Schemes
The support you need for the schemes you believe in
While every client is unique, some have ambitions and challenges that simply can't be covered by standard insurance products. Happily, we don't settle for standard.
At Travelers, it’s the stories told to us about clients and the possibilities of what we can achieve together that inspire us. It’s why we created Travelers Schemes – cover that’s broader and smarter, stronger and more flexible – as unique as the individuals it’s designed to serve.
So, whether an insurance scheme is a bright new idea or needs a new lease of life, you'll find us open-minded to its potential, ready to deliver the best possible outcome for clients and businesses.
Seeing schemes in 4D – the Travelers process
While every scheme is different and every client’s needs unique, our process for seeing each one through helps to keep things simple. It also ensures transparency at every stage, from inception to fruition. Here’s how it works:
1. Discovery
This is where we…
- Get up to speed with your scheme, whether it’s a new idea or an existing book
- Understand the opportunity by discussing your scheme proposition – how it meets the needs of the target audience, and its expected performance
- Learn about your wider broker business and how we can support your aims and ambitions
- Establish if this is the right fit for both of us and how our teams can align to work together
- Produce a requirements document based on a clear understanding of your needs
2. Design
At this stage we...
- Work with you to refine the proposition further
- Bring in experts from across our business to design a solution that meets the needs of your scheme’s clients and your business
- Undertake due diligence to deepen and verify our understanding
- Agree on commercial terms in principle, as well as next steps, roles and responsibilities
3. Delivery
Now it’s time to…
- Put our scheme solution into action, with clear milestones geared to your launch requirements and call on our expert teams to support with each aspect of delivery as your scheme goes live
- Agree to the success measures that will underpin our relationship, such as key performance indicators (KPIs) for management information (MI) and service expectations
- Sign contracts to confirm our commercial agreement
4. Development
Then we're ready to…
- Agree on the level of contact and support you need in the first few weeks and months, adapting to ensure expectations are met
- Monitor performance against our agreed KPIs
- Introduce a Scheme Plan, designed to support you with insight, marketing and claims
- Schedule regular reviews to take a detailed look at progress against the Scheme Plan
Travelers advantage: ten reasons brokers choose Travelers Schemes
Choosing the right insurance partner for your scheme is a big decision, with many factors to consider. Here are some of the reasons to make Travelers Schemes your insurance partner of choice:
Work with us and you’ll be given your choice of either a local or central underwriter – your single point of contact – supported by a head office team, empowered to make decisions without escalation. It means you’ll always get an answer and know when it’s coming.
If you have an existing scheme with wording in need of review, we’ll look through it thoroughly to identify any gaps and areas for improvement, giving you confidence that your clients will always benefit from the best possible cover.
Schemes cover is no place for a 'one-size-fits-all' approach. Our service is shaped entirely by broker and policyholder needs, while our specialist knowledge means we can respond to even the most complex or unusual claims. A dedicated Claim Relationship Manager will be there to guide you step by step.
We take MI seriously, collecting and analysing the data you share with us. We review this information at regular meetings with you to understand your scheme's performance and drive it forward.
Focused on establishing and running commercial schemes, we’re available when you need us. Alongside regular review meetings, we’ll come to understand your needs, answer your questions and open doors to our key decision makers.
With multi-year planning and ongoing investment in your scheme’s growth, we’re with you all the way. Offering profit share, over and above paid commission, is further evidence of our commitment to the longer-term success of all parties.
We'll always be open to accommodating third party administrators over the insurance lifecycle and will remain respectful of your existing relationships. If need be, we can also recommend our own, rapidly building an ecosystem of specialists from scratch when required.
Backed by the second largest carrier in the U.S., and with an ‘AA’ rating, our foundations are strong. That means no concerns about our longevity. When it comes to supporting your clients and your business, we’re here to stay.
Fundamental to any scheme’s success, we build our risk management approach to suit your world. We are true collaborators, listening to your needs and those of your clients, getting to know all involved and building an understanding of how to best tailor our support.
Many come to us because we see the scale in their schemes. Part of that means putting tools at your disposal to promote your schemes to a wider audience – with expert marketing support that unleashes your scheme’s full potential.
Like to speak to us about your scheme?
One of our experts can call you back to evaluate your needs.
Your guide to our appetite for risk
Travelers Schemes has a broad appetite for risk and welcomes both new and existing opportunities. If you’re selecting an insurance partner for your next scheme, the first step is determining whether our ambitions match. To help you decide, we’ve included some areas to reference.
We are especially interested in schemes that cover the following:
- Art galleries
- Charities
- Electrical and electronics manufacturing
- IT and medical technology
- Membership associations and affinity groups
- Motor trade
- Museums
- Musical instruments
- Offices and surgeries
- Professions (e.g., solicitors, IT consultants)
- Transportation (e.g., tractors, model railways and boats)
- Warehouse and retail
We’re open-minded to schemes with the following characteristics:
- Typical expected gross written premium of £1 million to £5 million; we may consider slightly smaller schemes with clear growth trajectory
- Either new start-ups (with evidenced potential for growth) or existing books (with a demonstrable track record)
- A sound reputation, with a small number of insurers in their history
- Property owners with a high proportion of commercial properties in the mix
- No or limited exposure to high hazard risks
- UK-based (although selected European opportunities will be considered)
- A risk profile with minimal exposure to high severity losses
Who we work with
For SMEs
Travelers is big on SME, bringing expertise, support and flexibility to help them move confidently forward.
For global reach
Due to the breadth of our coverage options, we can easily adapt to our clients’ international insurance needs as their businesses grow and risks evolve.
Insights & industry knowledge
Articles to help your ambition succeed
Small and Medium-Sized Enterprises (SME) Resources
Craft a Winning Schemes Pitch
There are significant opportunities in schemes right now, for broker and insurer alike.
Small and Medium-Sized Enterprises (SME) Resources
At Travelers, Schemes Success Comes Down to Four D’s
Before entering into any long-term commitment, it’s important to understand your partner. That’s the spirit driving the schemes business at Travelers and how the company works with brokers and MGAs to develop new schemes propositions together.
Small and Medium-Sized Enterprises (SME) Resources
Seeing Schemes in 4D. The Travelers Process
Niche businesses – and some niche interests – call for specialised insurance cover.
