The changing face of high net worth
There’s far more that goes into mid net worth, high net worth and ultra high net worth insurance than the policy limits which defines them.
Each step-up in classification, for the most part, brings with it a more personalised level of service, and fewer restrictions, as insurance providers understand that an increase in net worth can bring more complicated risk scenarios.
As these above-standard needs are having to be met with a more robust insurance solution, which naturally comes with a higher premium, policyholders quite rightly come to expect a higher-quality level of service, including a faster claims settlement.
The service demands may remain, but the delivery expectations have changed.
Just like the older generation, HNW clients under the age of 35 still have high expectations of service – but just in a different way, as Lennox Bunting, London market manager at Zurich Private Clients explains,
“The younger generation expects insurance providers to be available 24/7, with electronic access to policy documentation and more ways of getting in touch, like web chat. Whereas the older generation tends to favour the more traditional routes of getting in touch with us and may appreciate receiving documentation in the post.” He said.
“That said, the younger generation does still want to develop a relationship with a provider that can grow with them.”