Brokers retain independence through niche schemes

 

(Here is a picture of the sun to remind you what it looks like! But while it is raining, we may as well share with you our thoughts on how retain independence through profitable niche schemes.)

 

Designed and specific

Whitespace have designed and produced SCHEMATIC specifically for the niche schemes market because we recognise that schemes have huge potential to add value to businesses selling insurance.

 

 

Market mergers and acquisitions

At Whitespace, we have seen a number of changes in the UK insurance market. From rapid capital provider changes at Lloyd’s to the consolidation of the broker market. Strikingly, small to medium brokers are surviving and thriving. With an eye to profitable survival and even sale of business, it is clear that many are entering or increasing their presence in the niche scheme market. Schemes for the hotel and catering trades, specialist motor owners, strange hobbies, intellectual property are examples of the type of niches which are being exploited by brokers.

 

 

How to make a profit

Have a brilliant idea! Then find a cooperative underwriter and clinch appropriate commission sharing terms, but once you have decided to move into a niche market, you will want to move quickly. In addition to the marketing and positioning of the product, you will need business software to calculate the premiums, save quotes, and push the business through to sale. Each scheme will require a different rate table and data capture. If you want to go straight to the web, then you will need our SCHEMATIC quote and buy module.

 

 

Keep start-up costs to minimum

A good software system with a dedicated support team will increase profit margins. You will want the flexibility to introduce new niche schemes as they occur to you and can obtain the capital backing

 

 

Dedicated first-class customer support

SCHEMATIC can run alongside third party software you may already have. If you want to use SCHEMATIC online, then we can feed back data to your backoffice system, although ideally you could use SCHEMATIC from beginning to end. Most importantly, we have a dedicated SCHEMATIC customer support team. We respond quickly and knowledgeably to requests for help or system changes. You have direct access to the programmer allocated to your account and can liaise directly with them.

 

 

For more information, please contact Lucy Jaffé or Jonathan Ling on 020 7257 6309 or email Jonathan Ling