The Concept
TEn broking services does what it says on the packet; it’s a Broking Services operation and, as such, the first of its kind... probably anywhere.
Yet, TEn broking has features in common with:-
- a national broker
- a broker network
- a broker alliance
- a marketing group
- a provider of outsourced back-office broking/accounting functions
But, TEn is not solely or precisely
any of the above... so what is it?
All of the elements and materials
necessary to build a broking business,
TEn could be described as similar to a national broker in terms of our operation and staffing requirements; however, we are not an ‘Insurance Broker’ in the sense that we have no client relationships except through and on behalf of our customers, who are Insurance Brokers.
TEn is a means by which the buying power of many brokers can be aggregated and economies of scale achieved. This has been the oft wistful argument of other ‘network initiatives’ it must be said. However, we don’t quite see ourselves as one of those; and our model is entirely different.
TEn does prescribe a centralised IT solution and provides a range of electronic products on its platform to enhance the efficiency and profitability of connected brokers; but TEn is certainly not a software house or marketing group thereof; nor is TEn broking a web-based underwriting agency, unlike TEn underwriting, which is (or will be) more that way inclined.
TEn is definitely a provider of outsourced back-office functions to small and start-up Insurance Brokers, but in the process of so doing, TEn necessarily becomes the entity that holds the insurer agencies and is responsible to the FSA for the regulatory compliance of its customer base.
So, does TEn defy description? No, we are a Broking Services operation and that is a thing unto itself and, therefore - to a large extent - we do rather confound comparison.
applicable to:-
- all commercial insurance classes
- a mixed general insurance business
not applicable to:-
- lots of private car insurance business
- private & commercial mortgages
- pmi, term life etc
