broker network... in a nutshell
Defining insurance broker networks
In our view, a network is not a network if it delivers only the same commitment by association as applies to people joining a Golf club; i.e. you get these benefits and privileges, just because you have signed-up.
TEn (the enterprise network) is an Appointed Representative (AR) network, an FSA designation that is applied to a regulated network that sub-regulates its members. We are both a facilitator and guardian of small independent brokers; working tirelessly for them all on a daily basis.
What we do
TEn is authorised to oversee the regulation of our member ARs/brokers and, therefore, they do not need to be directly regulated themselves.
TEn takes on, amalgamates and streamlines the unproductive and unprofitable parts of the small broker and seeks to achieve efficiencies and economies of scale. Essentially, this is an outsourcing of things other than the client relationship, which remains firmly under the control of each broker.
Who do we appeal to?
Broadly speaking, TEn appeals, in particular, to proposed or recent start-ups. So far, our membership consists of one, two or three man-bands, generally ex account executives, although there is now no reason why larger teams would not benefit equally.
With the evolution of the TEn model over time and the fact that many of our early start-ups are now established brokers, we believe that we can also offer a viable option to many currently directly regulated brokers who are willing to consider the AR approach.
TEn is for the broker who wants to contol his/her own destiny, provide excellent client service, but dispense with - or never acquire - the back-office paraphernalia that is normally associated with running an insurance broking business.
and this means
TEn is like a national broker in many ways - in terms of the back-office functions - but we are, we hope, a tad lighter on the politics.
We do not interfere with the client relationship and we work hard to deliver the up-side of consolidation (or rationalisation) - to clients, brokers and insurers alike - but with most of the down-side curtailed.
Brokers gain the benefits of our facilities and arrangements in respect of:-
- wider markets and better terms with 125+ insurers
- more of a level playing field relative to larger industry players
- back-office staff already in place, in terms of broker technicians and accounts
- an FSA compliant operation, including a full set of documentation etc
- state of the art and ‘sorted’ IT - delivered via any reasonable broadband connection
- more time and capability left over... for the business of doing business
Brokers also benefit by those burdens that they lose or have lessened:-
- the bureaucratic bits of FSA regulation, GABRIEL reporting etc
- worrying about capital adequacy, what is or is not client money
- paying FSA, FSCS, trade association fees etc
- insurer accounting and reconciliation
- back-office staffing and employment law concerns
- adequate Professional Indemnity insurance
- dealing with insurers, premium financiers, software houses etc.
This industry needs new blood
and we see it as our role to ensure
that not too much of it gets spilled!
