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The executive Insurance product you’ve been asking for

Leading short-term insurer Santam has launched an Executive Product that provides tailor-made insurance to affluent clients. 

Having done extensive research, Santam found there was significant demand for a specialised product that answers this segment’s unique insurance needs. Many brokers have previously requested a product of this nature, and Santam’s answer is a best-in-class, customisable solution that protects your clients’ most valuable assets. 

Delivering insurance good and proper, the Personal Lines Executive Product was launched on 16 March 2020. Karen Muuren, Head: Segment Solutions at Santam, Intermediated Business, says that in-depth international and local research informed its making, “Our research showed that this market has large growth potential with complex needs which Santam is perfectly positioned to meet.” 

The research showed these needs include cover for high-value, extensive house contents such as fine art, jewellery and collectables, “Often, these clients travel extensively, taking their high-value items with them. Cover for contents is on an asset all-risk basis with flexible worldwide cover.”

Santam has some of the most sophisticated scientific rating models and technologies in the market. With the Executive Product, premiums are precisely calculated to ensure your clients receive a competitive rate, dependent on their individual risk characteristics. “There’s the flexibility to tailor-make a policy based on individual needs. We’ve taken a holistic value proposition approach. Our product offers extensive cover and an enhanced service model to deliver more efficient assistance.” 

Encapsulating a broad range of covers with high limits for buildings and contents, the Executive Product has myriad big benefits for clients. One of the most substantive is the fact that the higher cover limits reduce the need for clients to constantly update their contracts as their insurance needs change. Benefits in this regard include: 

  • Cover for power surges, up to the insured amount
  • Cover for contents on an asset all-risks basis and flexible worldwide cover against loss or damage of up to 30%
  • Cover for accidental damage to buildings up to the building’s insured amount and for accidental damage to fixed machinery up to R100 000
  • Private collections cover with certain limits and exclusions

Broader cover also reduces the need to specify specific items on an ongoing basis, providing sustained peace of mind with less admin burden. 

Muuren explains that excess structures are easy to understand and stipulate a fixed rand amount. “Your clients will receive protection against the application of average to their buildings and contents, subject to using Santam’s valuation tools and providers. When average is applied, only a portion of the loss is paid out, based on the ratio of the insured amount selected by the client vs. the total replacement value (exposure) of the contents and buildings. Santam provides a number of questionnaires, tools and preferentially priced third-party services the client can use to calculate the replacement value, but also to remove the application of average on their policy.”

She adds, “We understand and appreciate the important role our intermediary partners play in providing advice – they remain critical to our business model. Intermediaries will have access to a dedicated Executive Service Hub to ensure you have a team of expert claims and service consultants on-hand to provide a personalised service. This ensures you’re given optimal support to deliver the best service to your clients.”

Santam is proud to offer clients a premium product, which is backed up by the scale and stability of the brand. Muuren concludes, “As the insurer of choice for over a million South Africans, we remain committed to delivering insurance good and proper.

Please ask your relationship manager to find out more about the Executive Product and what it can offer your clients.”  For more information, visit

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