New RSA schemes proposition helping brokers to develop specialist opportunities

RSA-insurance-schemes-proposition

Authored by RSA

Insurance schemes are an attractive growth opportunity – particularly in areas of untapped or under-exploited potential. A bespoke insurance product for a niche or specialism can give brokers a unique selling point, and enable them to target a gap in the market to diversify their business or create a new revenue stream.

Insurance brokers have in-depth knowledge of the niches in whihc they trade, but schemes are rarely a quick win: they take time to implement, establish and grow. Experience has shown us that insurance schemes need to be nurtured over the long term to build awareness and interest. And it’s vital to continually review the performance of business being written and fine-tune the proposition to deliver even better outcomes for brkers and their customers.

That’s why successful schemes start with partnering with the right insurer – one that shares a brokers appetite and ambition to underwrite the risks that a broker is proposing and puts the customer front and centre. One that will help you develop a compelling, well-supported scheme, and share responsibility fairly to create a thriving, profitable business over the long term.

At RSA, we’re enthusiastic about collaborating with like-minded, progressive insurance brokers and complementing one another’s expertise so we can grow our respective businesses through a meaningful and mutually rewarding partnership.

RSA Schemes – Property and Liability – At a glance:

Differentiators

  • Market-leading claims service
  • Risk management bursaries
  • Risk management consultants with specialist flood knowledge, ability to build strong claim defensibility provisions and reduce or eliminate workplace risks
  • Vendors’ liability
  • Clean-up costs
  • No contractual liability exclusion
  • Crisis Management cover
  • Bespoke propositions and tailored wordings
  • Long-term commitment/deals
  • Unique in-house loss adjusting service
  • Express Handling commitment for claims below £5,000 (processed within 24 hours or same day if received before midday)

Risk sweet spots

  • Medium sized commercial risks
  • GWP > £250k pa or a defined, achievable plan to grow to this size
  • Low/medium hazard risks characterised by frequency of losses rather than significant exposure to high severity
  • Limited or no exposure to listed buildings • Solus arrangements • UK based businesses • A customer group with clear common characteristics and needs, including a specific trade
  • Provide high quality MI that allows RSA to generate portfolio insight to feed back to the partner
  • Add value to risk selection and risk management
  • Awareness of the increasing significance of conduct risk and values the support RSA can offer in this space
  • A proven track record of delivering incremental underwriting action to maintain financial performance

Industry expertise

Examples of emerging/growing segments of the economy of interest to RSA:

  • Boutique gin distilleries
  • Micro-breweries
  • Small horticultural nurseries
  • Artisan bakeries
  • Small clothing outlets
  • Costume jewellers
  • Shared workspaces
  • Small heritage museums

Value-added services

  • Property/Casualty risk management consultation or post loss consultation
  • Telephone consultation
  • Geographical risk profiling
  • Joint Code of Practice fire advice
  • Bespoke Health & Safety face-to-face training
  • Health & Safety online training
  • Bespoke property training/webinars/learning labs
  • IOSH Managing Safety training
  • Vacant property services
  • Slip Testing
  • RSAred Risk Analytics Dashboard
  • Flood risk assessments
  • Crime/security surveys
  • Business & Property Protection Portal

If you are an insurance broker and would like to get in touch with RSA to discuss their insurance schemes capability CLICK HERE, leave a message and youTalk-insurance will pass your enquiry on 

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