What brokers look for #4: Product expertise
The penultimate week of our series explores the fourth most important consideration as identified by brokers when choosing an insurance provider to partner with.
With a score of 64%, product expertise comes out at fourth place according to our annual schemes market insight survey.
To explore this in more detail we speak to Chris Raine, our Head of products for property, who offered the following tips.
“Identifying groups of clients with shared specialist needs and developing a purpose-built scheme to meet those requirements enables brokers to differentiate themselves from direct insurers. In order to provide a product that is truly tailored to your target customers’ needs, flexibility is imperative in order to rapidly develop new schemes and quickly get them to market. Rival products will soon emerge and start to dilute market share, so being first to launch can help you to grow your scheme in more favourable conditions.
An insurer with experience of writing niche products and a background in your target sector can provide expert guidance and help you to shape your product accordingly. They may also be able to suggest complementary covers in addition to your initial idea, for example a tenants’ contents product for a letting agent providing cover to landlords.
New schemes will often arise in response to emerging risks or opportunities, such as cyber security or the sharing economy, so you have to ensure that you have thoroughly researched your market before you can begin to turn your scheme into a successful source of income.”
Interested in learning more about product expertise? Download our free guide What brokers look for when selecting a schemes provider or contact us at firstname.lastname@example.org.