John Sims, the new chief executive of claims advocate Lorega, is targeting the high net worth personal lines market as part of his growth strategy for the company.
Personal lines clients currently account for only 5% of Lorega’s business, with the remainder being commercial customers.
Sims, who joined Lorega in September from Chubb, is developing Lorega’s products to cater for the more affluent personal lines customers.
“We need to change the product – when it kicks in, what perils are relevant,” said Sims.
He said he would be consulting senior figures from the high net worth sector as part of the review.
Lorega helps commercial and personal lines brokers and their clients negotiate the settlement of complex claims.
It provides loss recovery insurance giving access to claims negotiators who work with brokers to settle claims.
It has an estimated £5m in gross written premium with broker clients including Willis and Towergate.
Sims said that in the context of personal lines the product was more suited to mid net worth and high net worth customers. “These are the more affluent people who have no time and demand that their brokers handle claims.”
Sims said that in developing the personal lines side of the business it was key to get insurers “on side”.
He said: “They should not be fearful of Lorega. Our service does not detract from insurers’ own service.”
Sims added: “We are trying to persuade them that if there is a Lorega adjuster they do not need to use their own, so it will save them money.”