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Forward Thinking Magazine : August 2011
41 Often advisers baulk at HNW clients because of the affordability of the premiums. But the premium isn't the focus -- it's about solving clients' needs. David Hare, Adviser, YRPS Written by Alexandra Cain, Journalist insurance In the past, this has meant many HNW individuals in Australia were forced to self-insure or did not have any cover at all, leading to their underinsurance. Research shows that, following the global financial crisis, many HNW individuals suffered a severe reduction in the value of their personal and business assets, placing further pressure on their self-insurance strategies. This crisis reinforced how vulnerable their financial position was if something were to go wrong and how the market required a solution that was not influenced by market movements. As markets and investors started to recover from the financial crisis, protecting the existing value of their assets had become even more critical. The result was a need for larger amounts of protection to be offered to HNW clients to help protect them from potential loss. As an insurer, Macquarie Life is committed to addressing market gaps like this and has a history of developing unique life insurance products that help cover the requirements of different market segments. After reviewing market research, Macquarie Life developed a specialised life insurance product that addresses the particular needs of HNW clients. The product, called Sumo, breaks away from the traditional thinking associated with life insurance and is in line with Macquarie Life's innovative nature. It offers more choice to clients and provides advisers with another tool to offer a tailored solution to their HNW clients. Importantly, it means HNW clients can now better protect themselves, their families and their businesses. Adviser David Hare from YRPS, who was the first adviser to sell a Sumo policy, says before Sumo, "the insurance market was hamstrung by old thinking and Sumo is a huge leap forward in addressing the needs of HNW clients." Sumo offers advisers the opportunity to design a more tailored insurance portfolio to their HNW clients, extends the suite of solutions they can offer and, importantly, helps to address the underinsurance problem among wealthy clients.