What is a scheme?
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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, it is clear that the schemes market is growing and is expected to continue on 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 now?
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Due to a combination of social and economic factors, there has never been a better time to develop a scheme.

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Economic downturn

Customers driving value and satisfaction

Demand for differentiation (vs. commoditisation)

  • 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.
  • 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.
  • 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
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Hiscox has committed to build a reputation for specialist insurance that is honest, easy and worry-free.

We have had a presence in the UK schemes market since 2010, our mission is to create a new standard in customer expectation through consistent and creative scheme delivery.

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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 a key component of the Hiscox UK growth plan for 2025 and currently the fastest-growing area of the business.

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.

The Hiscox Schemes Team
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Over the last 10 years our dedicated schemes team has continually evolved. We have created a strong team with expertise across all disciplines and aligned our schemes underwriters to the specific industry sectors we serve across Consumer Passions & Collectables, Professions, Sports, Media & Leisure & Entertainment, Contractors, Property Specialist Retail, Real Estate and Medical Malpractice.

The Hiscox Schemes teams hierarchy

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