High-value properties present unique challenges when it comes to insurance claims management. From luxury estates to prestigious residences, these properties require specialized attention to ensure comprehensive coverage and effective claims handling. In this whitepaper, we delve into the complexities of managing insurance claims for high-value properties and provide actionable insights for insurance brokers navigating this demanding landscape.
of high-net-worth individuals have experienced a significant damage to their property.
of brokers believe that a thorough risk assessment is the most critical factor in mitigating risks for high-net-worth clients.
of insurance brokers believe that vendor expertise is a critical factor in claims resolution for high-net-worth clients.
High-value properties are defined as properties with a market value significantly higher than the average property in a given area. According to data from Wealth-X, there are over 200,000 ultra-high-net-worth individuals (UHNWIs) globally, each with assets worth $30 million or more, many of whom own high-value properties
Partnering with vendors experienced in handling high-value property claims is essential for ensuring prompt and efficient restoration and reconstruction. According to a survey by Marsh, 80% of insurance brokers believe that vendor expertise is a critical factor in claims resolution for high-net-worth clients.
Exceptional claims management experiences are key to enhancing client satisfaction and retention. A study by Bain & Company found that increasing customer retention rates by 5% can increase profits by 25% to 95%.
Building long-term relationships and trust with high-net-worth clients requires personalized service and attention to their unique needs and preferences. According to a survey by Capgemini, 75% of customers expect companies to understand their needs and expectations.
Navigating insurance claims for high-value properties requires specialized expertise, proactive risk management, and effective communication strategies. By adopting best practices and partnering with experienced vendors, insurance brokers can ensure comprehensive coverage and exceptional service for their high-net-worth clients
TEDx Speaker and Claims Restoration expert, Tim Bauer will be discussing how insurance professionals and restoration vendors need to adapt their systems, processes and servicing of claims during the pandemic and beyond. As the Senior Vice President of the Private Client Group Division, Tim will share the strategies that can help keep your customers satisfied and safe during a water, fire or other claim in the midst of pandemics, recessions, protests and more.