There are many opportunities for brokers in niche ‘cottage industry’ businesses
Niche markets are as numerous as they are diverse. We are even seeing a growth in what once might have been termed ‘cottage industries’ looking for insurance that responds to their exacting expectations of service and value.
These emerging businesses offer brokers potential to develop bespoke insurance solutions, but working with the right insurer partner is crucial.
Specialised covers, clauses and policy limits must all reflect the reality of the business. The underwriting needs to manage and protect the unique risks involved, the claims proposition should cater for the precise circumstances that are likely to arise, and the risk management and business continuity elements that are so often the door-openers should be tailored to the challenges of the market.
Niche business offers enormous scope for brokers. Rigorous attention to the specifics of each insurer’s offering will pay dividends.
Allison Andrews is head of commercial distribution at Groupama Insurances