BIBAs Official NonStandard Schemes Provider Lisa Brennan Regional
BIBA’s Official Non-Standard Schemes Provider Lisa Brennan – Regional Director
Learning Objectives 1. What is a Scheme? 2. How has the Scheme’s Market changed? 3. Who needs a Scheme? 4. Benefits to Customers 5. Benefits to Brokers 6. Case Study 7. How Accelerate can help
1. What is a Scheme? A Scheme is… § A bespoke product solution § Tailored cover and / or rating § Access to an affinity group, distribution channel or customer base
2. Change in the Scheme’s Market How has the Scheme Market Changed? The Scheme’s Market has developed significantly in recent years making it an important part of brokers appetite. Things that need to be taken in to account now include… § Need to trade online § No longer a side line § Stand out from the crowd § Social media § Access to decision makers § Analytics
3. Who needs a Scheme? Who? § Affinity groups § Customers with a common denominator § Specialist Customers
4. Customer Benefits to Customers § Tailor made cover § Buying power § Access to knowledge § Safety in numbers
5. Broker Benefits to Brokers § Third Party Endorsement § Access to Market § Operational efficiencies § Stronger Relationships § Staff retention and development
6. Case Study – Forestry Before… • Existing scheme • Manually traded • Lloyds market capacity • Manual endorsement • Changing technology • Stagnant growth • Split markets Now… • Risk improvements identified • Bespoke wording • Same rating • Online platform developed • White label • Profitable growth • Commissions
7. How we can help Accelerate… § Specialise in building bespoke solutions § Refreshingly different – we reverse traditional models § Expertise in underwriting and product governance § Accele. RATER, our web based trading platform § Access to both Lloyd’s and non-Lloyd’s capacity § Insure more than 160, 000 businesses and individuals
8. Questions?
Thank You Accelerate Underwriting Limited is an Appointed Representative of Resolution Underwriting Partnership Limited, which are authorised and regulated by the Financial Conduct Authority (FRN 308113) in respect of general insurance business and is registered in England No. 05104119. Registered Office: Number One, 1 Vicarage Lane, Stratford, London E 15 4 HF. Calls may be monitored and recorded for quality assurance purposes.
- Slides: 12