A new trade association, the Council for Insuring Private Clients (CIPC), has been formed to develop best practices for providing insurance solutions to the High-Net-Worth (HNW) demographic, says Richard Kerr, CEO of MarketScout—the Dallas-based electronic insurance exchange that is a CIPC founding partner and developer.
Ace, AIG, Fireman’s Fund and Lloyd’s are also partners; in total, a dozen of the largest HNW personal-insurance firms are on board, Kerr notes.
The CIPC is in its infancy, but it already has an annual conference scheduled for April 2013 in Grapevine, Texas—complete with networking opportunities with professional-sports and entertainment agents as well as wealth managers.
To signify that a person has the specific training to serve the HNW niche, the trade group is rolling out a new designation: the Certified Personal Risk Manager (CPRM), accredited with every state board of insurance.
Kerr adds that independent agents’ interest in serving HNW clients is at an all-time high.
One carrier executive agrees: “There have never been more [HNW] agents,” says Jerry Hourihan, senior vice president of AIG’s Private Client Group. Hourihan notes that part of this growth is driven by “enormous demand [among the wealthy] for personal risk management.”
HNW carriers are responding to these trends by adding more coverages—and more conveniences for producers. For instance, Privilege Underwriters Reciprocal Exchange (PURE) recently upgraded its online quoting and policy-issuance system to allow agents to quote Watercraft insurance policies.