CEO, Q Report
Can you share some success stories where Q Report has been instrumental in supporting clients during challenging situations, such as loss or damage to their jewellery?
The claims process is defined by a singular word, promise. The uncertainty faced by customers during unforeseen events involving their precious possessions is uniquely addressed at the time of a claim. Each claim, from our perspective, represents a success story, as it involves supporting our clients and differentiating us from other insurers who engage in jewellery losses.
As members of the jewellery industry, we have a unique understanding and respect for the profound significance and emotional attachment people have to their jewellery and have a commitment to supporting clients during challenging situations.
In one case, a young couple, who were recently engaged in the United States, faced a critical situation at the airport on the journey home for their wedding the following week. The bride-to-be looked down at her hand and noticed that her two-carat cushion-cut engagement ring was missing. As this was critical timing, Q Report settled the claim swiftly and coordinated with their jeweller to replace the ring in record time, ensuring it arrived for the wedding. This efficiency distinguishes us from other insurance companies who could have dragged out the process or involved insurance investigators—but not in our world.
In a secondary example, a Q Report customer in Japan contacted us from their hotel room in distress as a bag of jewellery, insured with us for over a quarter of a million dollars, was missing from their handbag. Through calm and professional guidance, we walked the customer through the events leading up to the discovery. Ultimately, after supporting the client enough to reduce the stress and anxiety they were feeling, we determined that the bag might have been left and the check-in desk. Fortunately, this situation did not result in a claim, as the bag was in fact found at the check-in desk. These success stories exemplify Q Report’s unwavering support and effectiveness in navigating challenging situations for our valued clients.
How has Q Report adapted to the evolving needs of jewellery owners and the changing landscape of the jewellery market over the years?
At the core of Q Report’s evolution lies a pioneering approach where we are consistently looking for better ways. We revolutionised the industry by being the first to develop tools utilising multiple databases for complimentary annual revaluations. This innovative practice stands in stark contrast to prevailing norms where clients with other insurers, often discover years later that they were underinsured, due to the conventional practice of placing the onus on customers to have revaluations completed. Unlike these norms and conventions, Q Report proactively addresses the fluctuations in pricing and availability in the market, ensuring our client’s coverage aligns with the dynamic landscape of the jewellery market.
Q Report has also adapted to the technological changes that influence every industry, including the jewellery market. The jewellery industry can engage with Q Report through multiple mediums including an online Q Report Jeweller portal and have multiple digital assets available such as a Q Report Digital Landing page which they can link through their website, enhancing both business’ Search Engine Optimisation ranks and Q Report QR code cards that they can provide to customers. These innovations have met the expectations of a quick, easy, and immediate service available to customers and the jewellery industry.
What innovative approaches or services has Q Report introduced in 2023 to simplify the insurance process for clients and ensure comprehensive coverage for their precious items?
In 2023, we proudly introduced two innovative tools at Q Report to streamline the insurance process for our valued clients and the jewellery industry. Our sophisticated endorsement tool enables customers to effortlessly add additional items to their existing policies, ensuring a simple and effective way to update their coverage.
Additionally, we implemented a complimentary appraisal tool available to the jewellery industry. We have made a clear differentiation between a qualified valuer who is registered with the NCJV who can produce a valuation and a knowledgeable jeweller who has the skills to provide an appraisal and not a valuation. This tool creates beautiful, professional, and customised documents for customers.
Q Report also launched the additional service of shipping protection. Under a Q Report policy, the item is still covered in transit when a customer needs to return their piece to a jeweller for repair, or when receiving their piece. This is revolutionary as previously, shipping coverage would have resided with each business’ insurance or insurance provided by the postal service.
These enhancements exemplify our commitment to providing comprehensive coverage while simplifying the insurance journey.
How does Q Report stay ahead of emerging risks and trends to provide clients with up-to-date and relevant insurance solutions for their jewellery? What risks are proving to be crucial in 2024?
At Q Report, our proactive approach to staying ahead is backed by being networked and integrated into the diamond and jewellery industry on the ground floor. This allows us to anticipate and understand emerging threats. Our specialisation in jewellery and watch insurance allows us to maintain our core principles despite constantly changing trends and ever-emerging risks.
One such threat will be Q Report’s push that many jewellers will utilise a diamond testing tool to ensure that they don’t get caught out when handling customers’ jewellers and the centre stone could well be a lab-grown and not a natural diamond.
Our heightened awareness identified a significant rise in thefts, including instances of violent thefts in Europe, where they have seen, and continue to see, amas of theft of watches after people have attended a nightclub or restaurant, even in broad daylight. This alarming trend, potentially extending to Australia, emphasises the importance of vigilance in 2024. Australia has already seen theft trend upwards to pre-COVID rates, with 23 percent of items stolen comprising of personal items such as jewellery and clothing.
By closely monitoring these dynamics we can provide clients with suggestions to mitigate their risks and continue to provide timely and relevant cover.
Looking ahead to 2024, what are the key initiatives that Q Report plans to introduce to better serve the jewellery industry, and how will these benefit both new and existing clients?
Q Report is continuing to implement strong data protection tools to protect both jewellers and our customers. In 2023, we received an ISO 27001 Information Security Standard certification and are continuing our commitment to data protection in 2024.
Q Report is also dedicated to maintaining accurate and complete data. We aim to precisely identify the jewellers behind each piece and ensure continued collaboration with esteemed and high-quality artisans. This commitment not only enhances our service but also benefits both new and existing clients, and the jewellery industry by providing a heightened level of trust, transparency, and a better experience in the coverage of their precious jewellery.
As a leader in jewellery insurance, what advice would you offer to jewellers and jewellery owners to ensure they make informed decisions when selecting insurance coverage for their precious items?
As a leader in jewellery insurance, our suggestion to jewellers and owners is to avoid incorporating personal jewellery into their business assets. It is crucial to accurately define and insure personal items separately. Combining personal and business assets may become an issue in the event of an insurance claim and could potentially jeopardise your jeweller’s block insurance. Ensuring precise coverage is essential.