What brokers look for #5: Speed of implementation
We've arrived at the final week of our 'What brokers look for' series. This week James Burton, Head of IT and projects, explains the importance of a new scheme being implemented quickly.
We all know the insurance market is highly reactive. Insurance trade publications are full of new start-ups promising to revolutionise the market, often with a technological competitive edge. However, in a world where some niche markets may only last a few years, getting a product to market can often fall victim to a number of obstacles along the way.
James’s advice? Focus on your critical path. Which tasks are likely to take the longest to execute? Which are dependent upon each other and can’t happen in isolation? Think logically about the order in which they need to occur. Always prioritise and not let effort be expended on low value items. One example to consider could be partnering with an underwriter early in the process and get them onside before you invest time and money – you can always pick a logo later! Ideally you should look for an insurer partner who can not only help with a scheme facility, but who can also offer underwriting with systems support and compliance, marketing and legal guidance for an all-round package that meets your needs.