Tapping into the High Net Worth market

The success of entrepreneurs, celebrities and artists has created a growing HNW demographic for insurance cover, yet it’s clear that brokers find it difficult to engage with this emerging part of the market.

When we surveyed 200 brokers earlier this year, a fifth of them told us that they would like more help from their insurer to understand what makes this market tick¹.

Wearable technology, for example, could be a great way into this world. With so many of us hitting the roads wearing the latest sports kit and gadgets, the risk of under-insurance is significant. Asking ‘do you know what these items are worth?’ could be a good opening gambit for a conversation.

If you’re in the loop when it comes to trends in investments, such as increases in the value of wine, gold or watches, you’ll have a great reason to reach out to them about the importance of having the right cover in place and the importance of obtaining regular valuations.

To prove to this group that you are knowledgeable about their lifestyle, you’ll need to do your research before you make that call or perhaps chat to them at an event. Read the magazines and websites they turn to and use social media to gain and potentially offer insight. The social space could be the perfect place to engage but…

Remember that these clients are exposed to premium brands on a day-to-day basis so your communications with them need to reflect this, whether that’s face-to-face, on e-mail, or on social. Not only do your communications need to be word-perfect, they need to be visually stunning and demonstrate exactly how you can add value.

As well as providing marketing support to our brokers, we encourage you to tap into our knowledge about what the challenges and opportunities are within specific sectors. It’s important to work with a HNW specialist, who can also give you advice on cross-selling opportunities with existing customers.

There’s no doubt it can seem like an impossible task to tap into this prosperous yet picky potential customer base, but remember, if you don’t open the conversation with them someone else will! And, if your insurer is immersed in the HNW world, they should be able to support you to start a positive dialogue.

¹FWD research carried out with 250 brokers in February and March 2017 revealed 20% of brokers would like more help from their insurer to understand what makes HNW Under-30s tick.