PURE Insurance Caters to High Value Homeowners
October 15, 2011
Arizona Business Magazine - 11/16/11
By Clarice Wziatek
Insurance has a new name and it’s PURE. PURE Insurance is a young and expanding company that doesn’t model itself after standard insurance companies; it carefully selects its policy holders to keep premiums low and customer response high.
PURE Insurance was created on three principles: expertise, alignment of interest and the green field.
“As experts in this niche market, the PURE team understands how to handle the very unique, demanding needs of the owners of high-value cars, homes or jewelry. The alignment of interest happens when you have a company that is predominantly run for the benefit of policyholders rather than outside shareholders,” says Ross Buchmueller, president and CEO of PURE.
“The third component is what we call green field or clean slate, where you combine a specialist company with a mutual commitment, and you have the benefit of starting from scratch with the most modern technology and the most contemporary approach to underwriting risk.”
According to Buchmueller, when PURE enters a market like Arizona the company grasps a full view of the possible risks including, but not limited to, potential wild fires. That way they ensure PURE can select the best agents for each client and case. But PURE also takes great care in selecting potential policy holders who demonstrate responsibility and high net-worth.When it comes to selecting a policy holder, PURE Insurance looks for the most responsible owners of the finest built homes as well as homeowners who take great care in preventing loss, have alarm systems and have continuously maintained their homes even during the economic downturn where other homeowners may have cut corners.
“This group of people will likely have fewer claims and will likely enjoy lower premiums,” Buchmueller says. “The selectivity is an important component that makes the company so special, not because it is elite, more because it enables PURE to deliver a higher level of coverage and service at a lower cost.”
Artwork, Wine Collections and Jewelry
For priceless works of art or that vintage wine collection, replacing them isn’t an option. This is where PURE’s specialty liaisons can help with adjusting a claim and more importantly preventing that claim from happening. The company has experts in both evaluation and repairing damaged artwork.
“When it comes to artwork, one of the greatest risks relates to art in transit,” Buchmueller says. “So [PURE] helps coordinate the professional packing and shipping and managing of collections. If you wanted to move a piece of art from your Scottsdale home to your Chicago home, you don’t want to throw it in the back of a station wagon and start driving.”
PURE’s policy for covering fine jewelry is greater in breadth than that of standard insurance companies, Buchmueller says.
“We decided to become pioneers by increasing the amount of jewelry coverage available under PURE’s homeowner’s policy,” he says. “Many homeowners policies limit coverage for jewelry that is lost, misplaced or stolen to $5,000. We are the only company to increase that limit to $50,000 to better reflect the needs of successful families. If one of our members was to lose a valuable watch or earring, they have the peace of mind knowing that they have coverage that is not available anywhere else.”
The PURE Promise
PURE Insurance offers the PURE Promise, which tells customers that quality can cost less. PURE prides itself on doing it right the first time by hiring experts to work in each area, whether it be claim filing, assessing item cost or claims adjusting.
“The PURE Promise says, ‘if we do a great job, from selecting the right members, from working hard to prevent losses, exceptional quality can actually cost less,’ ” Buchmueller says. “That’s why we think this expert, policyholder-owned, fresh start company is uniquely positioned to produce quality.”
PURE Insurance in Arizona
PURE Insurance came into Arizona at the beginning of 2011.
Tami Chartier, a local agent for PURE through the Farmer Leavitt Insurance Agency, has been writing policies for the company since its launch in Arizona and enjoys the quality and the benefit that is provided to PURE policy holders.
“I like that [PURE is] a mutual company, and I like that our policyholders are actually owners in the company,” Chartier says. “I like the idea of keeping the premiums down and the [profits] going back to the PURE membership.”
PURE focuses on the personalized, stress-free and convenient services it provides its customers whether it starts out with consulting to get a policy quote or having to meet with a personal liaison to file a claim.
With an unfortunate event that results in making a claim, PURE will take the utmost care in ensuring their client is taken care of with an expert liaison. The liaison will handle the whole process for the client, which has gained PURE rave reviews from current policy holders.
“Going through a claims process is very, very stressful depending on the type of claim,” Chartier says. “It’s a very difficult ordeal, and having a personal Member Advocate to go between [the policyholder] and the adjustor and the carrier to resolve any issues that are involved, eases the burden for our members, and people are very excited about that.”