DOWNLOAD: 5 schemes pitfalls (and how to avoid them)
Schemes have been a growing force in the general insurance market for some time and it’s not hard to see why – consumers get access to products more closely tailored to their needs and brokers can use schemes as a vehicle for growing revenue and adding value to their business.
UK General’s 2015 annual schemes survey further supports this view with 70% of brokers reporting scheme growth of 10% or more in the last three years.
Schemes however, are not just a passing trend. 98% of brokers expect scheme business to continue to grow in the next five years. Today’s consumer is savvier and expects to buy a policy which meets their specific needs. Standard products developed for mass market segments are rigid and no longer fit for purpose so it’s no wonder brokers turn to schemes to create tailored products more appropriate to niche and more profitable segments of the market.
But of course not all schemes will be successful…
As well as seeing thousands of successful schemes over the last two decades we’ve also seen a number fail and over the next five weeks this series of articles explores our most commonly observed schemes pitfalls. Each week we tell you what to look out for and share our experience on how to avoid each one.
But if you can’t wait, fill in the form below to download the guide.