Top 5 tips for scheme pitch success
You’re the expert in your field and you’ve identified the opportunity to create a new revenue stream with a bespoke product solution. You’re confident that a scheme will take your business to the next level, but you know you need the support of a trusted partner to help you develop, launch and grow your idea.
The question is; how do you successfully pitch your niche scheme idea to your potential new insurance partner? What are they looking for? Aviva have successfully helped to bring over 300 schemes to market, across commercial and personal lines schemes, and have some advice on brokers looking to pitch a scheme.
Show your understanding
First and foremost, you must show that you understand your target market. At Aviva, we look for scheme partners who are experts in their field. You’ll be expected to provide insight into the size and scope of the market, customer profiles, current and future growth trends, the competition, any macro and/or micro-economic influences, the need for your product and how the customer journey will look. Make us experts too. If you’re pitching an existing scheme, we’d also look for at least 3 years of past performance.
Demonstrate your capability
While an insurer will collaborate with you to develop, implement and grow your scheme, it’s your responsibility to manage the product on a day-to-day basis. Insurers will be looking for brokers to evidence their capability to manage their delegated scheme. Consider how you will manage:
- Risk and Governance processes
- Underwriting/pricing processes
- Bordereau process
- Resources – Who will be responsible for the scheme? Consider deadlines during the implementation phase and then the subsequent ongoing management.
Spend time on your business and marketing plan
Sometimes, the business and marketing plan can be overlooked. Too often, emphasis is placed on the product and internal processes, with little consideration to how the scheme will be successful. While Aviva have a marketing consultancy team that support our scheme partners, there must be a solid foundation to build upon. So, what should your plan include?
- Objectives – What’s the bigger picture? What are the goals for the next 3 years. Make sure your objectives are specific, measurable, achievable, realistic and timed (SMART)
- Tactics – What will you do to achieve your goals? This can cover advertising, PR, trade press, events, digital marketing and so on.
- Implementation – What’s the detailed timeline for your marketing activity for the first 12 months?
- Budget – How much budget will you allocate to marketing your new scheme
What’s the distribution?
Aviva like to see how the product will be distributed. Will it be Solus, Wholesale or Panel? Does the scheme open up new opportunities for business that Aviva doesn’t write in open-market? Will it open up new distribution channels to customers who are part of Niche/Affinity groups? Remember, a scheme is a mutually-beneficial partnership. The insurer needs to see some benefit too.
This doesn’t mean you have be an A-rated presenter with their own laser pointer. The best partners are those that are confident in their ability to manage the scheme and have the hunger to make it work. Show you have the ability and desire to collaborate with us to build your scheme, hitting deadlines and openly sharing knowledge.
Start your scheme journey with Aviva
Aviva have a wide-ranging appetite for commercial and personal lines schemes. Whether it’s a new idea or you’re looking to move an existing one, our dedicated schemes team is here to support you. If you’re the expert in your field and your scheme is truly niche, we have the expertise and know-how to develop and grow your tailored solution.
Simply head over to the schemes section on Aviva Broker today, download our enquiry form and one of our schemes team will get back to you to discuss your proposal within 48 hours.