What Makes a Scheme Implementation Successful?
David Bailey, Schemes Development Manager at Travelers Europe, explains the framework Travelers uses to set insurance schemes on track for success.
For some businesses, standard insurance offerings aren’t sufficient. Their unique risks require cover that a scheme can better fulfil. Our Travelers Schemes business focuses on providing specialised insurance options to these niche businesses. But finding the right fit is crucial, and careful scheme management is needed to ensure the broker partner and insurer share the right ingredients for success.
That’s why we created a 4D Process for scheme implementation. We’re putting this process to the test right now at Travelers as we expand our footprint for delegated authority. The process ensures we make ideal schemes matches – ones that help us harness our underwriting expertise and collaborate with brokers to deliver profitable growth.
Inside the 4D Process
Here are the four D’s that guide every successful scheme implementation at Travelers:
Discovery: We assess the proposition and ask questions. Is it a mutual fit? What are the customers’ needs? How successful has performance been historically? What does success mean for both partners? Having ample data available at this stage leads to a more successful scheme journey.
Design: We refine the proposition to deepen our understanding. This includes identifying in-house experts to help design the scheme and collaborate with the broker partner through the implementation stage.
Delivery: We activate the scheme, with clear milestones geared to launch requirements. Our experts support the scheme as it goes live. We agree the success measures and sign contracts to confirm the partnership.
Development: We set a structure for ongoing review and collaboration so the scheme experiences continuous profitable growth.
In our experience, the design and delivery stages are especially important to understanding the best path to success. Delegated schemes may cover a complex mix of products. At Travelers, we have both single-product schemes and others with 17 products and counting. Quality collaboration through the design and delivery stages is needed to ensure we create the best roadmap based on the nuances of each business. While technical risk acceptance and management are critical, the overwhelming requirement for any successful scheme is the ability of the insurer and broker to work well together.
What the best partnerships look like
Collaboration drives a scheme’s success on multiple levels. Engaged, involved stakeholders create efficiencies, enabling agile decision-making and reducing lead times.
Scheme implementation is detailed and complex. It requires operational, technical and regulatory considerations that impact such widely ranging areas as documentation, system development, underwriting guides, claims handling, and referral management. Regular joint project meetings are enablers and it’s critical to remember that it’s a joint venture, leading to success for both businesses.
As well as supporting and maximising our existing partnerships, our goal at Travelers is to grow in the delegated authority space through quality partnerships, so we are constantly assessing new opportunities. We have worked on two implementations in the last 6 months and the door is certainly open for more…
The information provided is for general informational purposes only. It does not, and it is not intended to, provide legal, technical, or other professional advice, nor does it amend, or otherwise affect, the provisions or coverages of any insurance policy issued by Travelers. Travelers does not warrant that adherence to, or compliance with, any recommendations, best practices, checklists, or guidelines will result in a particular outcome. Furthermore, laws, regulations, standards, guidance and codes may change from time to time, and you should always refer to the most current requirements and take specific advice when dealing with specific situations. In no event will Travelers be liable in tort, contract or otherwise to anyone who has access to or uses this information.
Travelers operates through several underwriting entities in the UK and Europe. Please consult your policy.
