Jeweller profits from selling insurance with rings

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Savvy & Sand earning valuable commissions with add-on insurance sales.

Savvy & Sand, an artisan British jewellery brand, is profiting from selling Assetsure insurance protection to customers of its engagement rings.

The initiative has seen 71% of customers referred to Assetsure going on to purchase a policy, with the brand bagging a commission for every new policy and every subsequent renewal.

Sandeep Babber, director at Savvy & Sand, said: “Our clients typically spend upwards of £5,000 on an engagement ring and some will request advice on choosing an insurer. Having researched the market, we felt that Assetsure offered a comprehensive product, while also appreciating the emotional importance of an engagement ring purchase.

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“The relationship is working well. Their sales advisors give an expert and professional service, and we are seeing almost three out of four enquiries convert into sales.”

Key features of Assetsure’s jewellery and watch insurance, which is underwritten at Lloyds of London, are: no excess; worldwide all risks cover including accidental damage, theft and accidental loss; and no requirement for additional security measures, such as specifying locks, alarms or safes.

Assetsure managing director James Farley, says that partnerships between the insurer and jewellers is simple and lucrative. “By handling all of the administration in relation to policy sales, including FCA and other regulatory compliance, we can offer jewellers an instant addition to their income stream as well as providing a valued service to their customers,” he adds.

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