How to… move a scheme
▶ Brokers have long regarded schemes as an opportunity to mine a niche for the benefit of their business. However, once they have taken the time to investigate a market, pull together the product and persuade an insurer to work together in a partnership, success does not always follow. Sometimes the broker is to blame and sometimes the insurer. So how do insurers react to being offered a scheme previously underwritten by a competitor? It can be a process which bears fruit but certain pitfalls need to be avoided
They key to any successful scheme is working closely with the broker to understand what is needed to make the partnership profitable for both parties.
The first question any insurer will ask if they are offered a scheme partnership is – why is it moving and why us? Full disclosure here is critical, even if there are issues for which the broker is culpable as any surprises later in the process only serve to undermine a successful transfer.
Certain things, such as poor levels of service from the
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