Why set up a scheme?
First things first, what is a delegated authority?
In short, a delegated authority is a contract that enables a coverholder (that could be you) to underwrite risks on behalf of an insurance business (that’s Pen).
It’s more than just that however. By setting up a delegated authority with Pen, you have the opportunity to bring to market a distinct insurance product that builds on your knowledge of your customers, and precisely meets their insurance needs – be they movie companies, thatched home owners or business owners in your local area.
What’s in it for you?
A unique proposition, tailored to your clients: Pen doesn’t take an “off the shelf” or “one-size-fits-all” approach. Using your expertise and our technical know-how, we’ll create a unique wording, risk rating, even pricing, for your customer group.
Price: Our in-house actuarial team includes pricing specialists who will ensure that the product is priced correctly ie it is as competitive as it can be for your market.
Brand: It’s your brand on the policy, so when you work hard on behalf of customers – and we know you do - the more you will build your brand.
Empowerment: Because we set the risk and rating requirements, we can give you the tools to accept risks where others have to say “no”.
Control: We understand that you not only want to control your product, but your service to your customers too, so while Pen can arm you with everything from wording to delivery, you remain in control of the service that you deliver.
Remuneration: Taking on a delegated authority will provide higher commission than if you sold the same product as an intermediary. Depending on the extent of the work transfer from us to you, your remuneration could increase – put simply, the more you do, the more you could earn.