A platinum level of service, specialist expertise and a steadfast commitment to exemplary claims handling: these are the three pillars of service excellence according to high net worth individuals (HNWIs).
Over the last six months, we have surveyed more than 500 high net worth individuals from across the UK, France and Ireland to find out what they thought about the level of service they receive from their insurance provider and whether the industry could do better.
Overall, the industry compares well to other professional services providers, like accountants. 83% of HNWIs felt the service they received from their insurance provider was better or about the same, with over half telling us that their insurance provider gives a more personal, tailored service. But in a competitive market, could the industry do better?
The answer is yes, especially when it comes to promoting the services of a specialist. Almost half of respondents told us they buy at least some of their personal insurance cover through a comparison website and just three in 10 search for an expert. It comes as no surprise then that having gaps in their insurance programme is considered a real risk for high net worth individuals, with less than seven in 10 having full confidence in their existing provider.
When they buy their insurance, 60% of high net worth individuals actively seek a provider with a strong reputation for claims handling; with fairness of settlement, quality of workmanship and speed of process and payment highlighted as the top three most important aspects of the proposition.
The service report is the first in a series of special high net worth research planned for 2017. We hope you find it useful when reviewing and designing your own service proposition.
The high net worth proposition: three pillars of service excellence. Read the full report