Every family needs to plan for contingencies and unforeseen events. This may range from a minor car accident to a major loss of life. The family should be financially prepared to manage such eventualities. Risk management is a service offered by Karvy Private Wealth to take a complete view of various risks facing the family and to actively provide for the same. The service is intended to identify, quantify and mitigate these risks.
Taking insurance cover is an important component of overall risk management. However, often families face the unidentified issue of insufficient cover, outdated calculations of cover requirement, leaving some risks uncovered (e.g. property). Hence we believe that having some insurance policies is not same as having done careful risk management.
Who is this suitable for?
This service is suitable for all age categories. However, the focus of the service changes depending on the age and net worth of the client. For salaried clients, the focus is on managing risks to life and health. For professionals, there is an added element of indemnity cover. For retired clients, health cover assumes a larger relevance.
What does it cover?
- Assessing the client’s financial health – through analysis of current financial context. This includes the income, expenses and net worth (assets and loans).
- Total life cover for all income earners
- Medical cover – including dependent parents
- Cover from theft and natural disasters for property and valuables
- Motor insurance
- Professional indemnity for specific clients
- Cover for business premises and valuables there
- Keyman insurance for specific clients
- Analyze total cover needed in each of the above cases.
- Evaluate products suitable to fill gaps.
- Discuss the gaps and products with client and agree on execution plan.
- Execute the risk management plan.
