Regardless of what they collect, most collectors want to keep their collections safe. They have invested time, energy, money, and love into their collections. This means they need insurance. Any insurance agent or company marketing such a service to this specialized group needs to follow certain precepts. The Insurance Alliance of America (IAA) offers the following helpful information. This information can be utilized by any business catering to affluent collectors. It will aid in designing their own marketing efforts.
According to the IAA word-of-mouth referrals are the key to selling products or services to affluent clients. Garnering referrals means understanding the special needs of rich collectors and networking. Some of the factors insurance companies use to understand wealthy collectors are:
~Home value: affluent collectors usually own houses worth more than $1 million.
~Possessions: many affluent collectors specialize in fine art, jewelry, or other collectibles.
~Policy amount: policies for wealthy collectors usually exceed $10,000 per year.
Marketing to these wealthy collectors means being available. For example, the IAA cites the example of a collector who purchases a rare painting. Naturally, the collector wants immediate insurance coverage to protect it. Therefore, the collector needs to know he can reach the agent at any time. Often, collectors use personal assistants or managers to handle such arrangements. This means clear communication is vital.