8 Capabilities/Service Offerings Family Offices Should Evaluate When Reviewing Client Insurance Programs



by Kurt Thoennessen, CAPI

There are many factors to consider when choosing an insurance advisor and insurance company to work with.

  1. Is the insurance advisor a specialist or general practitioner? 

(Click here to contact a high net worth insurance specialist.)

  1. What is the financial rating of the insurance company?
  2. Which coverages do I need/want? 
  3. Which coverages are unnecessary? 
  4. How do I purchase the coverage? 
  5. How do the insurance company’s rates compare?

These are all very important aspects of a well-designed insurance program, but there are others to consider as well. 

Here is a list of 8 questions to ask during the insurance review process to ensure the final service experience meets everyone’s expectations. 

One Point of Contact

  1. Who do I contact for service? 

Insurance programs for high net worth clients typically have a high level of complexity and require an account manager to lead the service team. No matter if there is one home or multiple homes in different states and/or countries, it is extremely helpful to have one point of contact who understands the big picture. The account manager should be able to advise clients and advisers on all aspects of an insurance program. 

Geographically Flexible

  1. Can the insurance company and advisor provide coverage in all 50 states and internationally? 

High net worth individuals and families will benefit from working with an insurance company and advisor who can provide coverage for all their property insurance needs, no matter what state or country they are in. Utilizing different insurance companies for multiple policies creates inefficiencies with bill paying, potential coverage gaps due to variations with policy forms, and an inconsistent service / claims experience due to differences in service models.  

One Bill

  1. Do they offer unified billing for all policies? 

When one company handles the entire insurance program for a high net worth family there will be one bill to pay for all insurance policies. Having one bill for all policies will save time and prevent frustrating billing calls. 

Online Account Management

  1. Is there a secure web portal that offers policy access and bill payment options? 

Family offices appreciate having access to their client’s insurance policies and some self-service options through the internet. Most insurance companies have web portals that offer self-service options. Advisors may also have their own digital platform that enhance the service experience.

Credit Card Payments

  1. Do they accept credit cards? 

Companies who accept credit cards enable a more efficient bill paying experience with fewer occurrences of late payments or cancellation notices due to non-payment of premium. 

Electronic Delivery of Documents

  1. Do they support electronic delivery of policies and bills? 

Companies who offer electronic delivery of policy information and bills make it faster and easier for clients to organize their insurance documents digitally. 

Online Claims Platform

  1. Is there an online portal for claims servicing? 

The claims process can be overwhelming, especially if information about the claim is difficult to access. Some insurance companies offer an online portal for all claims related information and communications. This capability brings a high level of transparency and efficiency to the process and improves the overall claims experience for family offices and their clients.

Smart Phone Application

  1. Do they have a phone application for policy management and/or claims reporting? 

Many clients enjoy the convenience of managing certain aspects of their lives on their phones. Auto insurance cards, bill paying, coverage overviews, and self-service options are all servicing needs that can be handled by a well – designed phone application. 

This is a quick list of some of the most important service features to look out for with an adviser and insurance company. The purpose of sharing this information is to help family offices improve the service experience related to insurance for their clients. 

If the current vendors do not offer the service offerings mentioned in this article, it may make sense to research additional vendors. If that is the case, please click here to contact a specialist insurance adviser to schedule a meeting.

The final decision about which insurance company to select should be done in conjunction with an expert insurance adviser. A trusted insurance adviser will be able to respond to questions about the service features that are most important to clients. 

Please click here to schedule a meeting with a high net worth insurance adviser. 



Kurt Thoennessen

Kurt is a Senior Advisor with Ericson Insurance Advisors and a Certified Advisor of Personal Insurance (CAPI). He works with high net worth individuals and families to design and implement risk management and insurance programs.