UK Broker Awards 2022: Broker Support Partner of the Year

SchemeServe had three aims. First, it set out to make brokers’ lives easier. This meant building a deep understanding of their needs and innovating to alleviate their pain points.

New features include: Digit, an integrated accounting function allowing brokers to manage entire transactions; automated sanctions checking allowing brokers to instantly access the management information needed to satisfy emerging regulatory requirements, and a redesigned user experience.

It also used engineers to help brokers build new schemes “in double quick time”.

Second, it hoped to help brokers grow, enabling them to bring more products to market faster, seizing opportunities and increasing gross written premium. Meanwhile, it aimed to help small, independent brokers compete with the biggest players. As part of this effort, it launched SchemeServe Network, a scheme-sharing facility allowing any scheme to be shared and replicated with other brokers, managing general agents or insurers.

Third on its list was building the happiness factor – growing its own team in line with customer needs, ticking every broker’s box, guaranteeing every customer is at least ‘95% happy’. It introduced quarterly review meetings with each customer and ensured everyone in the business could see how satisfied each user was in real-time.

Results

SchemeServe enabled brokers to set up schemes in three days, compared with an average of six months among competitors. To date, it has helped 45 brokers access capacity and launch 135 new schemes.

This helped SchemeServe increase its new business significantly in 18 months, against its original target, and grow its user base.

Fundamental change

A customer said: “SchemeServe are fantastic at being able to build new schemes for us is a fraction of the time it would take other software house platforms to do, and also at a fraction of the cost, too. The support tickets we raise are answered and resolved in a matter of hours.”

An underwriter described the migration to SchemeServe as transformational: “I cannot underplay the impact in terms of premium growth, broker, insurer and customer reach. It’s fundamentally changed how we transact business, making us streamlined, nimble, and growing at an unprecedented rate.”

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