More than a policy: Why high-net-worth individuals seek a true insurance partner

In traversing the complexities of wealth management, high-net-worth individuals and family offices face a dynamic interplay of global challenges, from rapidly evolving cyber threats and unpredictable climate volatility to the perennial need for strategic legacy planning. While each specific risk demands tailored solutions, an overarching theme emerges: the profound desire for a partnership that transcends the transactional nature of traditional insurance.

The Chubb 2025 Wealth Report eloquently captures this sentiment, providing clear insights into what truly matters to affluent North Americans when it comes to protecting their assets and their future. This isn't merely about finding the cheapest premium; it's about securing peace of mind through profound expertise and unwavering support.

Evolving expectations: A shift from price to partnership

The report unequivocally states that "price is not the most important consideration" when affluent individuals choose an insurer. Instead, they prioritize:

• Financial strength: Ensuring the stability and reliability of their chosen carrier
• Claims handling capabilities: Expecting efficiency, professionalism and understanding, especially during stressful moments
• Customer service: Valuing dedicated, responsive and expert support

This shift underscores a demand for a higher caliber of engagement, one where the insurer acts as a true advisor rather than just a policy vendor. Nearly nine out of ten wealthy families (87%) in the survey have filed a claim, and those with positive experiences highlighted "smooth and quick process" and "good customer service.” This is particularly telling; claims are often made at moments of significant vulnerability, and the quality of support during these times defines the true value of an insurance relationship.

The desire for expertise: Guiding vision and foresight

Affluent clients are actively seeking proactive guidance. The report notes they desire their insurance broker or agent to:

• "Keep them apprised of potential coverage gaps (55%).”
• "Provide advice on risk mitigation (54%).”
• "Understand their personal risks and to make sure that their coverage is adequate (53%).”

These statistics reveal a clear expectation for insurers to be more than passive providers; they are sought out as strategic partners who offer foresight and proactive solutions. This applies across all areas, from cybersecurity to property resilience and managing unique collections. As Melissa Scheffler, Division President, Personal Risk Services, Chubb North America, aptly puts it, "Affluent families must move beyond standard coverage and engage trusted partners who offer the specialized expertise and foresight necessary to secure their entire financial and digital footprint.”

Your indispensable partner in comprehensive risk management

At Willis, a WTW business, this consultative, service-oriented approach is at the very core of our DNA. We recognize that sustainable wealth requires more than just reactive protection; it demands a strategic, integrated approach to risk management. We align perfectly with the Chubb Report's concluding sentiment: "those individuals and families that integrate insurance protection and adaptability into their wealth strategies will be much better equipped to preserve both their assets and their values.”

How we deliver on the promise of partnership:

• Holistic risk assessment: We take the time to understand your risk profile, identifying potential vulnerabilities across your assets, lifestyle and legacy goals
• Tailored solutions, not just policies: Our expertise spans a comprehensive suite of solutions, from sophisticated cyber protection and property resilience strategies to specialized coverage for unique collections and robust liability management
• Proactive guidance and mitigation: We don't just react to risks; we help you anticipate them. Our advisors provide ongoing insights into emerging threats and offer practical, actionable advice on risk prevention and mitigation
• Exceptional client advocacy: When a claim arises, you have a dedicated partner. Our commitment to superior claims advocacy means providing empathetic support, clear communication and efficient coordination, including advocating for available settlement options, such as cash payouts where permitted under the policy, as noted by Chubb
• Collaboration with your advisory team: We seamlessly integrate with your existing network of financial, legal and tax advisors, ensuring that your insurance strategy aligns perfectly with your broader wealth management and estate planning objectives

In an increasingly complex world, managing and preserving significant wealth demands more than just insurance coverage. It requires an insightful, proactive and deeply committed partner. At Willis, a WTW business, we are dedicated to being that partner, offering the specialized expertise and foresight necessary to safeguard your assets, your reputation and your enduring legacy.