Chubb and Oliver Wyman Release Research on Importance of Financial Advisors Addressing Insurance Needs for Holistic Wealth Management
Research reveals that nearly 40% of successful individuals would consider switching to a financial advisor who provides P&C support

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.

Chubb (PRNewsFoto/Chubb)

"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:




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