In-depth - high net worth: Higher ground
As clients move from standard policies to mid and high net worth, brokers need to guide them through the confusing process of changing their cover as their circumstances improve
With more people in the UK earning more money, the mid net worth (MNW) and high net worth (HNW) insurance markets are flourishing. But both sectors are highly competitive and expertise and communication skills are vital to succeed in attracting and retaining clients.
While ‘more money more insurance’ should be a motto for clients in the MNW space, specialist brokers and insurers confirm that underinsurance is a big challenge in the market.
“Only about 30 percent of customers who could have a
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