Insights and observations one year later.
Our first year revealed several fascinating observations that surprised us. As we worked closely with our trusted partners and directly with successful individuals and families on their personal insurance programs, three common themes emerged. Read about our year and our mission as we look into 2024 and beyond.
I launched NaVella Insurance over a year ago driven by a deep passion and frustration with the status quo in the insurance industry. Known for my enthusiastic outlook, I see the world as a playground with endless opportunity and possibilities. This optimistic perspective, however, didn’t cloud my decision-making. The choice to establish a women owned, independent insurance agency that specializes in partnering with successful individuals and families with wealth to craft personalized insurance solutions wasn’t impulsive. It stemmed from over 17 years of insurance experience recognizing an immense opportunity in the market: the need for a superior insurance experience, consumer education at a basic level, and agency advocacy that simply overdelivers. This sense of advocacy has been diminishing with the market disruption of an unprecedented amount of insurance agency acquisitions and the expansion of the direct writers (think Progressive, GEICO, Allstate, etc.) over the past five years. It’s a field where women agency ownership and leadership lags behind the time. In the face of profits and an attempt to doing more with less, the personalized experience is lost.
I get it. Insurance does not have a glamorous reputation by any means. It’s often perceived as complex and dull but is a necessity for everyone. It’s full of ambiguity and this is often the cause of frustration and a powerless feeling when we think about our personal insurance programs. My frustration lies in the societal view of insurance as a mere commodity, driven by price rather than value. This narrow perspective overlooks the importance of risk management and long-term financial impact of the insurance choices we make. Understanding the myriad factors that influence our insurance options – from personal circumstances to global events – is crucial. This knowledge empowers you to make informed decisions about your coverage, ensuring it aligns with your needs and lifestyle.
First year Observations
Our first year revealed several fascinating observations that surprised us. As we worked closely with our trusted partners and directly with successful individuals and families, common themes have emerged.
Misconception of Wealth: The concept of being ‘high-net-worth’ is often misunderstood. In the affluent insurance market, it’s defined as insuring properties worth $750K and above, a benchmark many are unaware they meet. It’s been fascinating to witness the response of successful and wealthy individuals as they share their perception of what they this it means to be “high-net-worth.” This mindset often leaves them undervaluing their processions and lifestyle expectations when thinking about insuring their most valuable assets and potential loss scenario.
Understanding Coverage Needs: Many fear inadequate coverage, yet often opt cheaper options that simply do not align with their lifestyle or future needs. This avoidance often leads to last minute, ill-informed decisions. We see successful individuals and families paying a lot of money for little coverage, unaware that this will guarantee frustration at the time of a claim. Most affluent individuals and families have been so busy living their lives an amassing wealth that their insurance has simply not kept up.
The Cost of Loyalty: Excessive loyalty to existing insurance agents or carriers can be detrimental. Many clients stick with outdated and inefficient programs due to a reluctance to disrupt longstanding relationships. The role of your insurance agent is crucial and involves a yearly touchpoint at a minimum. A knowledgeable professional not only ensures adequate protection but can also unveil potential risks in your current plan. And above all, working with an insurance agent is free. Consulting with an insurance broker offers invaluable insights at no extra cost.
Playing the long game: NaVella’s commitment
If we can take a moment to acknowledge it, insurance is part of our daily lives. It impacts us all. From our morning coffee at the local coffee shop to global trade, to protecting our most valued possessions; insurance places a pivotal role in our society but many of us don’t think about just how closely it impacts us. It’s a market that goes up and down, with insurance carriers zig zagging in pricing and strategy. In 2024 and beyond, we are experiencing the hardest market in a generation but what is important to know, it’s a market that is cyclical. In the affluent insurance space, there more competition now than ever giving consumers choice and power over their insurance decisions.
As we enter into our second year and beyond, the initial vision that propelled its creation has been validated. Our commitment remains steadfast: to continue to revolutionize the insurance experience by prioritizing our customer needs, delivering exceptional service, and emphasizing the importance of education in decision-making when evaluating overall risk. Every decision you make or will consider impacts overall risk profile and should be included when assessing how much insurance is needed to protect you and the things you love.
Decisions like:
Serving as a director of a non-profit organization
Choosing to hire domestic staff, like a private chef or private nanny for your family.
Placing your home(s), rental properties, and other assets in a Trust + Estate.
Adding to your family (pet or human).
Purchasing a new home or multiple properties.
Planning on purchasing an investment property.
Adding additional properties to your portfolio.
Purchasing an historic home or antique/classic vehicle.
Adding a newly licensed driver.
Considering undergoing a minor or major renovation.
Going through a separation or divorce.
The decisions our clients are making year over year as they accumulate wealth are important to consider and must be reviewed every year. In our litigious society, there is simply too much at risk. Our strategy is tailor made. We meet our clients where they are and create partnerships and insurance programs for the long-term. We are dedicated to changes perceptions and elevating the role of insurance in safeguarding the future of our clients.
Work with us. How NaVella is different:
NaVella was created out of equal parts love and frustration with the insurance industry, its complexities, and the ever-evolving market space. We are on a mission to over deliver and work with the most exclusive high-value insurance carriers in the world.
With more than 17 years of experience in multiple facets of this industry, 1000+ insurance policies analyzed and reviewed, and hundreds of customized insurance portfolios crafted, we are dedicated to giving you control over what and how you protect what you care about most.
We are a woman-owned, progressive, independent insurance agency and consulting firm. We offer personal lines insurance solutions. Our product solutions include insurance for your: Home(s), auto(s), collection(s), Excess + Umbrella, boat, and term life. Our consulting and coaching services serve both personal and corporate clients. Headquartered in Massachusetts, and primarily focused on the Massachusetts and greater New England markets, we can write nationally.
If you’re ready to protect yourself now and in the years to come, please visit us at www.navellains.com, email us at hello@navellains.com, or call us at 617.399.3124.
Feel good about your insurance. Partner with us.