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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