Richard is responsible for the management and development of the Schemes account across all our commercial products – so we decided to have a quick catch up with him to see how he’s getting on and what his plans are for the rest of 2015.
- Tell us a little about your role?
The Product Underwriting Manager – Schemes role is a new role within the Commercial Head Office Underwriting area. My role is to essentially to assist the Branches in the management of existing schemes and negotiation of new scheme opportunities. I see the job as an opportunity to strengthen our already high profile name in the schemes market and providing some expertise to the branches.
- What have you been up to in your short time with LV=?
I have been learning the ropes, meeting the various Branch Managers and getting a broad idea of the schemes business we already have in the Commercial area. I have been involved in a couple of broker meetings and this has been well received by my colleagues.
- What is the scheme business like in the market at the moment?
Like any part of the Commercial SME market, the schemes arena is pretty tough. However, with high profile Merger and Acquisition activity along with tightening in corporate conduct of the MGA market there is huge opportunity for a business with a strong brand like LV.
- Why are schemes important to brokers and their business?
Schemes allow brokers to:
- Write large amounts of business with a small individual premium, which may not be cost effective if placed open market.
- Have ownership of underwriting.
- Write business outside of what may be available in the open market.
- Increase earnings
- What would a broker need to do if they were interested in a scheme opportunities?
The key to putting a good scheme together is knowing the subject inside out. We would expect the broker to:
- Have expert knowledge of the trade.
- Be able to provide historic premium and claims information.
- Provide first class MI monthly.
- Be able to effectively get the business to market.
To find out more about scheme opportunities please contact your local branch.
Categories: Commercial Lines