High Net Worth Insurance Summit Gains Traction
A summit aimed at increasing awareness for and educating high net worth insurance agents and carriers is quickly gaining traction.
The Private Risk Management Association, which held its third annual summit in Itasca, Ill. the week of Nov. 14, is experiencing double digit attendance growth.
According to Jim Kane, a Philadelphia-based senior vice president with USI Insurance Services, the conference has its origins in a belief that the consultants offering advice to net worth clients merit their own networking event and education tracks.
“The origins of the association really come from the insurance side,” said Kane, who serves as PRMA’s president and trustee.
He credits Ross Buchmueller, the CEO of high net worth insurer PURE (Privileged Underwriters Reciprocal Exchange), with having the foresight to form the association.
“He believed that although we all compete fiercely, that we have shared interests in creating the path to a successful career,” Kane said.
Buchmueller and other high net worth insurance veterans now sit on PRMA’s board.
“Although the carrier side had the idea, it was the broker side that put it into execution,” Kane said.
“We felt that on the broker side we had as much interest as anybody and that it might be better received if it were driven by the brokers and not the carriers,” Kane said.
The association held its first meeting in Chicago in 2014. Attendance that year was just under 200. A meeting last year at Georgia Tech University sold out with 230 attendees. This year’s conference, held at the Eaglewood Resort in Itasca, reached capacity at 255 attendees.
Lisa Lindsay, a former Marsh private client executive and PRMA’s executive director, says PRMA is also seeing eye-opening participation levels in its education track.
“People want to be able to differentiate themselves, they want to be able to continue to provide value.”– Lisa Lindsay, executive director, PRMA.
The association plans to bestow its Chartered Private Risk and Insurance Advisor (CPRIA) certificate to 125 brokers and consultants at next year’s PRMA Summit in Tempe, Ariz.
The first class to begin working toward the certificate launched in May, 2015. It’s fifth segment now has 320 participants.
Lindsay said PRMA is partnering with New Level Partners and the St. John’s University School of Risk Management to develop and quality-check the curriculum.
Lindsay says the strong response to the certificate program indicates that PRMA has tapped a well of interest.
“People want to be able to differentiate themselves, they want to be able to continue to provide value,” Lindsay said.
“You can’t just slap private client on your card anymore,” Kane said.
“This is a chance to say you are dedicated to it and educated in it.”
Carriers in attendance at this year’s summit included PURE, AIG, Chubb and Ironshore.
Brokerages in attendance included Arthur J. Gallagher, Aon, HUB, USI Insurance Services and Willis.
In addition to educational sessions and presentations from industry leaders, the summit featured a roundtable discussion involving the first six Private Client winners of the Risk & Insurance Power Broker award, which recognizes the best brokers in a number of industry sectors.