The whole package

Austyn Tusler, Head of the Art and Private Client division, talks to Ana Paula Nacif about Hiscox’s comprehensive private client portfolio – and the benefits of cross-selling

Austyn Tusler is always on the lookout for the next challenge. An avid cyclist and skier, he won this year’s Hiscox ski race and, in July, completed L’Etape du Tour, a stage of the Tour de France. Austyn crossed the finish line among the top 30 per cent of the riders who cycled 170 kilometres to reach the summit of Mont Ventoux.

He is no less ambitious when it comes to his role as Head of Hiscox’s Art and Private Client division. He says he is proud of the insurer’s efforts to raise its profile among potential clients, but he is still looking for ways to keep the business growing. “Margins have been eroded and income is under pressure as rates have fallen,” he says. “There is, however, a huge opportunity for cross-selling, which can be one of the easiest and cheapest ways for brokers to generate more income from the same client base.”

Austyn’s confidence comes from the fact that less than three per cent of Hiscox’s private clients have multiple policies with the company, making the opportunity significant. “Most consumers will already be purchasing separate cover for their home and possessions, as well as for their cars and holiday homes,” he explains. “Combining them with Hiscox under one arrangement has many benefits for both the broker and the client.”

Hiscox’s private client portfolio brings home, motor, holiday home, fine art and travel insurance under one umbrella. The opportunity for brokers is to use this package approach to generate more business without generating additional costs. They can market to existing clients and, as all policies can have the same renewal date, they will be able to keep administrative costs to a minimum.

“Having all policies in one place saves a lot of time and hassle,” says Austyn. “We can underwrite the policies more effectively and ensure that there are no gaps in coverage, which is a real risk if the client has his or her building insurance with one company and the contents with another.”

These products have also been designed to cater for clients who have more complex risks, such as multiple homes, cars or complicated travel arrangements. “For example, a consultant who is away from home most of the time needs cover for his luggage and travel arrangements regardless of where he or she goes,” explains Austyn.  

Driving success
In terms of motor insurance, he is keen to emphasise that not all insurance is the same, which applies equally to the cover available. Clients often don’t realise that multiple vehicle policies are the target profile for Hiscox and that there can be significant premium savings if all vehicles are brought together under a single policy. Clients will also benefit from having agreed values on each vehicle so that, in the event of a claim, if the car is written off, there is no dispute over value and the settlement can be expedited.

But Hiscox’s private clients’ offering is not just about insurance – it is a lifestyle proposition that comes with added services, including risk management and family protection cover (see box). “This means that brokers are offering their clients much more than just insurance,” Austyn points out. “We provide comprehensive protection for the whole family, including identity fraud cover, travel and security information and advice. This even extends to training for gap year travel, not only for young people but also for those taking a career break.”

With so much on offer, many may see Hiscox as an elitist insurer, but Austyn says this is not strictly true. “Our products are as relevant to someone with £150,000 worth of contents as to those with a £50 million fine art collection,” he says. “First we must understand their needs and then offer an appropriate solution. In terms of home insurance, we insure people with contents worth £150,000 or more and buildings whose reinstatement value starts at £500,000.”

Although Austyn is based in London, he spends an average of two days a week visiting regional offices and their brokers. “Talking to brokers is a key part of the Hiscox strategy to adapt and develop its products,” he explains. “We host senior broker lunches where we invite brokers to talk about the feedback they have from their customers and where we also discuss our ideas for innovation.”

Coming up with innovative solutions is part of Austyn’s ambition to deliver the best products and services for brokers and their clients. As for his next personal goal, cycling from Calais to Cap Ferrat will do. Well, at least for now.