August 2016 - High-net-worth (HNW) and ultra-high-net-worth (UHNW) clients have unique, complex needs that can’t be served by traditional mass-market independent agent writers and direct carriers. These clients are typically underinsured, and the market is ripe with opportunity for carriers that can leverage technology to deliver the right product mix and service levels. This brief provides an overview of the HNW and UHNW insurance business and explores how technology can be leveraged to effectively serve this market segment.

Topics Covered

• Technology and Service. Emerging technologies are creating opportunities to offer a strongly differentiated product for this segment.
• Technology and Distribution. The right distributor tools can help agents establish business with new and underinsured clients.
• Core Technology Issues. The unique needs of core systems in the high and ultra-high-net-worth space.

Key Points and Findings

Services make the difference. Carrier offerings are differentiated through the various services and products offered. These capabilities are enhanced through new technologies such as IoT sensors, telematics, big data repositories, and mobile capabilities.

Distribution channels may be very different at the top end of the market. Equipping agents with the right technology can help them compete for new business and target the right people in the right way.

The UHNW and HNW market segments require different workflows. Carriers should prepare to design custom workflows based on templates that can be enhanced to reflect the specific circumstances of a client or family.