1. BIBA’s Official Non-Standard Schemes Provider
Lisa Brennan – Regional Director

2. 2. How has the Scheme’s Market changed? 3. Who needs a Scheme?
Learning Objectives
1. What is a Scheme?
Thanks for joining
Going to talk about the schemes market and how brokers and insurers need to adapt to the changing needs of the consumer
In addition how technology will play a part in the development of schemes
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

3. A Scheme is… 1. What is a Scheme? A bespoke product solution
Often referred to as a scheme or facility, A bespoke solution offering wider cover and features and benefits designed to appeal to the target audience
This could mean a tailored product and rating structure
Aligning to trade bodies affinity groups etc means that a level of expertise is developed by the broker and underwriter leading to a strengthened relationship
A bespoke product solution
Tailored cover and / or rating
Access to an affinity group, distribution channel or customer base

4. How has the Scheme Market Changed?
2. Change in the Scheme’s Market
How has the Scheme Market Changed?
We all know we need to embrace new and innovative technology in order to survive the ever changing insurance market and schemes business is not immune to those needs
In the past broker may have seen schemes as a small part of their business in fact 1/3 of brokers don’t have direct access to a scheme. However with new business being harder to attract for brokers schemes give them regular and consistent access to a growing client base.
Schemes gives a broker th opportunity to stand out from the crown with their chosen target market allowing them the ability to cross sale or sub broker again widening the opportunity.
The rise of social media will have a huge impact on all business but can be positive in allowing your client to share their experience with like minded groups of people
Broker and clients need instant response trading a product manually automaticly introduces delays that can be overcome by using online platforms
Analytics is an essential part of the development of a scheme. Trading using online platforms means a greater opportunity to analyse your client base and spot trends before they happen
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

5. Who? 3. Who needs a Scheme? Affinity groups
Schemes can be developed to appeal to a wide range of markets
Affinity groups/ trade associations or simply the consolidation of a large book of business containing a few common denominators,
You may have a client base which has a de,mand for one particular cover or enhancement which could be wrapped up into a scheme
EXAMPLES
Affinity groups
Customers with a common denominator
Specialist Customers

6. Benefits to Customers 4. Customer Benefits Tailor made cover
EXAMPLES
Tailor made cover
Buying power
Access to knowledge
Safety in numbers

7. Benefits to Brokers 5. Broker Benefits Third Party Endorsement
Working with a affinity group means that you automatically have the endorsement of a professional body already know to the client base
This will allow easy marketing and access to their client base
One product one system one type of client will provide operational efficiencies by default
Stronger relationships will appear particularly with a affinity group
Allowing staff to specialise in an area and develop stronger relationships wit=h client will help with retention
Third Party Endorsement
Access to Market
Operational efficiencies
Stronger Relationships
Staff retention and development

8. Case Study – Forestry 6. Case Study Before… Existing scheme
Broker approach us with an existing scheme that had run profitably for a number of years
There had been no changes or updates to the scheme meaning and the wording had remained the same. As it was traded through a Lloyds market each case was individually underwritten meaning there were sometimes inconsistencies in the endorsements and pricing. Technology was moving on in the industry meaning there were risk improvements that were not reflected in the pricing. Manually trading the scheme meant that there was little opportunity for the team to actively sell the product so growth was stagnant and the broker relied on word of mouth.
We identified some areas where improvements to technology had improved risk and therefore we were able to take a different stance on wording and endorsements
We kept the same rating but built and online system that made pricing consistent. System is full cycle Edi and so quote bind and issue of paperwork is instant. Branding the documentation means that the broker can market the product leading to profitable growth in the scheme
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

9. Accelerate… 7. How we can help
As BIBA’s official non-standard facilities provider, Accelerate Underwriting specialises in building bespoke solutions for non-standard, specialist and niche commercial schemes for Property and Casualty business in particular.
We reverse traditional models as instead of offering pre-designed products, we listen to our broker partners insights and build bespoke facilities make our approach refreshingly different.
With the use of our product governance and underwriting expertise, we will help you through the process of identifying your non-standard business, designing solutions and rapidly building efficient propositions that meet customer needs. Our expertise in underwriting and product governance then support you, our brokers, by allowing you to focus on operations and sales. While our brokers have access to all of our underwriters, each product has a lead underwriter that they can build a strong relationship and provide training on the scheme.
Our ability to rapidly develop innovative insurance products to meet broker and customer needs derives from our web based trading platform AcceleRATER. It is a full cycle web-based quote and bind system that has been specifically designed to create and transact non-standard products. Alternatively we can also work with you to build and launch the product on your chosen IT platform
Refreshingly different – we reverse traditional models
Specialise in building bespoke solutions
Expertise in underwriting and product governance
AcceleRATER, our web based trading platform
Access to both Lloyd’s and non-Lloyd’s capacity
Insure more than 160,000 businesses and individuals

11. 8. Questions
Questions?

12. Calls may be monitored and recorded for quality assurance purposes.
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 ) in respect of general insurance business and is registered in England No Registered Office: Number One, 1 Vicarage Lane, Stratford, London E15 4HF.
Calls may be monitored and recorded for quality assurance purposes.