There’s a misconception amongst brokers and advisors, and indeed the public, about exactly what the profile of a High Net Worth (HNW) customer looks like.

Typically, a HNW customer is seen as someone with a very large property, expensive cars, artwork, designer watches and wine collections, but this is often not the case. This perception is thanks in part to the language and marketing of HNW general insurance products. However it can serve to alienate customers from products that best meet their needs, or indeed cause them to not even recognise that they are a HNW customer in the first place. Even worse, they may only realise that they need this extra level of protection when they find themselves in a claim situation.

Selling HNW GI products is a massive opportunity, but one advisors will only make the most of if they educate themselves, and their customers, about exactly what a HNW customer looks like today and the types of insurance cover they need.

HNW individuals can be anyone from young professionals to successful business people or even the affluent retired – it is a much broader profile than typically springs to mind. They often live in a suburban house rather than a country mansion.


It is also important for advisors to realise that HNW is not just about protecting assets, but protecting lifestyles. Take the time to understand every aspect of their lifestyle, and build a close relationship to ensure you’re always alive to their changing needs and concerns. 


Finally, work with a general insurance provider such as Berkeley Alexander that has an in-depth understanding of the complexities of high-end insurance, the wide profile of HNW clients and the lifestyles they’re trying to protect. Make sure they have access to insurers who can deliver the bespoke approach and flexible underwriting needed for these clients.