Programs, schemes & niches
Building a facility around a class of business
Some classes are better served by a purpose-built program than by one-off placements — a defined appetite, a rate structure, and a process built for the niche. Total Risk Managers works with licensed brokers to develop programs, schemes and niche facilities, and brings experience assisting brokers and insurers in developing insurance products.
Broker-led
A program starts with a broker who knows a niche
End to end
Underwriting, pricing, administration and claims considered together
Broker only
Proposals reach us through a licensed broker
Assessment
What goes into a program
A viable program stands or falls on how well these fit together.
The class
Is the niche well defined, and is it genuinely underserved by the standard market?
Underwriting
Can the risks be selected and rated consistently, with wordings that fit the class and its special needs?
Pricing
Is there enough information to price the class sustainably rather than optimistically?
Administration
How policies are issued, documented and renewed, and who does what between broker and MGA.
Claims
How claims in this class behave, and how they will be handled and reported.
Regulation and data
What the class requires province by province, and what reporting the program will produce.
Bringing a proposal
What to bring with a program proposal
A proposal that answers these upfront gives a program the best chance of getting off the ground.
The niche
What the class is, who is in it, and why it is underserved.
The book
How many risks, roughly what premium, and where it is placed today.
The distribution
Who will sell it, and why they reach this class better than the standard market does.
The history
What loss experience exists for the class, and where the information comes from.
The gap
What today’s placements fail to do, and what the program would do differently.
Common questions
Questions brokers ask about programs
What is the difference between a program and one-off placements?
A program has a defined appetite, rating and process for a whole class, so each risk does not start from scratch.
What makes a niche viable as a program?
Enough similar risks to rate consistently, a broker who can reach them, and a reason the standard market underserves them.
Who owns the client relationship?
The broker. TRM is a Managing General Agent; the broker remains the client’s point of contact throughout.
Who can approach Total Risk Managers with a program idea?
Licensed insurance brokers. Proposals come from licensed brokers; TRM works through brokers rather than dealing with the public.
Have a program idea?
Email the details to submissions@totalriskmanagers.com and we will come back to you. Proposals are accepted from licensed insurance brokers.
This page describes coverage in general terms. Cover, limits and conditions vary by policy and by risk. Nothing here changes or replaces the wording of an issued policy. Coverage is arranged through a licensed insurance broker. If you are a broker, contact us. If you are not, please speak to your broker.