Private Client Insurance and Why Working with a Broker is Ideal for Managing a Client’s Insurance Portfolio
This month we asked Laura Gallo, PRL’s Private Client Insurance Practice Leader, why she feels clients are better served by a broker rather than the direct insurance channel. Laura has over 22 years of experience in the Canadian Property & Casualty Insurance industry both in the insurer side and more recently as a broker building the high net worth portfolio at PRL. This experience gives her a unique insight into the industry and the interaction between insurer, broker and insured.
Q: Who do you service?
A: The Personal Insurance division of our firm specializes in insurance for high net worth individuals and providing the customized unique insurance solutions they require.
The term “high net worth” is viewed differently from brokerage to brokerage—we like to recognize a “high net worth” individual as one who is successful in their given profession or field. For example, they may have their own dental practice or law firm, or perhaps they are the CEO of a large organization. Their asset base would be comprised of a high value or distinctive home, seasonal or vacation property (either in Canada or across the border). They also own high value automobiles and often have some type of private collection (ie. fine arts, jewellery or wine collection) or recreational vehicle. What all these people have in common is a need for unique insurance solutions for their lifestyles and a more consultative approach to purchasing insurance rather than a “one size fits all” package.
Q: What kind of service does PRL offer?
A: For us, it’s all about building a personalized service model for our clients. The service offering goes beyond just the products we sell. We look to understand their lifestyle and how it affects their insurance needs as their family life changes and evolves. When a claim happens, we are there as advisors and consultants to help our clients navigate and manage those stressful situations.
Q: What’s the current state of the insurance market?
A: In general, the marketplace is experiencing significant rate increases across the Personal Insurance lines. These premium increases are driven by a number of factors including a rise in water damage claims due to the increased occurrence of weather-related events and also the increasing costs of vehicle repairs due to automobile accidents.
Not only are consumers looking at rising insurance cost, but also a restriction of capacity and risks insurers are willing to take on. This insurance environment can potentially leave a client with limited or even no access to certain coverages or limits.
Q: What are the benefits of working with a broker?
A: As insurance brokers, we are tasked with exploring various products and pricing on behalf of our client and devising the appropriate insurance program to meet their needs. Our clients are not interested in dealing with a call centre environment, they want an advisor they can trust and that understands their portfolio.
In a challenging insurance market, we bring value by being an advocate for our clients and sourcing options beyond one product or pricing model that most direct insurers operate within. In sum, our expertise as brokers helps clients decipher and understand the options available to them and build an insurance program that fits their individual needs.
Whether you currently working with another brokerage or directly with your insurer, PRL can help. Speak with one of our Private Client Insurance experts to evaluate your risk exposures and develop a tailored plan to protect your unique needs and assets:
Laura Gallo
Private Client Practice Leader, 647.288.3026, lgallo@purvesredmond.com
