Insurance Times published an interview with John Price, SchemeServes COO, on spotting a niche for a Scheme. In that interview, John talked about how its easier to make more money for niche schemes than generic ones. He says:
“In the personal lines space we look at Insurtech Solutions for schemes like pedal cycle insurance”.
“Developing a scheme to serve it. Brokers and insurers working together to better deliver the products that customers want”.
“Typically the bike was insured as part of your household contents and you would tick a box to say ‘Yes I’ve got a pedal cycle up to £1000’, but that wouldn’t cover you if it was left out in the open, for example”.
“Where is that pedal cycle insurance for people who do triathlons? It’s a different type of policy that would include the fact that you’re going to be leaving your bike in the middle of a field for some time. It usually then means that you can charge a higher premium for that more focused product….. But it’s a product that the customer needs as opposed to just general bike insurance that wouldn’t pay out in the scenarios that count”.
See the full article on Insurance Times website, here