The five things to consider when choosing where to place your schemes business
11 March 2020
Partnerships are key to the successful growth and development of any scheme. Corporate schemes development underwriter Will Browne, gives you the low down on picking the perfect partner to develop and grow your schemes business.
A match made in heaven?
Partnerships are key to the successful growth and development of any scheme. So how do you make sure that you are getting the most from these relationships? Ecclesiastical’s corporate schemes development underwriter Will Browne, gives you the low down on picking the perfect partner to develop and grow your schemes business.
Do your company values match up?
Clichéd as it sounds, working with an insurer that has the same company ethos as your business can really improve your chances of success. Long-lasting sustainable relationships where everyone is moving towards the same goal make tackling challenges far simpler and lead to interesting and bountiful opportunities.
Are you looking for long-term success, or a quick business boost?
Choosing an insurer that shares your vision from the offset is crucial, as you’ll already be aligned to the same way of thinking. So make sure you take this in to account when choosing your insurer.
Expertise and flexibility
Not every insurer has the flexibility or appetite to deliver a bespoke product, and this could be a fundamental differentiator in a competitive market. It’s important to find an insurer that recognises your own expertise and can make the most of this when building your proposition.
Look for insurers that put their trust in you as the broker and will work with you to continually develop and tweak your proposition so that your scheme achieves long-term success. A desire to be involved shows a commitment to your business and making it a success, so make the most of the experience and support on offer from your insurer.
Access to key decision makers
Is there anything more frustrating than not being able to talk to the decision makers? This has always been one of my personal grievances in business.
Communication is key and that means having access to those who can make decisions as well as your relationship manager. Get to know the wider team. Doing so will give you more stability in the long term and your relationship with the insurer will continue to be strong, even if an important contact leaves that business.
Enthusiasm and passion
Look for a provider that shows passion and enthusiasm to work with you.
I am often lightly jibed about how over enthusiastic I can be and the phrase ‘excitable puppy’ has been used before now (when you’re six foot seven that can actually be quite a scary thought!) Yet I cannot express enough how important it is to work with an insurer who shares the same passion and drive for the success of your business as you do.
More often than not, your clients will be part of a specialist sector whose insurance needs aren’t best served by a standard insurance policy. So you want to ensure you are working with someone who looks for a way to say ‘yes’ not a reason to say ‘no’. In my experience, passionate people will always look for a way to get things done.
Common sense perhaps, but incredibly important. Knowing that you can secure longevity for your clients is more important than ever. The most important thing to your customers is the confidence that claims will be paid and handled well.
Look for a financial strength rating from a credit rating agency. This is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. These ratings are based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance and business profile.
Some of the above may seem obvious, but sometimes we all need a reminder to think about why we are entering in to a partnership. After all, it’s about making the best decision for your business and your clients.