Jeremy talks about his new role and the challenges and opportunities that lie ahead for him and his team.
‘It’s been a standout 12 months for our team,’ he says of the year’s performance, before describing Chubb’s recent acquisition with ACE: ‘It’s now made us the US market leader for high net worth personal lines insurance and a major provider globally.’
It was an especially momentous year for Jeremy Miles, whose recent 20th anniversary at the firm marked a total of 35 years’ experience in the industry. Inspired by his father’s brokerage business in the industry, he says his early career choice was rare among contemporaries, who commonly ‘fall into’ the trade. ‘It was, instead, a decision I’ve made,’ he proudly says.
With such landmark events in 2016, the onus is now on Miles and his team to further build Chubb’s Masterpiece proposition in the UK and Ireland and expand its offering into new European markets: ‘Our goal this year is to take all that expertise and knowledge we’ve got globally and make sure we help to continually develop the products and grow the business going forward, whilst maintaining strong relationships with our broker partners.’
Many of Chubb’s clients are international. They have significant investible assets, across the emerging wealth, HNW and UHNW categories. Miles’s Europe-orientated role requires him to ‘continually review opportunities on the continent’. He is currently focused on building the existing HNW personal lines insurance businesses in the UK, France, Germany and the Netherlands as well as exploring potential in markets such as Switzerland and Monaco.
Miles has a strong team around him to support Chubb’s ambitious growth plans. ‘Most of our senior team have around 20 years’ high net worth experience and our underwriting team includes former art historians and accredited jewellery professionals’. Meanwhile, the firm’s unique approach to property and motor appraisals, a distinctive part of the company’s proposition, is managed by a team with over 100 years combined industry experience. ‘There aren’t many insurers that can say the same,’ says Miles.
He is especially proud of Chubb’s appraisal and claims services which have been ‘market-leading for years’. ‘In this segment, it’s all about the service – settling agreed claims within 48 hours,’ he says, adding that the stellar offering does not go unnoticed by HNW clients, who can sometimes be ‘demanding by default’. ‘We get lots of compliments from clients about how speedy and professional our award-winning claims service is. It really is at the heart of our overall proposition. Honesty, integrity and fairness are the team’s core values. They inform decision making from initial notification through to settlement.’
‘Continuing to win awards’ over recent years, he says, is assuring: ‘It gives us comfort that we’re obviously doing the right thing.’ But this does not mean his team is in any way complacent. Recent enhancements include the addition of cyberbullying insurance as standard to its property policy as well as the introduction of Diminution in Value as standard in all UK personal motor policies.
The landscape, he observes, is becoming increasingly personalised, as clients are ‘investing more and more in assets rather than financial investments’. He continues to see a trend where clients invest in alternative assets – fine art, foreign wines, jewellery and properties – resulting in a more ‘diverse’ portfolio for each individual.
The sports enthusiast recalls a recent moment when the firm sponsored Salon Privé, a three-day classic car event, which ‘brought the personal nature of our business home’. ‘We had a lot of our clients’ much-loved cars that we insure, some with collections totalling £120m, in one place,’ he says. He enjoyed spending quality time with broker’s clients: ‘We could really understand and see just how passionate they are about the vehicles that we insure for them.’