requires a specialised private banking adjacent service. Your proactive portfolio management needs more than a one-size-fits-all approach.  The right insurance policies will protect your asset portfolio in a way that aligns with your coverage requirements, objectives and circumstances while addressing any vulnerabilities or threats to your wealth.

This is where Auto & General's advisors come in. Our advisors are trained to offer individuals with a combined net worth of over a million Rand or those with items to insure with a combined value of over one million Rand with personalised insurance solutions based on their unique risk profiles and goals. They're trained to navigate the complex legal and regulatory landscape governing the insurance and protection of high-value purchases. 

advisors can provide people with a combined value of over one million Rand with standard insurance policies such as Car and Home Contents Insurance. Unlike a standard insurance advisor, a advisor offers clients bespoke management of their insurance profile. This means that on top of the practical benefits clients will enjoy; they can also look forward to streamlined policy management, an enhanced claims process, optimised insurance costs and proactive coverage advice. It's important to note that Auto & General advisors are not brokers and don't earn a commission on their sales. Instead, they work exclusively with clients on what's genuinely best for them.

The changing landscape of insurance

Suppose you're a South African who owns any amount of significant wealth. In that case, you'll know that the more money you earn, the more obligations you'll have to manage it correctly, risk paying hefty fines, or even experience having legal action taken against you. 

Many laws governing wealth management are also subject to change without notice, especially if you have financial concerns both in and outside of South Africa. Making sense of this can be beyond the understanding of anyone without an accounting or law degree. You're also likely to need more insurance cover than the average person, and you'll want to ensure that your cover doesn't overlap or contradict each other. Your personal circumstances and risk profile are unique to you; therefore, you need a customised insurance package.

A major change to the local insurance landscape is the rise of insurtech, which is the innovative use of insurance technology that integrates data analytics, cyber security functionality, and more. Insurtech also offers end-to-end integration for more responsive and intuitive user navigation. A private advisor is up-to-date with all innovations and changes in the world of insurance and can help you to get the most benefit possible, thus giving you peace of mind.

Benefits of private advisors

Auto & General's proactive portfolio team are available to assist you with all your insurance needs with minimal interaction with a call centre. Some of these benefits include:

1. Helping you make changes to your portfolio, like adding or removing products, changing your address, updating your banking details or adding new insurance products to your portfolio. 

2. Assisted claims management from start to finish.

3. Expert advice guarantee. You’ll receive expert insurance advice on your portfolio, like ensuring you’re not over- or under-insured. This also includes a bi-annual review of your insurance portfolio that provides information and needs analyses so you can make an informed decision about your insurance portfolio. 

4. Portfolio management. Your private advisor can make changes to your portfolio at your request, like updating your Home Contents Insurance, to ensure you are always covered adequately.

Auto & General’s Private Advisory Services

Our newly launched Private Advisory Services have been created to meet the needs of those with a combined value of over one million Rand who need private banking and insurance services. It's a step above a standard call centre experience as it's created to save you time, money, and effort, which you could better spend to grow your wealth. You can look forward to a premium service with favourable discounts that you can access for extended business hours from 8am-8pm. Our discreet team works to the highest service standards, guaranteeing a superior customer service experience. If you have a claim, we promise to keep you informed throughout the process and pay you out within 24 hours of approval of all valid claims.

Get an Auto and General Insurance quote for Private Advisory Services today

Our Private Advisory Services are open to anyone with a combined net worth exceeding a million rands and needing a private insurance advisor. If you fall into this category, request an Auto and General Insurance quote today.