THE BIG MISTAKE

High net worth (HNW) is one of the most sophisticated, bespoke markets in insurance in which price is of secondary importance to the client, but good cover and outstanding personal service counts for a great deal. There are, though, a large number of HNW risks which are inappropriately insured on no...

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Bibliographic Details
Published in:Insurance Brokers' Monthly 2004-09, p.2
Main Author: Lumsden-Cook, Anthony
Format: Article
Language:English
Subjects:
Brokers
Client relationships
High income
Homeowners insurance
Households
Insurance agents & brokers
Liquid assets
Risk exposure
Specialty services
Underwriting
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Summary:High net worth (HNW) is one of the most sophisticated, bespoke markets in insurance in which price is of secondary importance to the client, but good cover and outstanding personal service counts for a great deal. There are, though, a large number of HNW risks which are inappropriately insured on normal household policies. The broker has a crucial role to play in HNW relationships. This is a highly personal relationship, in which retention of the client's business is as important as winning it in the first place. At the heart of this bespoke market is good risk management advice. The broker can recommend a visit from a risk manager as part of the overall policy package, not least on home security.
ISSN:1472-2275