Superquote Glossary and Terms: Schemes

A scheme is an set of insurance rates offered by an insurer.  An underwriter uses data from ana ctuary to design a scheme and often they have very specific market niches in mind.

For example, an underwriter may spot an opportunity to create a scheme for liability insurance for a specific trade, for example builders.  They may create a scheme as tightly targetted as they want and the scheme will consist of rates, eligibility and policy terms and conditions (such as policy excess).

Once the scheme has been created, the insurer must distribute it.  They may do this directly if they opearte a direct sales arm.  Alternatively they may sell the scheme through isnurance brokers.

In some instances, intemediaries and brokers work with insurers to help design schemes using the brokers market knowledge.