Established in London in 1998, Insignia has served the needs of exceptional individuals with high-value payment cards and luxury one-to-one lifestyle management for more than 20 years. Its financial arm, the licensed payments institution Insignia Cards Limited (ICL), is based in Valletta. Our growth is due to saying yes to impossible, says Jonathan Bellizzi, ICL general manager.
The world is a busy place. Airline travel has become cheap and cheerful, breaking news runs a 24-hour ticker and most individuals – studies show – are exposed to around 4,000 to 10,000 adverts a day.
Jonathan BellizziIn a world of mass travel, loud messages and access all areas, has unique luxury appreciated in value?
“It certainly has,” says Insignia Cards Limited general manager Jonathan Bellizzi.
“What we see every day now is global massification. More and more people are accessing luxury items, but they’re the same items. It has left our customers looking elsewhere for the fulfilment and distinction they demand.
“The ultra-wealthy are prepared to dedicate their time and resources to the quest for experiential luxury, and that’s where we come in. Thanks to our team of luxury experts and network of insiders, Insignia is in a unique position to create lifestyles and experiences that are utterly exclusive and bespoke to our customers. The dedicated nature of our hallmark benefit – an Insignia Personal Assistant – means cardmembers get a service from someone who gets to know them personally over time.”
We’ve evolved to craft experiences rather than simply book itineraries
In two decades, Insignia has grown from a travel-related service and payment card provider to an all-encompassing luxury lifestyle management group. What has fuelled this growth?
“Firstly, gaining our payment institution licence from the Malta Financial Services Authority was instrumental in our subsequent expansion,” says Bellizzi.
“Then I’d say it’s all about our customers. We’ve stayed in touch with our customer base throughout our journey together, which means Insignia has been able to adapt to the changing needs of that demographic. Customer centricity lies at the heart of our business model, and our expert understanding of the luxury lifestyle space means we can interpret these requirements with pin-sharp accuracy and intimate attention to detail.
“We hear from members that their Insignia PA has anticipated their needs before they’ve even thought to ask for something. We like to talk about “saying yes to impossible”, meaning unlike other lifestyle services we won’t stop at the first, second or even third barrier – we always find a way around in order to deliver on our customers’ wishes.
“And this applies to the products as well as our services. For example, our portfolio of payment cards – and the benefits they offer – has been built with our customers’ needs at the very front of mind. The Insignia Black Card is our most celebrated product as it comes with the PA, but it also offers a wealth of benefits assembled to suit our customers, who are always on the move. It’s possible to have unlimited spending limits on the card, and the Insignia Hotels and Private Jet programmes offer great value through our partner network.
“We assist our customers to maximise their leisure time,” adds Bellizzi. “We’re more than aware that time is the greatest luxury. I think it’s the intimate nature of our service that helps cardmembers makes the most of their time. A PA will come to know their client’s routines and tastes and this is where those precious savings can be made. That could mean having an Option B lined up in order to prevent travel delays or taking care of party planning without constantly bothering the customer with questions on preferences.
“And the cards themselves are incredibly low-maintenance. They are what allows us to deliver seamless itineraries to the customer, with no layers of administration between the experience and the card that pays for it – you just don’t get that with service-only lifestyle management companies. In addition, customers have just one point of contact for account management, and the levels of security and fraud prevention offered with the cards is considerable.
“On top of that, our members always appreciate the VIP airport reception, 24-hour emergency assistance and travel insurance. And if they really want something spectacular, the card is available as a Jewellery Card, made from 14-carat gold and precious stones by Swiss craftsman. There’s nothing else like it in the world. Neither of these amazing products would be available without the principal member status Visa granted us in 2013.”
The nature of luxury changes with time – and Insignia anticipates such changes.
“I don’t think it’s any secret that time has become the greatest luxury to the ultra-high-net-worth individual,” says Bellizzi. “Our customers’ world is evolving faster than ever, and if we can take care of the key details that free up our cardmembers’ time then we’ve succeeded in that respect.
“And then when you go back to the inaccessible, impossible experiences, that’s the second part of this new definition. It’s why we’ve evolved to craft experiences rather than simply book itineraries.”
And at the heart of this is Malta.
“It’s the place that has given us such an experienced and committed workforce, without which we could not have created the innovative, tailored products that customers all over the world enjoy today. It’s also provided ICL with the licence that we needed to create these great products,” says Bellizzi.
“In fact, we’ve put down such roots here that we’re proud to announce that we’re working on setting up an Insignia foundation, a stand-alone charitable body which will allow us to give back to the society that has supported Insignia so ably.”
Insignia is a unique, exclusive club. How does the company foster a sense of belonging to this club?
“Firstly, we hold the customer and their needs at the very core of our culture,” says Bellizzi. “This means that in every interaction a cardmember is made to feel as if they are extraordinary.
“We keep in touch from a discreet distance, always at hand to share insider updates on the latest events and opportunities around the world.
“Our partner network means cardmembers are granted all sorts of perks and upgrades that a normal hotel guest or airplane passenger wouldn’t even know about. Eighty-seven per cent of our customers stay with us between ten and 15 years, which I’d like to think is solid proof of the value of our club.”
What are Insignia’s plans for the future?
“We’re looking to drive the Insignia business in Malta, which will help us develop and innovate into the next few chapters of our organisation. We’ve just launched the C by Insignia payment solution, which offers our corporate customers the same level of service personal cardmembers get to enjoy – and Malta has provided the technological support we needed to create an online system which allows a business to manage and control a suite of multiple cards. We’re also working on setting up an Insignia charitable foundation, as it’s vital that we give back what Malta has given to Insignia.
“And long-term, we’re planning to build the Insignia brand globally from Malta through consolidation and expansion – to lay down a solid base that will allow us greater ability to say yes to impossible.”