WHITEHOUSE STATION, N.J.,
March 15, 2018 /PRNewswire/
-- According to a new Chubb and Oliver Wyman research paper,
"The Overlooked Gap in Financial Advice," financial advisors are
being presented with an opportunity to better serve their clients.
That opportunity centers on advisors being able to further
reinforce their value by thinking more holistically and addressing
property and casualty (P&C) insurance needs during the overall
financial planning process.
"As noted in our research, the wealth management industry is in
the midst of disruption," said Ori
Ben-Yishai, Executive Vice President and Chief Marketing
Officer at Chubb North America Personal Risk Services. "While
change can be unnerving, many leading financial advisors will seize
this unique opportunity to provide greater client value, which
centers on helping them address their clients' P&C insurance
needs. This approach is complementary to traditional guidance
and provides yet another safeguard to help successful individuals
manage accumulated wealth holistically."
The Chubb and Oliver Wyman research shows more than
three-quarters of successful individuals want their P&C needs
addressed by their advisors, but only 28% of advisors currently
provide this type of support. With 85% of successful families
reporting heavy reliance on their advisor to help them navigate all
financial matters, client retention can dwindle if they feel
they're not receiving adequate support.
Chubb's research shows nearly 40% of successful individuals
would consider switching to a financial advisor who provides
property and casualty support. "That's a telling sign," said
Annmarie Camp, Executive Vice
President, Sales and Distribution, Chubb Personal Risk Services.
"One size doesn't fit all, and at Chubb, our approach centers on
understanding the specific needs of consumers, so we can provide
customized strategies to ensure valuable assets are properly
protected and insured in case of an unanticipated event."
Ms. Camp added, "Chubb is committed to helping financial
advisors further understand the potential impact of a P&C event
on their clients' financial program and addressing those exposures
by including P&C discussions and risk management techniques in
their client conversations."
The whitepaper highlights a number of ways financial advisors
can achieve holistic wealth management, including:
- Researching and familiarizing themselves with common ways
insurance may be inadequate for clients and understanding the
players in the P&C space
- Proactively identifying risks by making risk management a focal
point of annual planning meetings
- Broadening their relationships by seeking out a broad variety
of P&C contacts and evaluating which would best serve their
clients
All assets are available online to financial advisors, as well
as clients and agents and brokers, at Chubb's new financial advisor
resource center.
Survey Methodology
The Chubb/Oliver Wyman study
surveyed 200 successful individuals and families in May 2017 across the
United States with representation across age, geography and
value of financial assets and 200 financial advisors who serve
clients who are financially successful with representation across
accreditation type, size of asset books and type and size of
institution. The surveys were supplemented with in-depth interviews
with a subset of those surveyed.
About Chubb
Chubb is the world's largest publicly
traded property and casualty insurance company, and the largest
commercial insurer in the United
States. With operations in 54 countries, Chubb provides
commercial and personal property and casualty insurance, personal
accident and supplemental health insurance, reinsurance and life
insurance to a diverse group of clients. As an underwriting
company, we assess, assume and manage risk with insight and
discipline. We service and pay our claims fairly and promptly.
The company is also defined by its extensive product and service
offerings, broad distribution capabilities, exceptional financial
strength and local operations globally. Parent company Chubb
Limited is listed on the New York Stock Exchange (NYSE: CB) and is
a component of the S&P 500 index. Chubb maintains
executive offices in Zurich, New
York, London and other locations, and employs
approximately 31,000 people worldwide. Additional information can
be found at: chubb.com.
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SOURCE Chubb