Schemes ‘a good option’

Schemes are sometimes, but not always, the best option for meeting clients’ needs, a recent Insurance Times roundtable heard.

Jelf Manson managing director Mike Latham told the event, which was held in Manchester and sponsored by RSA, that brokers were seeking more innovative solutions for their clients’ needs, which schemes could offer.

Marsh managing director, northern, Paul Fairhurst argued that the open market would continue to offer insurance solutions for brokers.

“The open market will continue and we are in support of what the open market offers certain clients.”

But he said that sometimes when seeking solutions for their clients, a scheme or facility offered the best option.

RSA profitability and strategy director Rob Gibbs, while emphasising the insurer’s support for schemes, urged brokers and insurers to be cautious when setting up schemes.

“There’s a danger of a mad rush to the schemes party. It needs to work in terms of efficiency and for the end customer.”