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.