UK General offers £100,000 to grow brokers’ ideas
Insurer UK General is launching a Dragons’ Den style event at Biba that will give brokers up to £100,000 to get new schemes off the ground.
The specialist underwriter wants brokers to propose innovative personal lines schemes by 25 April and be prepared to pitch them to a panel at the Biba conference in Manchester next month.
The panel will include multi-millionaire and former Dragons’ Den panellist Richard Farleigh, UK General chief executive Peter Hubbard, schemes managing director Karen Beales and co-founder and director of Thistle Initiatives James Dingwall.
Winning brokers will share £100,000 to invest in launching or building their scheme, or on resources that would otherwise be a significant cost to the broker, such as IT, web development and compliance support.
The initiative, dubbed The Schemes Seat, is open to UK brokers with schemes opportunities promising a minimum gross written premium of £150,000.
They could be new or existing schemes where the investment would be used to grow the business or new product ideas where a market need has been identified.
Beales said: “We’re convinced there are brokers out there with great schemes ideas but who need the support of a specialist and niche schemes insurer in order to bring the scheme to life and provide the necessary financial support to make it viable.”
To apply, brokers need to send a 150 word outline statement and 1,000 word business plan to UK General.
The ten brokers shortlisted for the The Schemes Seat sessions at Biba will be announced on 2 May.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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