High net worth-undersold and undervalued?

The high net worth (HNW) market is one of the most undersold and undervalued classes of insurance in the industry. Far too many brokers have been slow to become involved, although this head-in-the-sand attitude is now changing. It is a market that cries out for broker involvement, as it is not the k...

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Bibliographic Details
Published in:Insurance Brokers' Monthly and Insurance Adviser 2002-08, Vol.52 (8), p.10
Main Author: Lumsden-Cook, Anthony J
Format: Article
Language:English
Subjects:
Brokers
Equity
Households
Insurance agents & brokers
Niche marketing
Target markets
Underwriting
Wealth
Online Access:Get full text
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Summary:The high net worth (HNW) market is one of the most undersold and undervalued classes of insurance in the industry. Far too many brokers have been slow to become involved, although this head-in-the-sand attitude is now changing. It is a market that cries out for broker involvement, as it is not the kind of insurance that should be sold en masse, although, unfortunately, this is largely the case. High net is very much an area where risk management comes into play and where the broker can be seen to be providing a service and not just selling a product. High net worth is, first of all, a specialist market. Brokers tend to take the view that giving the business to general insurers through their basic household buildings and contents cover is sufficient. It cannot be stressed strongly enough, that general household cover is not appropriate for this type of client.
ISSN:1472-2275