Schemes are becoming more popular in the broking sector and in Networking News we wanted to put the spotlight on our Members who have found a niche and set up a scheme.
For this month’s scheme, we’ve been speaking to Andy McDonald, Head of Product and Underwriting, at classic car specialist insurance broker Norton Insurance, who introduced the Multi Car Insurance Services (MCIS) scheme in April 2018.
What made you want to channel into schemes?
We recognised a gap in the market for a classic / specialist vehicle specific multicar scheme as we knew that brokers were struggling to place that type of business. We wanted to create a scheme specifically for Broker Network that would answer that need.
Tell us about your multi car insurance services scheme. What made you want to set it up?
MCIS is designed to incorporate specialist vehicles of all kinds into one policy alongside customers’ everyday personal vehicles. It’s the best of both worlds – specialist cover for classics together with competitive private car rates. We see it as simplifying the car insurance landscape and reducing the admin burden for customers and brokers alike.
We offer discounts depending on the number of cars and drivers, which isn’t something you typically see from other multicar schemes, because we recognised that not all the cars a customer owns are being driven at any one time.
The scheme is flexible, so cover can be incepted on one vehicle and then subsequent vehicles can be added on a pro-rata basis. Once all vehicles are added into the scheme, it is one policy for all vehicles, meaning there’s a single renewal date. The underwriting is bespoke to the customer’s needs, depending on the vehicles they have, and a wide range are accepted, meaning we have real flexibility in what can be covered.
What services have you tapped into at the Network?
Connecting with the Broker Network BDMs has been great for us. All the BDMs have had scheme training on MCIS, and the Placement Support team also aware of the scheme.
The 2018 National Conference was a definite highlight – we had a number of positive face-to-face conversations with Broker Network Members about the scheme and the benefits it can bring. We can supply something valuable to the Network’s Members, and the Conference was an excellent opportunity to build relationships.
What advice would you give to another member wanting to set up a scheme?
Find a niche where there’s a clear gap in the market for a particular product. And, obviously, talk to Broker Network who can give you helpful information on the market.
What has been the impact on your business in using and promoting schemes?
We’ve wanted to provide services to brokers for some time and this scheme has given us the opportunity to do it. We’ve had great feedback so far and are enjoying building a strong B2B approach for the scheme and helping to solve brokers’ challenges.
Why should members choose your multi car insurance services scheme?
We’re an experienced specialist vehicle underwriter with a wealth of knowledge – by using us, Members can benefit from this, as well as access to improved rates.
There are significant discounts available for their customers of up to 25%, calculated on a ratio of drivers to vehicles, and we offer free agreed value which gives peace of mind in the
event of a claim.
Our product allows brokers who are primarily commercial to offer a complete solution to their customers, meaning they can hold their whole insurance portfolio.
By adding a personal lines element to what they already offer, Members strengthen their relationships with these customers.
How do I become a Broker Network Member?
To find out more about the benefits of becoming a Broker Network Member, please get in touch by emailing email@example.com or calling 0344 346 0946.