Scheme business. No drama.

Find out how we helped this broker with their dream scheme.

Posted on 20th July 2018 Tagged in Schemes Niche & Non-Standard Commercial Lines
Dreamschemes_Drama

Our broker partners provide the service, while we deliver the reassurance needed for customers exposed to niche risks. Better products, satisfied customers.

In terms of appeal, some schemes appear to be almost self-serving: they’re well-established in the marketplace and already recognised by the ideal target customers. One such case is a scheme delivered by our partner brokers, Lloyd & Whyte, to members of the National Operatic and Dramatic Association (NODA). The scheme focuses on individuals staging amateur dramatics, but that doesn’t mean we take it any less seriously.

Every scheme provider says ‘we’ll take on your existing business’. But some providers don’t have the appetite to invest just as much time and energy in ‘limited’ business. At Ageas, if you need us – and if your niche customers need what we can offer – we’ll be here.

"Specialist insurance shouldn’t be a drama -

NODA is a limited membership organisation, serving around 2500 amateur theatre groups and thousands of individual enthusiasts throughout the UK. As books of insurance business go, one might say it’s not an epic performance – but it’s no short interlude either. In its own way then, this is a limited market and – with referrals and backing from the society itself – most members are covered already by the scheme. For us, the appeal is clear: Lloyd and Whyte understand their customers’ needs, and have a ‘can do’ attitude to exploring the risks involved.

– but our hero gets injured in Act 3, are we covered for that?”

Members of NODA stage musicals, operas, plays, concerts and pantomimes in a wide variety of venues ranging from the nation’s leading theatres to tiny village halls, each one of which presents its own group of risks. And as might be expected, the risks also reflect the experience of the individuals involved and the nature of the performances themselves. Understanding that landscape is key when underwriting decisions are to be made.

This leads us to a good example of the support we provide: Lloyd and Whyte wanted to reassure their customers that replica blades and firearms could be used in their productions. Not your everyday request.

Working together however, we made sure that the NODA insurance policy wording reflected this: their customers must simply comply with current legislation and follow any guidelines provided by a prop company. If there’s an injury that involves a replica weapon then, assuming all legislation and guidelines were followed and negligence can be proven, we’ll meet that liability under the relevant section of the policy. And we stay abreast of the relevant legislation, so we’re always best placed to support the broker’s service.

You’re the star. (We’re the underwriter.)

By default, the team that makes referrals to us from prospective NODA customers has a wealth of knowledge to hand – having serviced the needs of so many other NODA members. This is vital: there is more to scheme business than an identified audience and a solid proposition; customers need to be engaged by knowledgeable experts, able to offer more than ‘just a policy’.

Once we’ve established your potential to deliver a sustainable scheme with growth potential, then we’ll get into the ‘nitty gritty’ of scheme operations. How we’ll handle referrals, what the claims process will be, and how we can ensure your customers will get the best from our relationship.

We always encourage a ‘light touch’ operation, delegating authority as much as possible by providing underwriting guides and tools so that scheme brokers can handle day-to-day business. But our most successful scheme brokers are involved in two-way conversations: gleaning insights from customers, constantly taking the opportunity to feed those market insights back to us. As a result, you flourish. And as a result, we grow.

Get in touch with the team that delivers DreamSchemes

Schemes Manager: David Bailey

Email: david.bailey@ageas.co.uk  

Phone: 0345 1685113

Mobile:  07824 508225

The ‘niche’, in niche business, isn’t necessarily the trade or the circumstances. Sometimes it’s an eclectic, specific need that’s shared by a limited number of customers
Find out more about Dream Schemes Read more here

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