Hiscox Schemes
We take the time to understand your business. Working with you and with key customer insight to craft a bespoke offering for your clients.
What is a scheme?
There is no universal definition of a scheme, but the crucial component shared by every scheme is that it is a bespoke proposition designed for a distinct and scalable customer group.
A scheme differs from a traditional insurer-broker partnership in that it is broker-led and builds on key customer insight. It is, by working in partnership, that the insurer and broker develop their clear vision into a bespoke offering.
However you define it, the schemes market is growing and is expected to continue its upward trajectory in the years ahead. Schemes is an integral part of the UK insurance market and represents a huge opportunity for growth for UK brokers.
Why Schemes?
Economic downturn
The economy is facing a downturn precipitated by Brexit and the Covid-19 pandemic. Big names in retail have succumbed to competition from online retailers. We see opportunities in a changing environment - 2020 saw a 12%* increase in start-ups and diversification by businesses to stay relevant.
Customers driving value and satisfaction
Significant rate increases are being implemented across the entire industry. This can lead to more queries from customers on pricing and the increase in administration that comes with that. A digital scheme can drive these values and a greater customer experience flexible to their needs.
Demand for differentiation (vs. commoditisation)
Customers today are far more astute when buying insurance products. They expect a product or solution tailored to meet their specific needs. Being a specialist helps customer retention and allows you to understand a specific sector, so you can add real value to your customers.
Why Hiscox?
40+ strong team across all elements of scheme delivery – sales, account management, underwriting, research and development, operational efficiency, conduct and compliance, delegated authority management, digital delivery and marketing.
We are extremely proud of the exceptional claims service we provide – we have consistently achieved a +77 Net Promotor Score across 2024, which means our customers are highly likely to recommend us.
We want to be the best, not the biggest scheme-provider in UK schemes market. We are committed to raising the bar when it comes to broker expectations.
How we've set ourselves up
Alex Hughes
8 underwriters, 39 schemes
- High net worth, art & Collections
- Charities & not for profit
- Specialist Retail
- Trades, construction & engineering
Guy Cologne-Brookes
7 underwriters, 21 schemes
- Consultancy & professional services
- Technology
- Training & tutors
Matt Funnell
7 underwriters, 19 schemes
- Events & event organisers
- Marketing, media & creative
- Sports & leisure
Di Lewis
4 underwriters, 16 schemes
- Health, beauty & wellbeing
Michael Dear
2 underwriters, 5 schemes
- Property owners & management
Tools and useful information
Webinar - Supercharging Schemes
Case Study - Pedalling Success: The Hiscox / Bikmo Partnership
The Challenge:
In 2014, the cycle insurance market presented a unique opportunity for innovation. Bikmo, a start-up driven by a passion for cycling, identified a critical gap in the market: cyclists needed insurance tailored to their needs, including cover that valued both their prized possessions and lifestyle. The challenge was to create a market-leading product that addressed this unmet demand while delivering exceptional customer experiences.
The Partnership:
Hiscox saw an opportunity to go beyond simply providing insurance, instead creating a bespoke solution that resonated with cyclists’ specific requirements. Leveraging deep customer insights and cycling expertise, Bikmo collaborated with Hiscox’s specialist underwriting teams to develop a scheme that was not only functional but truly resonated with the cycling community. Over time, our partnership has evolved to deliver products that respond directly to market needs with products like CLIK and CLIK+ that address the demand for flexible, theft-focused coverage. Building on this success, in 2024, we partnered with Bikmo to design and launch a bespoke insurance product specifically tailored to Cycling UK members, showcasing our continued commitment to innovation and customer-centric solutions.
Measurable Success:
Our partnership has delivered impressive results:
- CLIK and CLIK+ have constituted 15% of Bikmo’s new business sales.
- Bikmo’s Gross Written Premium (GWP) has grown by 334% since 2018.
- Hiscox’s schemes division has grown by 16% over three years.
The Hiscox Difference:
At Hiscox, we don’t just provide insurance, we build lasting partnerships. We want to maximise our broker relationships, providing insurance expertise and product development capabilities while leveraging brokers’ customer insights and market connections to achieve mutual growth in our target sectors.
Our dedicated schemes team of over 40 professionals works closely with clients like Bikmo to developed specialised solutions. As David George, Bikmo’s CEO, notes: “Hiscox is very willing to listen to cycling research and expertise at Bikmo. There’s real trust in our domain-specific knowledge.”
The strength and impact of this partnership is best illustrated through customer stories. Bikmo’s personalised services shines in testimonials like that of Damian Barczyk, whose stolen bike was replaced through the tailored claims process:
BIKMO Insurance – Absolutely Brilliant!
“I’ve been insured with BIKMO for four years, and when my bike was recently stolen, they went above and beyond. I genuinely thought I’d only get a fraction of my bike’s worth because it was used, but to my delight, BIKMO checked the current price and provided enough for a brand-new replacement. Tom, who handled my claim, was incredibly helpful and professional every step of the way. I’ve already recommended BIKMO to all my friends – this team truly knows how to look after its customers. Five stars all the way!” – Damian Barczyk, Bikmo customer.
Looking Forward:
At Hiscox, we’re committed to helping our customers protect what matters most to them. Every new scheme is an opportunity to use our tailored practical solutions to meet the needs of our customers. We continue to support our customers’ passions by demonstrating our insurance expertise and innovative approaches. Whatever comes next, we’re excited to be part of it.
“The relationship we have with Bikmo is the embodiment of what any insurer should strive for to build a successful scheme. It’s a true partnership that capitalises on the skills, experience and genuine passion from both parties to drive fantastic customer outcomes and impressive growth. The customer is at the heart of every decision Bikmo make which entirely aligns with our core values at Hiscox. I’m really excited about the coming year; supporting some big changes that will not only benefit the end customer but elevate Bikmo and the scheme further in an extremely competitive market.” Lauren Holloway, Schemes Account Manager at Hiscox.
