Why must your Private Client Insurance be arranged by a broker?
Homes, cars, possessions, antiques, jewellery, watches; all are frequently underinsured. Many bog-standard online insurance policies promise big but deliver very little. The importance of having someone looking out for your finances cannot be overstated.
We pitched questions to our Private Clients team, experts in the high net-worth insurance market, and they shared their expertise about the market and what high net worth individuals need to do to stay financially safe. They also reiterate the benefits of having an expert tailor your high net-worth insurance policies.
Lyndsey Warrior - Private Clients Department Manager
What are the main problems facing the high net-worth insurance market?
The main problems we keep tackling are premium increases – this could be because of either Index Linking on household and property policies, or claims on high value vehicles. The most common problem we see is theft of and malicious damage upon Range Rovers.
What’s the most common question you get asked by your clients?
Why has my premium gone up when I haven’t made a claim.
How did you start your career in the high net-worth insurance market?
Coming from dealing with solely property owners policies at a previous brokers, I wanted to get my head around the more personal side of policies and everything they protect.
How does working at Romero Private Clients differ to working elsewhere?
Our relaxed office environment makes it a more comfortable place to work, and with us only being a small team of 4 it’s all hands on deck to help support each other through our working day – ensuring our clients get the best possible service and experience .
What’s your favourite moment working in the high net-worth insurance market?
Getting to go out and meet our clients, maintaining good relationships with them and making sure their worldly possessions are well looked after.
What is it that makes you want to be a Private Clients broker as opposed to other areas of insurance?
I prefer the more personal aspect to private clients requirements as opposed to commercial, you really get to know the people behind the policies!
What are a few of your hobbies outside of work?
The horse takes up the majority of my free time. Other than that, it’s the pub!
Jeff Gibson – Private Clients Account Executive
What are the main problems facing the high net-worth insurance market?
The high net worth insurance market presents a range of challenges for us due to the unique and complex needs of affluent clients. Staying informed about industry trends, regulations and market changes is crucial for effectively serving this market segment.
What’s the most common question you get asked by your clients?
The most common question is why are our premiums quite high compared some that are available online.
How did you start your career in the high net-worth insurance market?
I worked for a number of years for a high street broker, doing just standard personal line, and an opportunity came up at Aon Private Clients in the high net-worth arena and I’ve been working in this sector ever since.
How does working at Romero Private Clients differ to working elsewhere?
It’s been so long since I worked somewhere else I can hardly remember but I think it’s this ability to make my own decisions about most things rather than having to obtain authorisation from various different people when you’re at other organisations.
What’s your favourite moment working in the high net-worth insurance market?
When I close a deal on a large new case and seeing the department grow year on year.
What is it that makes you want to be a Private Clients broker as opposed to other areas of insurance?
You get to talk to and visit a lot of different type of people, most of which are very wealthy and have interesting stories to tell.
What are a few of your hobbies outside of work?
Watching Leeds United.
Mya Tidd - Private Clients Account Handler
How did you start your career in the high net-worth insurance market?
I had worked in another area of Romero’s (in accounts) and when an opportunity arose within our Private Clients team and I wanted to explore more of the insurance world.
How is the working environment at Romero Private Clients?
Its very different to my previous department but at the same time its very similar, its hard to explain. There are a lot of similarities but its slightly different. Don’t get me wrong, both environments are enjoyable. Its just hard to pin point.
What are the skills required of a great private client account handler?
You need to be good with speaking with clients, be as helpful as possible and be prompt in your responses with them – which I believe the whole company relays on.
What is it that makes you want to be a Private Clients broker as opposed to other areas of insurance?
As you know I previously came from the accounts department, and contacting clients / insurers and doing finances was a big part of that role. In Private Clients we still contact clients and insurers and do finances, therefore I feel right at home here. Joining a new area of work is difficult as you wont be as good as you were in your previous job role, but I still am able to bring some knowledge over.
What are a few of your hobbies outside of work?
Reading is my current obsession – some people say “why don’t you experience life rather than read it”, but I can’t ride a dragon in real life now can I?
Emma Blaby - Graduate Private Clients Broker
What are the main problems facing high net worth insurance market?
The effect of the recent succession of short term macro crises in recent years, such as the global pandemic, Brexit, high inflation and global conflict to name a few. These have profoundly affected the insurance industry driving up rates, with insurers having to cover a greater array and frequency of intensifying risks. With all lines of insurance products being affected, it is inevitable a trickle down effect of the aforementioned wider issues is felt by those who utilise high net worth home, motor insurance and other products with increasingly expensive premiums.
What’s the most common questions you get asked by clients?
Questions have more recently involved premium increases.
How did you start your career in the high net worth insurance market?
I joined the company as part of the graduate programme, which offers members the opportunity to experience different sectors of the business. One of which is the Private Clients’ Team, which I have subsequently joined alongside a graduate handler role I maintain within the commercial team.
How does working at Romero Insurance Brokers differ to working elsewhere?
The office environment is exceptionally friendly, in particular all members of the private clients team are very experienced and work amazingly as a cohesive team to provide the best service and results for clients.
What is your favourite moment working in the high net worth market?
The Private clients’ team is very welcoming and supportive, which makes any time I am working within their department enjoyable. This work environment; partnered with the satisfaction when delivering what a client requested from their insurance policies; makes up a lot of my favourite moments working within the high net worth market.
What is it that makes you want to be a Private Clients broker as opposed to other areas of insurance?
The private clients’ team are a true model of customer-centricity; liaising with clients directly and getting first hand exposure to what they require from their insurance products – this is what inspired me to want to become a Private Client broker. The team prioritise helping customers understand the implications of cost-cutting decisions and how said decisions could affect them in the event of a claim.
What are a few of your hobbies outside work
I enjoy going to the gym and spending time with my friends.
Rest assured that whatever protection you need, we can create. Our team are proud to be able to cover anything, however unique it may be.
To find our more about each of these covers, please contact our dedicated Private Clients team here, or by calling 0113 281 8110.
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