A new trade association has been formed to specifically focus on a segment of the property insurance industry that has “taken off” during the last several years.
The Council for Insuring Private Clients (CIPC) has its sights on developing best practices for providing insurance solution to the high-net-worth population.
Richard Kerr, CEO of MarketScout, says the Dallas-based electronic insurance exchange is a founding partner and developer of the association, which already calls ACE, AIG, Fireman's Fund and Lloyd's partners. A dozen of the largest high-net-worth personal insurance firms are on board, he adds.
“It has been phenomenally well-received,” Kerr tells PC360. “This is a segment of the industry that has received a lot of attention the last few years; independent agents solely devoted to this product line have popped up everywhere.”
The segment is largely untapped. Kerr says carriers known for specializing in high-net-worth clients have maybe 40 percent of the business. The rest of the market is with writers such as State Farm, Allstate and Geico—and is largely underinsured, says Kerr.
The CIPC is in its infancy, but it already has an annual conference scheduled for April 2013 in Grapevine, Texas—complete with networking opportunities with professional sports and entertainment agents as well as wealth managers.
“Our goal is to develop a set of best practices and risk management techniques—a common set of goals,” Kerr continues. “These clients are so unique. Providing services for them really requires a unique skillset.
“This isn't just insuring a house and car,” Kerr adds. “This is 4 or 5 homes, many cars—driven and showed, plus umbrella, staff, travel, boats, jewelry, art and kidnap and ransom, to name a few.”
And to announce that a person has the specific skillset for the high-net-worth niche, the trade group is rolling out a new designation—Certified Personal Risk Manager (CPRM), accredited with every state board of insurance. A CIPC education committee is working on exams, Kerr says.
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