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HNWIs worry about underinsurance

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

In spite of this, the research of 500 HNWIs in the UK, Ireland and France, reveals that only three in 10 (30 per cent) of respondents look for insurers or brokers that are experts in high-net-worth insurance, and fewer than a fifth (19 per cent) 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.
 
When it comes to service, respondents list strong relationship management with a single named point of contact (63 per cent), a high level of responsiveness (63 per cent), and willingness from insurers and brokers to go the extra mile (53 per cent) as their top priorities.
 
HNWIs are looking for insurance cover that addresses their unusual lifestyle and atypical possessions. Specifically, they prioritise high-end appraisal and valuation services (58 per cent), specialist understanding of the 'HNWI experience' (52 per cent), and expert knowledge of the valuable items collected by many HNWIs (51 per cent).
 
A fair, expert and 'pain-free' claims-handling service is a major factor for HNWIs looking for insurance cover and six in ten (59 per cent) 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 per cent) having confidence in their insurance provider and their level of expertise. At the same time, HNWIs expect carriers to invest more in an omni-channel communications approach that focuses on online (42 per cent), phone (40 per cent) and mobile (34 per cent) channels.
 
Jeremy Miles, senior vice president, personal risk services for Chubb in Europe, says: "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."

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