High-Net-Worth Individuals Worry About Underinsurance

High-net-worth individuals also look for service excellence: Chubb research

London, UK (Mar. 17, 2017) – 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 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.

“The findings of our research underline the need for brokers and carriers alike to develop an even stronger service proposition for their private clients,” said said Jeremy Miles, Senior Vice President, Personal Risk Services, Chubb (Europe). “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.”

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About Chubb

Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE:CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at chubb.com.