Canadian Underwriter

Paid Want to win the loyalty of HNW clients? Focus on these 3 things

November 3, 2021   by Aviva Canada

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If you serve High Net Worth (HNW) clients, you don’t need to be told that serving this segment often requires a velvet touch. They are often aware of the value of their business and expect priority concierge type service.

Here are three ways to make sure you’re fulfilling their expectations and building a long-lasting relationship.

Build more than just rapport

Client Relationship Management 101 is to get to know your customer. This is especially true for HNW clients who often have high expectations.

Be thoughtful as you build your relationship with your HNW clients. Find out how they prefer to communicate (phone, email, text, etc.), how often they want to connect with you (annually, quarterly, at renewal, etc.) and how much level of detail they want about their policy.

Learn about their business, their lifestyle, their assets and their family so that you can be as knowledgeable as possible about their unique circumstances. Wealthy clients expect the advisors in their lives to understand and support their complex priorities and provide strategic advice that applies directly to their needs. When you know what matters most to them, you’ll be able to tailor insurance solutions that will appear to be custom designed for them.

Position yourself as an advisor

Established HNW individuals usually depend on an inner circle of experts who have been with them for a long time—sometimes generations. They are accustomed to taking advice from trusted consultants, from their financial investments to legal matters to purchasing their favourite car.

When you approach a HNW client relationship as an expert in your field, you bring more than an insurance policy – you provide them with your knowledge and insights on how to best apply the products that you sell.

Brokers who serve HNW clients need to be well-researched, decisive and prepared to offer attentive, personalized advice for each client. If you’ve started to build a strong relationship, you’ll know what matters most to them and can offer strategic counsel on how best to protect their assets.

Focus on claims

HNW individuals typically have a lifestyle that they expect to maintain in the event of a claim. They need to be reassured that if something goes wrong, they will have access to the best service possible.

Many brokers go the extra mile by considering contingencies for a number of scenarios and providing their clients with information about the agile service they can expect throughout the claims process.

It can be helpful to present to them a one-pager that provides an outline of what they can expect if they need to file a claim. Call out the features that their policy includes, such as priority, 24/7 service, fast-track approvals for repair estimates, optional cash settlements, referrals to restoration firms and repair facilities and more. When your HNW client feels educated and prepared, they are more likely to trust their insurance advisor.

While there’s no secret formula for satisfying a HNW individual, brokers who present themselves as professional, prepared and polished are more likely to win the trust of these valuable clients.