Referral Source Guide to PCS
- 1. BECOME YOUR CLIENTS’ PERSONAL INSURANCE ADVOCATE AN ESSENTIAL TEAM MEMBER Along with a financial advisor, attorney, and accountant — an expert insurance advisor is a critical component of a client’s wealth management team. You work hard to earn a client’s trust by helping them manage their assets and wealth. Don’t let a single serious loss undermine all the efforts of your counsel. SOME PERSONAL RISK REALITIES •• About one in 15 insured homes have a claim each year. •• In 2013, over 35,000 people died in auto accidents and 3.8 million crashes required medical attention. •• In many states, someone who is only 1% at fault for an accident can be held liable for 100% of damages. •• The United States has more personal injury lawsuits per capita than any other industrialized nation. •• Thirteen million consumers were affected by identity theft in 2013. OUR SPECIALIZED EXPERTISE We begin by engaging with clients and other trusted advisors, like you, to complete a personal risk management analysis. Next we help clients build comprehensive personal insurance programs specifically tailored to their lives and unique risk profiles. Because high-net-worth clients typically have complex lifestyles, Marsh PCS provides specialized expertise in risk categories such as family offices, fine art, yacht, equestrian, and more. Clients of Marsh PCS gain access to the nation’s top specialty insurance carriers, specifically those catering to affluent individuals and families. And, as a division of Marsh, a global leader in insurance broking and risk management, Marsh PCS has access to resources across the globe. For more than 35 years, Marsh Private Client Services (PCS) has focused on providing comprehensive personal insurance solutions and risk management consultations to financially successful individuals and families. PRIVATE CLIENT SERVICES REASONS TO RECOMMEND MARSH PCS TO CLIENTS101. Your clients depend on you to protect their wealth and assets. 2. You can leave the insurance expertise to us. 3. It will add value to your client relationships. 4. Affluent individuals and families face unique risks that require extra attention and protection. 5. You can help your clients maximize the benefits of their insurance premiums. 6. Your clients deserve a higher level of service during the claims process. 7. Affluent individuals have valuable articles that aren’t always properly protected by standard homeowners coverage. 8. Affluent individuals have more to lose and are more likely to be sued. 9. Your clients have other matters to focus on. 10. You have your clients’ best interests in mind.
- 2. Marsh is one of the Marsh & McLennan Companies, together with Guy Carpenter, Mercer, and Oliver Wyman. This document and any recommendations, analysis, or advice provided by Marsh (collectively, the “Marsh Analysis” are not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update the Marsh Analysis and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, tax, accounting, or legal advice, for which you should consult your own professional advisors. Any modeling, analytics, or projections are subject to inherent uncertainty, and the Marsh Analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. Marsh makes no representation or warranty concerning the application of policy wording or the financial condition or solvency of insurers or reinsurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. Although Marsh may provide advice and recommendations, all decisions regarding the amount, type or terms of coverage are the ultimate responsibility of the insurance purchaser, who must decide on the specific coverage that is appropriate to its particular circumstances and financial position. Copyright © 2015 Marsh LLC. All rights reserved. Compliance MA15-13337. INTRODUCING YOUR CLIENTS TO MARSH PCS By explaining the importance of the services Marsh PCS provides, you can help clients understand the value of considering us as part of their overall wealth and asset protection strategy. Here’s an example: A comprehensive advisory team should include an insurance expert. Marsh Private Client Services is one of the most highly regarded high-net worth- insurance firms, and they can help ensure your assets are protected. As your advisor, I recommend we look to Marsh PCS for a complimentary risk analysis to evaluate your existing program. Overall, too many high-net-worth personal insurance programs include gaps and inefficiencies, and I want to be sure that yours isn’t one of them. Please provide me with your insurance information, and I will work with Marsh PCS to set up the risk analysis. MARSH CLAIMS ADVOCACY Should the unfortunate happen and a client needs to file a claim, we act as the client’s advocate during the claim process. This story illustrates the value we provide: Our client, a Major-League Baseball player, had been traveling for several weeks and suffered a water leak in his condo. The client’s carrier felt it wasn’t necessary to test for mold in the rest of the condo. We disagreed and engaged senior leadership with the carrier, along with a reputable testing company. The testing company found a significant mold issue throughout the condo, including the HVAC system. Without the engagement of our claims team, our VIP client could have suffered severe medical issues. At the end of the day, the carrier paid an additional $75,000 for mold clean-up and remediation. Your clients value your advice and counsel. Encourage them to consider a complimentary, no-obligation risk analysis from Marsh PCS. Sometimes your client may be hesitant or uncertain about looking into a better insurance option. Here are some replies you can use to common objections: I want to stay with my current insurance broker. •• Many of my clients have said the same but were surprised by the level of detail and service Marsh PCS provided. This is a no-obligation insurance review. •• I respect loyalty. Sometimes we find that clients outgrow their current insurance program and need better protection. This is not an ideal time to make a change. •• Is there ever a good time? Marsh PCS will make this process as painless as possible. •• Improper coverage that results in unexpected out-of-pocket expenses is more than just bad timing; it can disrupt your life and threaten your hard-earned assets. I’m all set with my insurance. •• Are you sure? Has a professional insurance advisor reviewed your program recently? My insurance is with Chubb, ACE, AIG (or another high-net-worth carrier). •• It’s great that you are with a carrier that specializes in protecting high- net-worth individuals. But are you sure your program has been designed effectively for your unique risk profile? •• Many high-net-worth insurance programs contain gaps or inefficiencies. ENCOURAGE CLIENTS TO CONSIDER A RISK ANALYSIS To learn more, contact Marsh Private Client Services or visit marshpcs.com.