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What’s Concerning High-Net-Worth Insurance Customers?

The high-net-worth market never provides a still-life subject matter, according to Eleanor Moore, the director of personal clients for Broadway Insurance Brokers. It’s always evolving which is what makes it so critical for her and her team to stay watchful of every change that’s transpiring in their clients’ lives. 

“I speak to my clients a minimum of every three months to see what’s changed in the coming three months and what’s coming up,” she said in a recent conversation with IB Talk. “Are they going to make any changes to the building itself? Are there any planned purchases? Are they [making] any substantial travel plans?

“You always have to keep on top of that, so that the client is protected throughout the journey. And it’s not just one call at renewal. You get to know that client, to comprehend them, and you become part of their believed circle.”

Being part of that trusted circle ensures that Moore is highly aware of the top trends that are currently sweeping the personal clients’ space. A Cheshire-based brokerage, Broadway has several clients who invest in watches or who have them as part of an exhibition. The prestige watch market has sky-rocketed in recent years, she said, and where people might have recently bought a watch at perhaps £35,000, to replace it today could cost over £200,000.

Moore identified two key problems that surround this evolution. Firstly, she said, there’s the consideration of making sure that the cover provided by the policy can give a replacement in the event of a loss. But the second issue that’s facing Broadway’s clients is that they own items they have worked hard to attain but they’re scared to wear due to increases in thefts, mugging and exacerbated burglaries.

“Cheshire is no stranger to those, unfortunately,” she said. “I was speaking to a client yesterday who was greatly considering selling his jewellery and watch collection because he’s so terrified of eating it. What we try to do as a broker is to make sure that the client, yes is aware of the risks around them, and that they avoid sharing images of their prized possessions on social media.

“That’s particularly if they’re indexing themselves somewhere, so they’re making it very evident where they are and what they’re wearing. [And we make sure] they’re aware of the people who are around them – but the last thing we ever want to do is to motivate a client not to enjoy their custody. It’s like having a Ferrari and not being able to drive it.”

It is by advising clients on trends, around crime, but also around purchasing trends and changes to the value of items that brokers can put them in a position where they have the greater level of knowledge needed to make informed decisions, she said. And that is a role she and her team at Broadway take very seriously.

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