Business Plan For Insurance Broker

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Therefore, 12 months of chasing new business is generally the only option.

To consider seriously starting your own broker, you need to have first created a 3 to 5 year business plan, to outline the scope and ambitions for your business.

This is not always typical of other broker networks but we feel that this keeps us above the rest.

TEn is suited to both SME and larger clients businesses.

We handle whatever comes, although most clients pay annual premiums between £2,500 and £10,000.

Historically, we have handled winds farms in India and diving contractors in Iraq and all sort of other unusual stuff.Thus you will be subject to some network specific rules, audits and checks, as part of the standard set of ndustry regulations.As an AR, you are part of a network whom looks after the back-office operations of a traditional insurance broker (insurer relations and negotiations, regulation, accounts reconciliation, IT support) which frees you up to service the client and focus on new business.We have our own team of risk management consultants who can help you to put procedures in place to limit the risks your business faces and therefore potentially reduce the likelihood of claims.In order to set-up your own AR Insurance Broker via TEn, we would first expect you to have had some strong experience of the insurance industry, typically having previously held the position of an Account Executive with another firm.Alternatively, you may have worked for an Insurer/MGA, or, prhaps you have run your own broking business in the past; or some such similar background.Indeed, we recommend, at the very least, 5 years experience in the industry before you set out on your own, or plan joining a network such as ours. Ideally, you would also have gained some Chartered Insurance Institute (CII) qualifications over the years and, at least, hold a CERT or a DIP; or even an ACII.As an Appointed Representative, you become an approved person/company, running regulated activities and acting as an agent exclusively for a Principal company (like TEn Insurance Services or any other insurance network).The Principal company effectively sub-regulates you and ensures that you comply with FCA rules.You should also profile your audience, competition, sales plan, promotion and marketing strategy as well as any set-up costs you may incur.This Business Plan, together with a CV per proposed director and completion of a TEn Application form, is the initial documentation that TEn will need to progress your application.

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