Regulatory change – are you and your scheme ready?

Partnerships between insurers and brokers built on mutual passion, expertise and the same values remain the key to the successful growth and development of any scheme.

We understand that for MGAs capacity is the number one key pillar and without it there is no business. However, once that capacity has been secured and peace of mind exists, what else should MGAs be demanding from capacity providers?

We all know the importance of product relevance and knowing your customer. As with all good products, making sure it’s right for your audience is the single most important thing you can do. Fundamentally this comes down to understanding what it is that a given cohort of schemes customers need.

What makes a given scheme the envy of the market? It’s a big question. But first, some important context.

Solving complaints and being responsive to the specific needs of your membership underpin good service. Why? Because the true measure of good service is how you deal with the challenges.

In our recent broker survey, 45% of brokers who are already placing schemes or thinking of doing so consider it to be a growth area*. But how do you pitch a scheme idea to an insurer? What is it that your potential partners need to know? Here are 5 quick considerations for that first meeting with an insurer.

Managing a scheme can be pretty challenging particularly when trying to grow.

Any broker with delegated authority will be familiar with the importance of a Broker Underwriting Guide, and how at times, it can be a bit confusing!

Chris Withers asks: Is product oversight and governance regulation worth it?

Our New Schemes Underwriting Manager & Platform Owner, Simon Dandridge talks about the persistent tech challenges facing schemes brokers, and an innovative way forward for the sector.

Your insurer should be flexible, reliable, have the same goals and provide what you need and what’s best for your customers.

See how we jumped into action to support a broker with their Scheme.

Chris Withers, Schemes and Partnerships Director, reflects on how the changes in the schemes market have provided Ecclesiastical with new opportunities.

Building your book of schemes clients undoubtedly is different to how you might prospect and pipeline your open market targets.

When it comes to running a Scheme, one thing stands out above all else – the importance of the long-term relationship between broker and insurer.