UK General posts 50% GWP schemes growth for the half year
Karen Beales, managing director of schemes, said the growth shows that there is still headroom in the schemes market for brokers who are looking for new revenue streams.
“Our aim is to capitalise on our strong reputation for schemes and become a market-leading provider for the broker channel. We now write over 430 schemes in both personal and commercial lines, and in commercial alone we have doubled the number of schemes landed during the last six months.”
Mrs Beales said UK General had established a dedicated commercial schemes unit headed by Tony Bloomer, and the new strategy of end-to-end broker management has been building momentum. She said the latest deal landed by the team is Wimpy, the iconic fast food restaurant brand.
Mrs Beales said the scheme with Wimpy was launched in October in partnership with broker Bryan James & Co Limited. Designed to support the iconic restaurant brand, the scheme will be white-labelled and available to all Wimpy franchisees across the UK. Commenting, John Beeston, MD at Bryan James said: “Wimpy is a major breakthrough for us and our largest catering industry customer so far. It has been secured thanks to the co-operation and support of UK General who have worked closely with us to provide a competitive package.”
Mrs Beales said: “Our growth record mirrors what brokers have been telling us about the prospects for schemes. 85% of 150 brokers we surveyed earlier this year said they expected the GI market to become more geared to schemes during the next few years, and nearly 60% thought the biggest rate of growth would be in niche and specialist lines.”
Mrs Beales said that 43% of the brokers surveyed said they were not currently active in the schemes marketplace, so “we are confident that there is plenty of opportunity for schemes providers to grow their books.”
She added that UK General schemes accounts for around £300 million or 80% of UK General’s total GWP. “We have ambitious plans to sustain the momentum in personal and commercial schemes, including the launch of a new product set with new and existing insurer partners during the next few weeks.”
Mrs Beales said: “Evidence from our brokers, and our own experience during the previous six months strongly suggests that growth in this area of the market is yet to plateau, and while we have inevitably seen increased competition from providers, the prospects for schemes during the next five years are positive.”