What's in a Word?

"One of the biggest findings from our research is the fact that successful individuals and families often don't recognize the specialized type of insurance they need because of how they perceive their status compared to others they believe to have more," said Ori Ben-Yishai, executive vice president and chief marketing officer at Chubb North America Personal Risk Services. "Our research shows that agents and brokers have a real opportunity to become trusted partners when it comes to helping successful individuals and families protect assets, by focusing on their achievements, rather than their wealth."

Language Matters

The research center was fueled by a months-long project that Chubb conducted with Maslansky + Partners, a language strategy firm. Chubb found phrases that were real turnoffs when talking with clients or prospective clients, and pieced together phrases to replace those words.

Chubb said its research found that it's not what you say to prospects that matters; it's what they hear. Although the research was targeted toward insurers, the results strike at the heart of individual consumer perceptions, much of what behavioral finance seeks to explain.

For instance, when the study described a firm as serving "high net worth" and "affluent" clients, the participants, instead of being flattered, responded: "It doesn't pertain to me, even though I consider myself upper middle class," and "That sounds snobby and elitist."

Chubb said that no matter how "elite" prospects' lifestyles may be, there is always someone else they know that has more. Wealth is relative, the study found, so individuals are slow to think of themselves as "affluent" or "high net worth."

Words & Phrases to Lose

Here are some of the phrases and words to lose and those to use as replacements when marketing services to affluent prospects:

Be More Relatable

• Do use "successful" or "accomplished."

• Don't use "affluent" or "high net worth."

• Do say, "premium insurer."

• Don't say, "high net worth insurer."

• Do use the phrase, "Protecting all the details that made your house your home."

• Don't say "Protecting a Frank Lloyd Wright-inspired home."

• Do try the statement, "Whether you have a Mercedes or custom cabinetry…"

• Don't mention, "Whether you have a Maserati or a Picasso…"

Emphasize Better Experience vs. Better Coverage

• Do say: "When you're at your worst, we're at our best."

• Don't ask "Do you have exposures you don't know about?"

• Do mention, "You deserve someone who will treat you with empathy and compassion."

• Don't mention, "Make sure your policy is written just for you."

• Do indicate, "We're responsive."

• Don't claim, "We're thorough."

Focus on the Positive

• Do try saying, "We'll identify how to best protect you."

• Don't say, "We'll identify your risks and exposures."

• Do use the phrase, "If something happens."

• Don't use the phrase, "If a loss occurs."

Highlight What Clients Get from You

• Do note that, "With us, you'll never have to substitute inferior quality for your home's most distinctive feature."

• Don't claim that, "Ordinary insurers may substitute inferior quality for your property's most distinctive features."

• Do observe that, "Because of your success, your needs may have changed."

• Don't tell the client that, "Your home may not be insured to its full value."

• Do say, "I will tailor a comprehensive plan that prioritizes your needs, and I can advocate on your behalf."

• Don't ever say, "Other agents aren't independent or free to recommend what they think is best."