Our Head of Estates and Private Clients, Marcus Rennick, discussed ‘In-depth – High net worth’ with Insurance age…
High net worth customers demand the very best in service. Sam Barrett explains what brokers must do to meet private client requirements.
High net worth (HNW) clients have high expectations when it comes to the service they receive. To meet these expectations, brokers must ensure they have a good understanding of their customers and their needs.
“You’re protecting their lifestyle so it is essential you understand what they do and what’s important to them,” says Joan Sell, private client manager at The Clear Group. “You can then use your insurance expertise to build the right cover for them”.
Expert service
As well as understanding the individual and his or her needs, Marcus Rennick, head of estates and private clients at James Hallam, says there needs to be a much more joined up service in the HNW market.
“You need to engage with other professionals such as tax advisers, security advisers and lawyers to provide a client centric solution,” he explains. “You can’t approach this type of business from the perspective of an insurance broker looking to sell a policy; you have to look outside the box.”
Click here to continue reading the story on Insurance Age