Providing insurance products for the high-net-worth insurance space is not for everyone. According to the experts, it takes a special talent and a lot of dedication to the private client market and its many nuances.
The HNW market is a specialized field that does not have the "generalist sales mentality" of other markets, says Eric Shanks, senior vice president and chief underwriting officer of High Net Worth Personal Insurance for Fireman's Fund.
"The product set is typically very broad versus what you might get in the general insurance market—and you need a deep knowledge of the products," he says, with policies often tailored by each carrier. "It's not a one-size-fits-all coverage approach."
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