Who is a High Net Worth individual? Certainly, it means different things to different people, cultures and countries. For our purposes, these individuals have homes worth $1,000,000 or more in replacement cost. They have jewelry, fine arts or other expensive collectables that need to be covered through insurance. They may have multiple homes. They may be fortunate enough to have all the toys, planes, boats and automobiles. Mostly, they have assets that need solid protection through insurance well orchestrated by an insurance professional.
Protecting High Net Worth Individuals the Right Way
The insurance industry does less than a stellar job with these types of risks. They tend to copy the last agents policies (copy their mistakes), ask limited questions then prepare a quote for a client. Then they wait. The agents wait for you, the insured, to call– to call with the loss, to call with an issue or a problem that has already surfaced. In other words, these insurance agents tend to wait for something to come up and then report it all back to the insurance carrier. This approach can be best described as purely reactive and not preventative or proactive by any stretch of the imagination.
High Value Insurance from Skelly Insurance
Skelly Insurance addresses this challenge with the Risk Reduction Approach™©.
This is accomplished by reducing the high net worth individuals total cost of risk through the design and implementation of a customized Risk Reduction Plan ™© and by helping high net worth individuals (HNWI)look more attractive to the insurance marketplace.
The HNWI Solution
At Skelly Insurance, we discover the exposures an HNWI has by asking questions during a Risk Reduction
Audit™©. Questions such as:
- When was the last time your agent or broker performed a risk survey to determine potential self-insurance gaps?
- How often do you typically have these surveys done?
After asking all our questions, we calculate a score that allows us to quantify how an HNWI is covering their total cost of risk. After that we put together a three-year plan to drive down the total cost of risk and make the HNWI more attractive to insurance companies.
This is a brief description of our process. In future blogs, I will detail how this works and how it makes Skelly Insurance Agency a trusted advisor to those individuals who qualify as HNWIs.
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