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Burns & Wilcox Adds Top Executive to High-Net-Worth Practice

Burns & Wilcox, North America’s leading, and largest personal insurance, wholesale insurance broker and underwriting manager, has announced a top-level addition to its High-Net-Worth practice with the hiring of Heather Posner as Associate Vice President, Director of High-Net-Worth. Posner, who previously worked at PURE Group of Insurance Companies, will be based at the Burns & Wilcox Los Angeles office, specifically focused on expanding the firm’s High-Net-Worth personal insurance footprint in North America.

High-Net-Worth is a rapidly expanding segment of the insurance marketplace, and an area Burns & Wilcox has been committed to since its founding in 1969. Heather will be focused on increasing our strong market share in this area,” said Alan Jay Kaufman, Chairman, President and CEO, H.W. Kaufman Financial Group and Burns & Wilcox. “Heather’s well-respected position among carriers and brokers, combined with a passion for success that emulates the inherent fabric of Burns & Wilcox, will continue to strengthen our High-Net-Worth practice across our 50 offices in North America.”

Prior to joining Burns & Wilcox, Posner built solid relationships with highly successful individuals at PURE Group of Insurance Companies. Her professional experience spans 18 years across some of the top insurance companies, including AIG Private Client and Progressive Insurance.

“California is one of the largest High-Net-Worth markets in the country and a gateway for Heather to expand our business,” said Bill Gatewood, Corporate Vice President and Director of Personal Insurance, Burns & Wilcox, Corporate Headquarters. “Carrier partners, colleagues, and retail brokers and agents have all expressed their enthusiasm to see Heather join the team, and I am proud to introduce such an incredible leader.”

Heather will also be responsible for recruiting and training additional High-Net-Worth specialists from within the company and the industry.

“It is an honor to be part of growing the High-Net-Worth practice at Burns & Wilcox in this new role,” said Posner. “After crossing paths with the company on various levels over the years, the culture and determination of its specialists creates a perfect match.”

Burns & Wilcox offers personal insurance for hard-to-place risks and specializes in providing solutions for the High-Net-Worth clients of brokers and agents, such as: High Value Homeowner, High-Net-Worth, Coastal Property Coverage, Course of Construction, Collector Cars, Fine Art, Recreational Marine, and Personal Umbrella.

RELATED READING: In a Closed Door Exclusive Round Table Business Forum iPMI Magazine Spoke with C-Suite Industry Leaders from the Private Medical Insurance Market about International Private Medical Insurance for High Net Worth Individuals.

 

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Vista Launches VTO, Providing High-end Health Care Services To High Net-worth Individuals In China

To cater to the increasing demand for exclusive health care services among the Chinese high net-worth, Vista, a veteran with two decades of high-end medical service experience in Chinaintegrated its best medical resources and launched VISTA THE ONE (VTO), a private health care institution targeting high net-worth individuals and families.

China's rapid economic development has created exponentially growing numbers of high net-worth individuals. The gradual aging of this group of people has opened the "private doctors" market in China. The targeted demographic of people is more willing to spend on decreasing their health risks in the future. Specifically, to reduce the uncertain threats on their accumulated wealth - the inheritance issues caused by sudden diseases has become one of their most pressing needs.

Yang Kaixiang, Chief Operating Officer of VTO said: "The significant advantages of VTO's core services compared to the competitive market of "private doctors" lie in Vista's unique position and experience. Having served China's high-end community for over 20 years, Vista has absorbed the essence of high-end private doctor services from other countries.Vista has also accumulated affluent professional experience as well as gaining a profound understanding about the customers' personalized needs. The highly customized service and products have been widely recognized by Vista customers."

 "VTO provides its members exclusive healthcare services, for example, exclusive medical group, exclusive family follow up, 24/7 VIP hotlines", added Yang. "In addition, standard VTO membership equips its owner global medical butler services, including top-tier doctors' appointments around the world, VVIP services through the whole process and VIP priority access to any medical channels. VTO members are also entitled to Vista's established world-wide emergency medical rescue service, namely the exclusive usage of Vista's aviation medical plane."

Besides the individual and family healthcare services for high-end VVIP customers, Vista operates the VTO member community collectively to build an ecosystem surrounding the idea of the "pan-health industry", providing a communication platform for resource exchange, such as capital investment and business cooperation for elites.

In order to ensure that VTO members enjoy the high-end health services that matches their status, the conditions for joining are comparatively stricter, including no less than RMB 50 million net assets for an individual and no less than RMB 100 million net assets for families. VTO adopts an invitation only membership management model and applications are not accepted.

RELATED READING: In a Closed Door Exclusive Round Table Business Forum iPMI Magazine Spoke with C-Suite Industry Leaders from the Private Medical Insurance Market about International Private Medical Insurance for High Net Worth Individuals.

 

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High-Net-Worth Individuals Worry About Underinsurance And Look For Service Excellence

More than half (54%) of high-net-worth individuals are concerned that they are underinsured, with many worried they are buying insurance that may be inadequate for their needs, according to new research published today by Chubb.

In spite of this, the research of 500 HNWIs in the UK, Ireland and France, reveals that only three in 10 (30%) of respondents look for insurers or brokers that are experts in high-net-worth insurance, and fewer than a fifth (19%) buy from a specialist broker.

Findings of the research suggest that HNWIs look for service excellence in their insurance cover, identifying three main "pillars" of what high-quality service looks like:

  • "Platinum" support: When it comes to service, respondents list strong relationship management with a single named point of contact (63%), a high level of responsiveness (63%), and willingness from insurers and brokers to go the extra mile (53%) as their top priorities.
  • Specialist touch: HNWIs are looking for insurance cover that addresses their unusual lifestyle and atypical possessions. Specifically, they prioritise high-end appraisal and valuation services (58%), specialist understanding of the 'HNWI experience' (52%), and expert knowledge of the valuable items collected by many HNWIs (51%).
  • Superior claims-handling experience: A fair, expert and 'pain-free' claims-handling service is a major factor for HNWIs looking for insurance cover and six in ten (59%) specifically seek a provider with a good reputation for claims handling.

The research paints a largely positive picture for insurance brokers and carriers with close to seven out of ten respondents (68%) having confidence in their insurance provider and their level of expertise. At the same time, HNWIs expect carriers to invest more in an omnichannel communications approach that focuses on online (42%), phone (40%) and mobile (34%) channels.

Jeremy Miles, Senior Vice President, Personal Risk Services, for Chubb in Europe, said, "The findings of our research underline the need for brokers and carriers alike to develop an even stronger service proposition for their private clients. If they are unable to give HNWIs complete peace of mind, there are others in the industry who will gladly step up."

"For Chubb, a commitment to superior service is the cornerstone of our high-net-worth proposition. From appraising a valuable collection through to our policy that covers everything that's not specifically excluded, to handling complex claims, we will continue to invest in service levels that exceed expectations."

RELATED READING: In a Closed Door Exclusive Round Table Business Forum iPMI Magazine Spoke with C-Suite Industry Leaders from the Private Medical Insurance Market about International Private Medical Insurance for High Net Worth Individuals.

 

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Providing iPMI To High Net Worth Individuals

In a Closed Door Exclusive Round Table Business Forum iPMI Magazine Spoke with C-Suite Industry Leaders from the Private Medical Insurance Market about International Private Medical Insurance for High Net Worth Individuals.

Featuring Aetna International, Bellwood Prestbury, Cigna Global IPMI and HealthCare International.

This round table looks at the high net worth individual market and the benefits for worldwide insurance providers when they provide IPMI to high net worth individuals.

ON THE FRONT COVER: Since setting up an IPMI brokerage firm in the last iPMI Magazine round table, our intrepid traveller has made it to the big time and is pictured watering his high net worth money tree. He has lovingly named the tree Theresa.

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iPMI Magazine Speaks With Andrew Apps Head Of Global Healthcare Bellwood Prestbury About International Private Medical Insurance for High Net Worth Individuals

Please introduce yourself and background in the International Private Medical Insurance (IPMI) market:

Having enjoyed 32 years working in the PMI industry, the past 26 years exclusively in the international sector, I have gained firsthand experience of how both insurers and intermediaries operate, enabling an understanding of the way each side behaves and the changing demands of one of the insurance industry’s fasting growing sectors.

As a seasoned traveller and former expatriate, I have worked extensively across South East Asia, the Former Soviet Union, Eastern Europe, Africa and the Middle East, developing business operations with local and multi-national companies.

This valuable experience has enabled a unique understanding not only what it is like to be living overseas in an unfamiliar country, but the unique relationship building skills necessary for developing business in these territories.

Holding a variety of senior management and directorship roles at BUPA, Goodhealth Worldwide, Aetna International, ALC Health and now as Head of Global Healthcare at specialist international intermediary Bellwood Prestbury, I have also been a former deputy chairman of the Association of International Medical Insurance Providers (AIMIP), and currently sit on the Executive Committee of the Association of Medical Insurers and Intermediaries (AMII).

How do you define a high net worth (HNW) individual?

This is an interesting question as the definition will change from one country to another and of course from sector to sector, but from an IPMI perspective, we would see this as someone who is prepared to fund their own private medical health treatment without necessarily reverting to an insurance product.

Are high net worth individuals harder to insure than those on lower incomes, and if so why?

Often a HNW individual is someone who takes the view that when they need something they simply buy it rather than planning for every eventuality that may or may not occur in the future.

As a result, HNWs tend to be less risk adverse than perhaps most people, until such time that something happens which of course is too late. For many HNWs they want to see a ‘return’ on their investment (in insurance) so need to understand how buying IPMI can benefit them.

High net worth individuals are able to pay for private medical treatment straight out of pocket. Why do they need IPMI?

Quite simply it makes financial sense. Most HNW’s entire being revolves around their ability to ‘earn’, so facing a period when they are perhaps unable to do so can often have an impact on this. Many HNW’s are self-employed so when they are not working they are not earning.

The other point to remember is than many HNW’s are used to having things done for them. Arranging meetings, organising flights, booking restaurants. When it comes to needing medical care, the need for being organised becomes a linchpin to the whole process. Who to see, when and where.

This is where IPMI and the plan providers really come into their own, particularly for someone living in working in an unfamiliar country where access to high quality medical care can be difficult at the best of times.

How widely adopted is IPMI for high net worth individuals?

This is a growing market as the complexities of accessing high quality healthcare becomes greater and the cost of treatment grows even more expensive. Growing regulation has pushed IPMI into the public eye and so the demand for high quality ‘concierge’ products are starting to become better placed.

Do traditional mass market international private medical insurance plans meet the international medical insurance needs of high net worth individuals?

HNWs demand the best. They want access to the best available care, where and when they want it and not to be told that something isn’t covered. Some restrictions do of course have to be set, but the HNW wants these to be keep to a minimum and be faced with the least amount of administration as possible, so completing forms can be a real barrier.

For many HNWs, their day to day lives are organised by ‘other people’, so they need to be able to pass on the chore of filling in forms for a claim to someone else. Of course, this often conflicts with data protection controls, so for a product to appeal to a HNW, it needs to offer a way of circumventing this issue, particularly when it comes to making a claim.

Local or global IPMI cover: what do high net worth individuals demand?

This will of course depend upon the travel movements of the HNW and whether they are looking to receive treatment should the need arise in a country other than the one in which they are normally living.

The key issue is the scope of coverage provided by the plan provider. Does it include access to primary healthcare? Does it include access to the best available medical facilities? What support does the plan provider offer ‘on the ground’?

Onshore or offshore: is there a preference for high net worth individuals?

HNWs understand better than most the difference between onshore and offshore products, so this is less of an issue, however local regulatory requirements may limit the choice available.

Do high net worth individuals have special requirements when it comes to medical insurance and access to healthcare?

HNWs expect and demand the best and will give anything less a very short shrift.

They expect a quick response to their questions, a product that is ‘cover-all’, little or no exclusions and access to the top rated medical facilities when and where they want.

This of course all comes at a cost and HNWs are no different from everyone else – they want a bargain too.

On a local level, which challenges do you face when providing iPMI to high net worth individuals?

The issues can range from language, culture and availability to high quality medical facilities. For many people, it is important to be able to converse in their own language when it comes to discussing their health and any treatment that may be necessary. 

This is after all a stressful time and understanding exactly what is happening and why it is important. Culture can also cause an issue where local ways of ‘doing things’ can sometimes be alien to the HNW and cause them to question what is happening and why.

In the future, how will the international private medical insurance market for high net worth individuals develop?

For the HNW market to be properly accessed, the plan providers really need to understand their clients. These are people who do not ‘take prisoners’. They expect the best and are prepared to pay for it, but also like a bargain. They do not want to be bothered with form filling and simply pushing everything in a mobile ‘app’ is not the solution.

Products need to be flexible without too many restrictions and the ability for the HNW to ‘mix and match’ their cover allowing them to ‘travel’ with their cover.

Customer service is paramount -  fast, efficient and straight forward to access 24/7. To the busy HNW, being told that ‘we will get back to you in a couple of days’ simply isn’t good enough.

 

 

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JOIN ROUNDTABLE: International Private Medical Insurance For High Net Worth Individuals

This round table looks at International Private Medical Insurance For High Net Worth Individuals.

Copy Deadline: 7 March 2017.

Suitable For: International Private Medical Insurance Underwriters and Providers - International Private Medical Insurance Brokers, Agents and Intermediaries.

Rate: Take a seat at this RT for just £2950 or purchase an annual advertising program that includes RT coverage.

Read previous round tables, click here.

Purchase previous round tables in PDF format, click here.

International Private Medical Insurance For High Net Worth Individuals Round Table Questions

Please introduce yourself and background in the International Private Medical Insurance market:

How do you define a high net worth individual?

Are high net worth individuals harder to insure than those on lower incomes, and if so why?

High net worth individuals are able to pay for private medical treatment straight out of pocket. Why do they need IPMI?

How widely adopted is IPMI for high net worth individuals?

Do traditional mass market international private medical insurance plans meet the international medical insurance needs of high net worth individuals?

Which IPMI plan do you currently offer that is best suited for high net worth individuals?

Can you walk us through the various benefits you provide a high net worth individual under an international private medical insurance plan?

Local or global IPMI cover: what do high net worth individuals demand?

Onshore or offshore: is there a preference for do high net worth individuals?

Do high net worth individuals have special requirements when it comes to medical insurance and access to healthcare?

On a local level which challenges do you face when providing iPMI to high net worth individuals?

In the future how will the international private medical insurance market for high net worth individuals develop?

About iPMI Magazine Round Tables

iPMI Magazine round tables (RT) are the perfect arena to facilitate dialog and debate with international private medical insurance business leaders. Invite only, or self-build marketing options help capture the most important and respected executives in the business.

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