A conversation with Kai Kuklinski, Global CEO of AXA ART
An exceptional lifestyle with an international aspect calls for a specific range of insurance products. High-net-worth private clients need protection for broadly diversified assets, including coverage for travel, jewellery, real estate, art and antiques. tailorMade, AXA ART’s new insurance offering, provides the perfect solution. tailorMade will be on the market from the end of September. In an interview, Kai Kuklinski, Global CEO of AXA ART, tells us more about this forward-looking concept.
For over 50 years, AXA ART has been the leading international specialist insurer for art and collection pieces. With tailorMade, AXA ART is significantly broadening the scope of its offering.
What was the reason behind this development?
In addition to providing insurance for institutions such as galleries and museums, we have been insuring private clients for decades, not only for art but also for property and household effects. Many of these clients invest their wealth not only in art, but also in a huge variety of assets. In addition, we noticed a change in lifestyles. Wealthy individuals often maintain an international lifestyle, and frequent traveling to their residences in different countries and continents is just a fact of life. The trend of globalization has further intensified this mobility. This also creates a need for new customized and integrated insurance solutions.
Is AXA ART appealing to a new target demographic with this product?
In many respects, we are answering a need that already exists, but that will continue to expand in the future. One reason is that the demographic segment of so-called ultra-high-net-worth-individuals (UHNWI), is consistently growing. For a long time, we have already had access to these clients. Through our expertise and as a member of the AXA Group, we have numerous opportunities to respond to our clients’ needs for special comprehensive protection and services.
With tailorMade, we are expanding our circle of clients and our product range at the same time. The new aspect of this offering is that art may be part of the package, but it doesn't always have to be the case. We bundle an insurance package of different building blocks and services for our clients in a tailor-made concept – and offer them, for the first time, an international solution from a single provider.
How have the demands of these clients evolved over recent years?
Clients and partners expect top-notch quality in every area. Apart from their desire to have access to integrated protection from one service provider and international solutions, their expectations are above all related to our service performance and fulfillment of our value propositions. As in other fields, digitization plays a major role. Intensive, yet simple communication, and being accessible on all channels are essential service features. An instantaneous response is expected, and the services offered must provide immediate added value. At the same time, there is a growing need for expert knowledge and individual, personal support. To put it succinctly, one could say: "tailorMade – individually customized!"
What do these developments mean for AXA ART?
AXA ART is well placed to fill these needs. This is why, with tailorMade, we are setting a new milestone for individual, global insurance concepts. It enables us to reinforce our position as a specialist for insurance solutions in the sphere of art and lifestyle – that is our DNA. For us, what counts is that we do not see an insurance solution like tailorMade merely as a product. Rather, we see ourselves much more as a partner that is able to bundle expert know-how and exceptional service into an innovative, extremely customer-oriented concept. This is what will enable us to create a new source of added value for our clients – and to do so on a global scale.
How does this added value present itself?
With tailorMade, we make it as easy as possible for our customers to protect their assets adequately. The performance deliverables are clear, transparent and they can be flexibly adapted at any time. In practice, with tailorMade, comprehensive protection from one service provider can, for example, look like this: A client can not only insure their local assets, but also their property in Spain and luxury car in the UK. It makes no difference what kinds of assets or lifestyle are to be insured in individual cases. For any issue that may arise, our clients have a central contact who deals with it personally.
What else is new with tailorMade?
With tailorMade, we amalgamate services that have never before been offered to individuals in this manner. tailorMade provides valid cross-border insurance coverage along with legal security and compensation limits have been increased. This raises the bar to a new level for property, household effects, jewelry and art insurance. In addition, some entities can offer clients motor insurance or protection against cyber-crime. All offers are designed to be customer-friendly and clients can exercise their right of termination on a same-day basis.
What are the services like in the event of a claim?
Quick and uncomplicated settlement of claims is very important for our clients and partners. They can rest assured that they have a personal expert by their side – that is a reliable feature with tailorMade. Claims can be reported in an uncomplicated procedure without any time-consuming claims forms. An initial answer will normally be received within 48 hours, and especially for smaller claims, we can have them dealt with as soon as we have received all the relevant information required to settle the claim. We also want to offer added value in the area of prevention and risk management, and extend our proven expertise in restoration and damage repair, which means that we want to evolve from being a “payer of claims” into a partner in prevention and protection.
When will tailorMade be available to customers?
We will launch tailorMade initially in Germany, the United Kingdom, France and Belgium. Early in 2017, Spain, Italy, the Netherlands and Switzerland will follow.