High-value insurance policies are designed to cover unique situations. From rare antiques to art collections, these policyholders fall into a special category. They tend to pay higher premiums to cover uncommon items, valued real estate, and more. Retention is important for carriers and that means these policyholders receive special attention during a claim.
What Makes High Net Worth Policyholders Unique in the Claims Process
Every policyholder is important and should receive excellent customer service in the claims process. High net worth policyholders do require a different level of attention, however. Contents specialists and adjusters need training to assess and complete valuations of uncommon items.
With a high net worth policy, they might encounter things like:
- Classic cars
- Antique collections
- Watercraft
- Rare jewelry
- Custom furniture
- Sports collectibles
- Rare item collections
- High-value art
Additionally, the policyholder may have multiple homes and a complex schedule. For example, disasters can strike at a second home when they are not present. It’s important to build flexibility and a higher level of service into the framework for these claims.
Ultimately, that next-level service will increase policyholder retention with the individuals in the seven-figure policy range. Those with multiple properties, businesses, and assets are more likely to carry all policies under the same carrier. Carriers can recoup losses by delivering service that retains policyholders and continues premiums paid over time.
How Specialized Help Makes a Difference
Private client group policyholders can benefit from hands-on, professional help during a claim. Ensuring they have everything they need while guiding the process is critical. Ultimately, you want to minimize stress and move the process forward with care and efficiency.
A few ways to elevate service include:
Professional appearance – First impressions are important and in-person contacts should adhere to a professional dress code. Professional shirts and a presentation that shows attention to detail will build confidence in the process.
Single Point of Contact – Juggling between multiple contacts is always confusing. Ideally, the insured will have a dedicated point person who manages every aspect of a claim. This person should be empathetic and capable of building trust while guiding the claim forward.
Concierge service – Every interaction should receive high-attention service. Ultimately, the policyholder should be able to control their engagement level throughout the claims process. If they want the claim managed with little input, they should receive this convenience.
Contents Specialists Must Understand Unique Inventories
Contents inventory is a major aspect of serving high net worth claims. They might find collections of art, custom furniture, and items that are completely unique. You can’t simply research prices at major retailers to build valuations.
Having access to valuation resources and professional assessors with different specializations is necessary. Expect research-heavy items with receipts from auction houses and high-end sellers. The contents team for high net worth individuals should be skilled and knowledgeable when it comes to working on unique cases.
Sympathy and Empathy are Everything
Outside of the professional appearance and contents skills, there is a human element in play. Every loss creates an emotional toll. Approaching insureds with empathy and sympathy is critical. Don’t just show them you care, prove it through actions and genuine tone.
At Hancock Claims, we understand the trauma and difficulty that comes with loss. That’s why our team engages in trauma training before entering the field. Training sessions are instructed by licensed counselors to ensure our team can communicate and acknowledge the emotional toll associated with disasters.
Should You Outsource Claims Assistance?
Dealing with high net worth individuals and their claims is time-intensive. Your adjusters will essentially need to be on-call and ready to travel. With the current staffing strains in the industry, it’s more cost-effective and practical to outsource contents services and claims assistance for your most valued clients.
At Hancock Claims, we have nationwide contents professionals ready to respond. They are trained and skilled at working on delicate cases with high net worth policyholders. From trauma training to specialty item valuation experience, they are equipped to retain your most valued policyholders.
By outsourcing with the right partner, you can close claims faster and still deliver the highest levels of service. Our one-stop shop means serving your private client groups has never been easier.
Learn more about the Premier Contents Services at Hancock Claims and give your most valuable clients the service they deserve.
