What Sits Behind A Strong Schemes Offering?

“Then there are factors in terms of your partner’s underwriting capability,” he said. “Are they experts in their particular field? How long have they been doing it? Have they got the specialist wordings catering for that particular trade type or affinity group?

“In terms of what we’re looking for in a standout scheme, it is that expertise, that experience in the marketplace. Ideally but not essentially, it would have a proven track record, and it would have a clear proposition and also delivery mechanisms and distribution. Because we’re looking for a proposition that complements, not conflicts with, what we’re doing in the distribution world.”

Adding to this, Forster highlighted that when Travelers recruits underwriters, they go through a strict vetting process. And so, the business adopts a similar approach to schemes opportunities, as the scheme will effectively be underwriting on behalf of the brand. What sets the Travelers’ schemes proposition apart is the expertise and experience of its team, he said, as well as its very thorough underwriting approach.

“We’re very thorough and upfront,” Forster said. “We like to challenge the schemeholders in terms of the wordings, the data, and the capability, and seek to add value in that way. We’ve got three recent examples where we’ve looked at the wordings and they’ve really appreciated what we've identified – not just in terms of the clarity of the wording but also the meaning and intent of the cover. And post-COVID, it’s apparent that this is one of our core strengths.”

Read now: Explore what differentiates a successful schemes proposition

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