A bright idea?
There is always room for fresh products in the market says Richard Sheikh who gives words of advice for any brokers interested in developing a Lloyd's-backed scheme.
Schemes can be of two types - entirely new or the replacement of anexisting arrangement that requires a new home.
With a new arrangement, the broker will usually come up with the idea for
the scheme. This could be an innovation, plugging a gap in the existing
market, or a flow of business through an affinity group. Having thought of
a suitable idea, the broker needs to undertake extensive research and may
need the help of an outside consultant.
It is essential to find out about the work practices
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