Luxury Insurance - Realistic to Sell?

[zippy]

I live in an area with a huge amount of money. Companies like ACE/Chubb that specialized in luxury insurance train agents to be experts in protection of luxury items. That seems to be the way they think they can sell to this market. I worked for years in jewelry sales my hobby is art collecting, and I know a lot about boating. I know less about wine, however. There are already agents in my area that sell Chubb, AIG, and Pure.

I notice that agents on this forum sell things more like medicare supplements and final expense. Is my idea to sell luxury insurance fantasy? Is my knowledge of what is being insured of any help?

Anybody ever try to sell to rich people for Chubb or for companies like it?

 

[Tahoe Ray]

I live in an area with a huge amount of money. Companies like ACE/Chubb that specialized in luxury insurance train agents to be experts in protection of luxury items. That seems to be the way they think they can sell to this market. I worked for years in jewelry sales my hobby is art collecting, and I know a lot about boating. I know less about wine, however. There are already agents in my area that sell Chubb, AIG, and Pure.

I notice that agents on this forum sell things more like medicare supplements and final expense. Is my idea to sell luxury insurance fantasy? Is my knowledge of what is being insured of any help?

Anybody ever try to sell to rich people for Chubb or for companies like it?

Post this on the p&c forum.

There are definitely people there who work commercial/higher end accounts.

I work the upper-middle class market and there are others here that do as well but you really need to find the high-end when you're talking art and wine.

Not a lot of agents on here work that market.

 

[Allen Trent]

I live in an area with a huge amount of money

Please clarify. Do you have a huge amount of money? Or does the area have a huge amount of money?

My answer to your question will differ tremendously depending on that fact

 

[InsCommentary]

The private client marketplace is not for the faint of heart. Many commercial lines accounts are far less complex. Ownership interests and liability exposures create tremendous opportunities for mistakes to be made, mistakes that can easily reach 7-8 figures. You will need excellent E&O insurance and high limits.

 

[adjusterjack]

Is my knowledge of what is being insured of any help?

Not as much as membership in the country club.

 

[fed up]

Are you going to dabble in insurance in the same manner that you dabble in art, jewelry, and boats? The insurance side is very different than the sale side. Every person entering the jewelry store is a potential high end customer. Not every insurance customer has the extra financial resource to be the high end customer