Customer demand will drive brokers to become more innovative in 2015, working with insurers to design specialist schemes and products for new and emerging risks.
Managing general agency (MGA) UK General’s schemes managing director Karen Beales said brokers’ ability to identify and sell to niche customers was a key.
“Brokers have seen the opportunity in schemes and are looking for genuine delegated authority with products that are truly tailored to buyers,” she says.
“We have been impressed with the level of innovation brokers are bringing to their schemes ideas.
“And this includes brokers who are stepping into the specialist and niche schemes arena for the first time.”
About 95% of brokers have seen schemes growth in the past five years, according to research by the MGA, with 64% saying they were adapting business models to becoming more geared towards schemes business.
One-fifth of the 200 brokers surveyed said that they are generating in excess of 60% of gross written premium through such schemes.