Vice President, Personal Risk Services, UK and Ireland
As a HNW market specialist, Parchment has noticed that the private client insurance industry has grown rapidly over recent years.
‘Our whole raison d'être is to deliver fantastic service to HNW and UHNW clients.’
‘It chose me!,’ Parchment says when asked how she had started her insurance career. But after twenty years of working for Chubb, she is still enthused by her role and has no regrets in building a strong career in the industry.
As a HNW market specialist, Parchment has noticed that the private client insurance industry has grown rapidly over recent years, from its almost ‘non-existent’ status in the UK 25 years ago. ‘It’s developed massively in line with the increase in wealth. What we’ve also seen is people investing far more in passion investments – classic cars, fine arts, jewellery – and really redistributing their portfolios to include these items.’
As Chubb’s UK and Ireland personal lines manager, she has helped shape the long-term strategy for the HNW business following the company’s recent acquisition by ACE. Her clients range from new entrants to the high net worth market right through to ultra-high net worth individuals with ‘complex insurance needs’. Other than overseeing that only ‘the best proposition’ is delivered to clients, she also manages the underwriting team: ‘It’s about making sure that we hire and retain the best talent out there to ensure that the service we give is always of the highest standard.’
She says a quality team benefits the clients in the long run, and was pleased to see that in a recent survey sent out to clients, 98% of respondents rate Chubb’s claims service as either ‘good’ or ‘excellent’. ‘These are pretty phenomenal statistics,’ she says. ‘But we don’t take them for granted and always strive to improve.’
Parchment says such positive feedback from clients is especially encouraging given that private clients’ expectations have increased significantly over recent years: ‘There’s increasingly a move by private clients to look at how an insurance company protects their lifestyle. It isn’t just about physical assets; it’s about them as an individual, their family and how insurance companies treat them in the event of a loss.’ She is proud that her team ‘reacts very quickly, fairly, and with empathy’. ‘What we have demonstrated as a HNW insurer is how much we care.’
‘Our whole raison d'être is to deliver fantastic service to HNW and UHNW clients. When you get validation of that, you know that you are delivering what you promise. At the end of the day that’s all our insurance company is selling; a promise to pay and respond in the event of a loss. When you know that you’re doing that really well, it’s incredibly rewarding.’
The job also has its highlights due to the high profile nature of some of her clients. Parchment says she enjoys meeting some fascinating people from a variety of backgrounds. ‘We work with such a mix of clients and everybody’s story is different. From the world of sport through to highly successful business people, it’s intriguing how they view their wealth and their approach to risk. Our challenge is to really understand them as individuals before designing the most appropriate level of cover. It’s moments like this that make her role so interesting and varied.
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Contingency planning is vital in minimising the potential for disaster. We believe our job is as much about the protection of our client’s irreplaceable assets as the compensation for their loss.
When arranging insurance, your high net worth clients are buying a promise. A promise that the policy will respond in the right way when they make a claim.
Chubb is the world’s largest publicly traded property and casualty insurer. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally.