Fortis targets high-value cars in growth strategy
Fortis Insurance Limited is to widen its footprint in motor, household and travel as part of its growth strategy for 2004.
The insurer is to extend capacity to high value cars such as Mercedes, BMW and Audi, driven by older motorists with good claims history. The initiative will be rolled out, with reduced rates, to a trial set of brokers, before being extended across the market.
Fortis Insurance distribution and development director Chris Dobson said: "This is in support of our stated selected broker strategy and we continue to seek ways to widen our footprint across our core products of motor, home, commercial and travel."
In the household market, Fortis plans to use its beds-rated product as a model for a general product revision later this year. The change will involve extending its sum insured to the £120,000 to £150,000 level. The current product is sold through a limited number of brokers and targeted towards middle-income families.
Dobson said: "The beds-rated product that we have piloted has been highly successful and the concept behind this is being used in the general product revision later this year."
In travel, Fortis plans to build on its success with the Post Office account it won last year by launching an age-branded product across a number of markets. In pet, the company reported it has gone into partnership with Petwise to put a product out to market designed to reflect claims experience of different risks.
In commercial lines, Fortis has expanded its capacity to £10m estimated maximum loss with premium levels ranging from £75 to £75,000.