Defining insurance broker networks
There are many definitions of what an insurance broker network is... they differ... some are perfectly valid and, others, in our view, fall short.
We do not regard the customers of a Wholesale Broker as... a network. We do not believe that the wholly owned branches of a large consolidator constitute... a broker network. A broker alliance is not, by its very definition... a broker network!
TEn is an Appointed Representative (AR) Network, which is indeed an FSA network designation, although we prefer to refer to ourselves as TEn broking services.
What we do
TEn is authorised to oversee the regulation of smaller brokers and, therefore, they do not need to be directly regulated themselves.
Until now, AR Networks have, in the General Insurance sector, attempted only to address one or two classes of business, rather than offering a complete solution for everything to Insurance Professionals.
TEn takes on, amalgamates and streamlines the unproductive and unprofitable parts of the small Broker. 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 to small Commercial Brokers with less than half-a-dozen staff and, in particular, to proposed or recent start-ups.
To
be a lot more precise about our audience, try clicking on the graphic here:-
TEn is for the Broker who wants to be in charge of his/her own destiny, provide excellent client service, but dispense with - or never acquire - all of the back-office paraphernalia that is normally associated with running an Insurance business.
The insurance industry needs new blood and we see it as our role to ensure that not too much of it gets spilled.
And this means
TEn is like a National Broker in many ways... in terms of the back-office... but lighter on the politics. We do not interfere with the client relationship; and we work very hard to deliver the up-sides of consolidation and economies of scale - to Clients, Brokers and Insurers alike - but with most of the down-sides curtailed.
Brokers gain the benefits of our facilities and arrangements in respect of:-
- wider markets and better rates/terms with Commercial Insurers
- a levelled playing field relative to larger players
- an FSA compliant operation, including documentation etc
- state of the art and ‘sorted’ IT - delivered via a broadband connection
- more time and capability... for the business of doing business
Brokers also benefit by those burdens they lose or are lessened:-
- having to ’think’ about the detail of FSA regulation, RMAR reporting etc
- needing to worry about capital adequacy, client money and FSCS
- insurer accounting and reconciliation
- back-office staffing concerns
- PI insurance
- dealing with suppliers... insurers, premium financiers, software houses etc.
see also FAQsfor a growing library of
questions and answers
Interested?
If you like what you are hearing and want to learn more, then please have a browse around the rest of the website; particularly have a look at the broking services pages and the FAQs contained therein.
