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BGP Insurance Services

Marketing your new insurance scheme

Insurance is a highly competitive market. To make successful and effective headway in such a market, it is necessary to be able to differentiate the particular services and skills you may have to offer from many other similar offerings. To a great extent, that means finding, developing and marketing your own niche in the wider insurance market. That may be all very well in theory, but how might you find your own niche or niches in particular? Here are some of the main suggestions and tips

Methods

Conventionally, there are two basic models on which to base your marketing of a new insurance scheme:

You might build one upon your existing book of business;

In order to add value – the whole point of an insurance scheme – you need to develop those features for which you have identified a demand within the targeted customer niche;

An alternative approach is to start completely afresh, with a completely new scheme offering needs you have identified amongst potential new customers in order to offer a product which is not currently or readily available in the market.

Marketing modelled on either method of course relies on your access to as much information and data on customer needs and requirements as you are able to assemble and analyse, in order to respond to market demands at the ever-increasing pace of developments in a fast-changing insurance world.

Either method, in other words, is likely to demand your substantial investment in responsive and efficient operating systems on which your marketing campaign may be based.


A third way

Marketing your new insurance scheme as an Appointed Representative of ours at Bennet Gould & Partners offer a third, practically ready-made solution – at no cost to your independent insurance brokerage.

Retaining your own client base, this is a solution which gives you immediate access to our own bespoke insurance scheme and the underwriting services of our in-house underwriting agency, Bennett Gould Underwriting (BGU).

Technology is critically important and your marketing efforts are likely to be immediately transformed by the access we give to all the data management tools you may need, up to the minute online media and fast and responsive trading platforms, including e-trading capabilities.

These are the marketing tools which you are likely to be very hard pressed to purchase, install and commission from your own budget – but they become immediately available to you as an Appointed Representative.



FCA compliance

A further reason for launching your new insurance scheme as an Appointed Representative of Bennett Gould & Partners is the full and comprehensive support we offer in maintaining your compliance with FCA rules and regulations.

We obtain the necessary authorisation from the FCA on your behalf, help to ensure the completion of that application in as smooth and as fast a manner as possible and meet the costs of both the fees and the professional indemnity insurance which is essential to your authorisation as an insurance broker.



Marketing your new insurance scheme

Marketing your new insurance scheme requires a thorough understanding of the bases on which the scheme was set up in the first place. Although there are many different kinds of scheme, they share a common need to be tailored to customers with a common need – the scheme offers a way of targeting a particular group or niche of customers with a specific insurance product which is unlikely to be currently on the market.

As the broker intent on marketing any new insurance scheme, therefore, you need to identify, assess and thoroughly understand your targeted market and the needs of the customers it comprises. This, in turn, means being able to identify an underwriter capable of underwriting the risks covered in your scheme and, in so doing, providing you with the capability of building a marketable product.

Methods

Conventionally, there are two basic models on which to base your marketing of a new insurance scheme:

You might build one upon your existing book of business;

In order to add value – the whole point of an insurance scheme – you need to develop those features for which you have identified a demand within the targeted customer niche;

An alternative approach is to start completely afresh, with a completely new scheme offering needs you have identified amongst potential new customers in order to offer a product which is not currently or readily available in the market.

Marketing modelled on either method of course relies on your access to as much information and data on customer needs and requirements as you are able to assemble and analyse, in order to respond to market demands at the ever-increasing pace of developments in a fast-changing insurance world.

Either method, in other words, is likely to demand your substantial investment in responsive and efficient operating systems on which your marketing campaign may be based.

A third way

Marketing your new insurance scheme as an Appointed Representative of ours at Bennet Gould & Partners offer a third, practically ready-made solution – at no cost to your independent insurance brokerage.

Retaining your own client base, this is a solution which gives you immediate access to our own bespoke insurance scheme and the underwriting services of our in-house underwriting agency, Bennett Gould Underwriting (BGU).

Technology is critically important and your marketing efforts are likely to be immediately transformed by the access we give to all the data management tools you may need, up to the minute online media and fast and responsive trading platforms, including e-trading capabilities.

These are the marketing tools which you are likely to be very hard pressed to purchase, install and commission from your own budget – but they become immediately available to you as an Appointed Representative.


FCA compliance

A further reason for launching your new insurance scheme as an Appointed Representative of Bennett Gould & Partners is the full and comprehensive support we offer in maintaining your compliance with FCA rules and regulations.

We obtain the necessary authorisation from the FCA on your behalf, help to ensure the completion of that application in as smooth and as fast a manner as possible and meet the costs of both the fees and the professional indemnity insurance which is essential to your authorisation as an insurance broker.





Marketing your new insurance scheme

Marketing your new insurance scheme requires a thorough understanding of the bases on which the scheme was set up in the first place. Although there are many different kinds of scheme, they share a common need to be tailored to customers with a common need – the scheme offers a way of targeting a particular group or niche of customers with a specific insurance product which is unlikely to be currently on the market.

As the broker intent on marketing any new insurance scheme, therefore, you need to identify, assess and thoroughly understand your targeted market and the needs of the customers it comprises. This, in turn, means being able to identify an underwriter capable of underwriting the risks covered in your scheme and, in so doing, providing you with the capability of building a marketable product.

Methods

Conventionally, there are two basic models on which to base your marketing of a new insurance scheme:

You might build one upon your existing book of business;

In order to add value – the whole point of an insurance scheme – you need to develop those features for which you have identified a demand within the targeted customer niche;

An alternative approach is to start completely afresh, with a completely new scheme offering needs you have identified amongst potential new customers in order to offer a product which is not currently or readily available in the market.

Marketing modelled on either method of course relies on your access to as much information and data on customer needs and requirements as you are able to assemble and analyse, in order to respond to market demands at the ever-increasing pace of developments in a fast-changing insurance world.

Either method, in other words, is likely to demand your substantial investment in responsive and efficient operating systems on which your marketing campaign may be based.

A third way

Marketing your new insurance scheme as an Appointed Representative of ours at Bennet Gould & Partners offer a third, practically ready-made solution – at no cost to your independent insurance brokerage.

Retaining your own client base, this is a solution which gives you immediate access to our own bespoke insurance scheme and the underwriting services of our in-house underwriting agency, Bennett Gould Underwriting (BGU).

Technology is critically important and your marketing efforts are likely to be immediately transformed by the access we give to all the data management tools you may need, up to the minute online media and fast and responsive trading platforms, including e-trading capabilities.

These are the marketing tools which you are likely to be very hard pressed to purchase, install and commission from your own budget – but they become immediately available to you as an Appointed Representative.



FCA compliance

A further reason for launching your new insurance scheme as an Appointed Representative of Bennett Gould & Partners is the full and comprehensive support we offer in maintaining your compliance with FCA rules and regulations.

We obtain the necessary authorisation from the FCA on your behalf, help to ensure the completion of that application in as smooth and as fast a manner as possible and meet the costs of both the fees and the professional indemnity insurance which is essential to your authorisation as an insurance broker.

 

© Bennett Gould & Partners Ltd 2016


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© Bennett Gould & Partners Ltd 2016


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BGP is a trading name of Bennett Gould & Partners Ltd., Registered in England No 1058351 at 18D Ley Court, Barnett Way, Barnwood, Gloucester GL4 3RT, and are authorised & regulated by the Financial Conduct Authority (FCA). Our FCA register number is 306850 and you can check this on the FCA’s register by visiting the FCA’s website www.fsa.gov.uk/register/home.do or by contacting the FCA on 0800 111 6768.