MARKET REPORT 19
end the adjuster still needs to be alive to key particular, offers the chance to meet a range of may have a bearing on policy liability. The
fraud indicators. interesting people from diverse backgrounds, broker, in most cases, would rather this issue
in some of the most outstanding properties was addressed with them before being
High net worth claims are no different in terms throughout the UK. What could be better? communicated to the client and again it is
of the key fraud indicators an adjuster would a matter of experience for the adjuster to
screen for as part of the claim investigation Let us also not forget that the importance of the manage this correctly. At QuestGates we have
process. Given that this profile of business is not broker in any claims situation is fundamental. developed a number of good relationships
as price sensitive as say the general household The broker needs to be aware of developments with brokers, leading to nominations, just by
market, there tends to be more brand loyalty, at all stages of the claim process, invited to following this best practice.
hence any insured, who tends to change carrier meetings, copied in with correspondence and
annually, may give some cause for concern included in any negotiations. In terms of trends, the high net worth market is
and warrant more detailed enquiry on previous becoming more competitive as more Insurers
insurance and claims history. Clearly some brokers adopt a more hands enter this arena. Each one is striving for greater
on approach with claims than others but the market share, by offering either wider policy
The other main factor, in terms of indicators, above principles should be followed unless cover or an enhanced claims experience. The
is documentation validation. We have had told to the contrary, above all, as a matter of profile and demographic of a typical high
several high net worth cases recently where courtesy. The broker may have strived for years net worth policyholder is also changing with
investigation has revealed discrepancies with to win or retain a particular piece of business the introduction of new and foreign wealth,
v
e

valuations, in particular with regard to Rolex and clearly does not want this undone by not celebrity and VIP clients.
watches. The profile of a typical high net worth being included in the claims process or being
client has changed over recent years, as has the consulted before news is imparted to his / her To deliver the promise and match ever
number of players competing in this market. client, which may have been better coming from increasing consumer expectations it is critical
This brings with it new challenges for the the broker. that insurers ring fence high net worth claims
claims professional, in terms of fraud screening, handling within their own operation and partner
A cut abo
investigation and fulfilment. There is every chance that the high net worth with an adjuster experienced in dealing with
policy is not the only piece of business the this profile of claim, which will inevitably mean a
Meanwhile, when it comes to putting matters broker has with a particular client; there may specialist player.
right for genuine claimants, adjusters in the high also be a commercial policy on their books,
net worth arena should also have a network of hence the importance of ensuring the claims
suppliers who specialise in this type of claim. experience is as smooth as possible. Primarily
This could range from a specialist restorer, able this centres around communication and so long
to fulfil a complex restoration scheme, to a as there is clear, concise and regular dialogue
supplier simply offering an enhanced customer between the adjuster and broker the claims
service experience. There are many players process generally runs much more smoothly.
t
he a
v
er
age
in the claims fulfilment industry now offering
a high net worth service, with commensurate A good example of this is an issue that
charging.
As the high net worth insurance sector grows,
there is clearly a need for expert adjusters.
However, there are concerns that there may be
a shortage if steps are not taken now..
It has been well publicised recently that the
demographic in the adjusting profession is
null
heavily weighted towards more mature staff

Typically the profile of a
high net worth adjuster is
and there is a real concern that experienced
and high profile adjusters who have left the
someone with in excess
profession in the last few years either through
retirement or to seek careers outside adjusting
of 10 years experience,
are not being replaced.
probably CILA qualified,
While this does not necessarily create an
immediate problem in terms of firms being able who is well versed in
to attract and retain the right calibre of staff to
handle high net worth claims, this is a worry for
the art of providing
the future.
exceptional customer
At QuestGates we are seeking to attract
new and young talent into the business and
care and expectation
mentoring these through to become the
adjusters of the future. I firmly believe that the
management.
adjusting profession offers a rewarding and
varied career to those who choose to enter it.
null
The adjustment of high net worth claims, in
February 2010 Insurance Brokers’ Monthly
Focus 12-19 FEB.indd 8 1/2/10 13:46:45
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