Management System | Read Time: 3 Minutes

Accurate Quoting: The Key to Unlocking High Net-Worth Business

January 19, 2017

Applied Systems logo By: Applied Communications


As a rule, high net-worth clients have not been a common target market for independent insurance agents. However, the number of U.S. households with a net worth of $1 million or more has hit a new record of 10.4 million households. This record marks an increase of 300,000 households since 2014 according to the Spectrem Group’s Market Insight Report 2016.

What’s interesting is that many high net-worth individuals are overpaying for their insurance; and what’s more, they are usually underinsured. It’s extremely common that we are introduced to a high net-worth client who doesn’t even have an umbrella, or has never heard of an umbrella,”* says Peter Houldin, president of Ericson Insurance Advisors.

The opportunity lies in your ability to provide more personalized coverage to these high net-worth consumers. Jim Fiske, senior vice president of Chubb, explains the challenge will be “convincing them they need to switch from their current carrier when they’re already satisfied.”*

Many quoting services prepare fast quotes, but they are not accurate. When working with high net-worth clients, professionalism is key. If you give a client a fast quote, but it’s inaccurate, your credibility suffers and the prospect will most likely walk away. The best way to convince these potential clients is to provide the best and most accurate quotes for their personal lines policies.

Applied Rater, an accurate, cloud-based insurance quoting application for independent agencies, automates quoting workflows for more than 500 insurers nationwide – the broadest coverage of any rating provider in the United States today. Applied Rater boosts your agency’s competitive value by delivering the most accurate quotes to enhance customer service and drive business growth.

In order to sway the high net-worth clients in finding a policy that is actually more beneficial for them, it is critical to be the subject matter expert. Applied Rater enables you to find the best policy from multiple insurers in a single point of data entry. The quoting workflow is then shorter, so you spend more time advising your client rather than searching for the best policy.

Your clients are also covered in whichever personal lines product they need. Applied Rater supports all personal lines of business including auto, home, umbrella, renters, condo, dwelling fire, flood and toys. Because high net-worth clients typically have extensive investments across all classifications of collectibles such as fine art, antique cars, wine, etc., it is important to have a broad range of insurers and product line coverage to offer your clients.

To enhance your customer experience even further, Applied Rater offers built-in proposals. These pre-designed templates pull in the rate quotes you have selected for your clients and arrange them in an easy-to-read, professional-looking proposal. Your high net-worth clients are always looking for the best, especially when they have such expensive assets to protect, so it is critical to provide a buttoned-up proposal that they can easily follow.

With the amount of high net-worth households rising at a record rate, it has become not only opportunistic to serve them, but necessary. Many can have gaps in their coverage, making them prime targets to evaluate and help protect. With the use of an accurate quoting application, it becomes easy and fast to give these potential clients the best quote for their needs.

Watch the full product demo to learn more about Applied Rater.

*What You May Not Know About Insuring High Net-Worth Clients, 2016

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Applied Communications

For more than 35 years, Applied Systems has led an industry we helped to create with a mission to continuously improve the business of insurance. Insurance agencies and brokerages have faced new challenges and demands on their businesses over time, and we have been there to guide them. Since 1983, Applied has been at the forefront of insurance technology, leading the way through innovation. As the insurance industry becomes increasingly global, we are delivering new technology and expanded multinational capabilities for this changing marketplace.