Focus on High-Net-Worth Insurance

Lori Widmer
Desk with a laptop, coffee mug, notepad and phone
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Publication: Rough Notes
Date: October 3, 2018

Rough Notes contributor Lori Widmer talks to Jeff Ogard, Safeco’s vice president of agency relations, about how independent insurance agents can offer specialized coverage to high-net-worth clients.

“High-net-worth clients also can be people with negative net worth, but with high-salary jobs and higher-risk lifestyles. And they may not even realize their need for coverage.… New college graduates could well have huge earning potential but are still saddled with student loan and other debt.

Ogard says it’s a demographic that is being ‘tremendously underserved’ because many, he believes, simply look for coverage from the same agent who has insured their family, and that agent may not understand the risks or what coverage options might be available.

His approach is to establish relationships with financial planners and work with them to ensure their clients have appropriate insurance coverage. When talking with financial planners, he suggests agents add a question to the ones they ask their clients: ‘How high is your personal umbrella? If the answer to that is “we haven’t done that,” I remind them that only a fraction of the American public has an umbrella. If you have someone with $2 million invested with you, and they get a $1.5 million judgment, and XYZ Insurance Company writes a check for $100,000 and says “have a nice day,” where do you suppose that other $1.4 million is going to come from?’”

Read the full article: Focus on High-Net-Worth Insurance 

about the author

Lori Widmer
Business Writer

Lori Widmer is a Philadelphia-based writer and editor who specializes in insurance and risk management.

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