18 MARKET REPORT
+
ON

High net worth
- claims
Ross MacPherson, client services director,
for loss adjuster QuestGates, believes
potentially complex cases and demanding
clients benefi t from expert attention
v
e

A cut abo
t
he a
v
er
age
High net worth policyholders
essentials: for solutions and ways to reduce their own
are typically celebrities or senior
Experience - in terms of claims handling, time input
business people who are cash rich
expectation management and fulfi lment Knowledge - a good high net worth adjuster
Common sense - i.e. ability to be able to weigh needs to ‘know his onions’ and be capable
and time poor. As a result claims
a situation up and act accordingly of demonstrating expertise in areas and
usually require an enhanced degree
Attitude - someone who is willing to go the values not experienced by the average
of customer care and it is critical that extra mile person.
the adjusters have expertise and
Communication - a good communicator is
experience in the type of property
essential, in terms of both speed and quality High net worth customers, quite rightly, expect
of response. The extends to the broker as a level of service commensurate with buying a
and policyholder that is encountered
well as the insured quality product and the level of premium paid.
in this fi eld of work.
Capacity - the adjuster needs to have the
capacity to spend time on these claims to The insurers who write these covers have
Typically the profi le of a high net worth
ensure that they are handled as effi ciently two principal marketing angles, namely the
adjuster is someone with in excess of 10 years
as possible. The insured will expect a level of cover offered by the policy and the
experience, probably CILA qualifi ed, who is
more personal service, requiring a greater level of customer service provided. On this
well versed in the art of providing exceptional
devotion of the adjuster’s time, both basis, high net worth customers are right to
customer care and expectation management.
in terms of time on site and in general be more demanding. Having said this, one of
That person needs to be able to adapt to
communications and dialogue. An adjuster the key skills of a good adjuster is expectation
circumstances and surroundings and feel
with a heavy caseload will not be well placed management and learning to deliver the
comfortable dealing with a range of people,
to handle these claim promise, by promising what is achievable.
right up to the chairman of a FTSE rated PLC.
Flexibility - not to be too prescriptive, allowing
customer choice, where possible. It is Is it also still important to look out for signs
So, what qualities and skills should an insurer
important to appreciate that fi nancial claim of fraud, even with high net worth customers.
look for when selecting a high net worth
payment is often not that important, High While statistically the high net worth market is
adjuster? The following are among the
net worth policyholders are usually looking not renowned for fraud, it is not immune. To this
Insurance Brokers’ Monthly February 2010
Focus 12-19 FEB.indd 7 1/2/10 13:46:29
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