The Partners

 

Technology Supplier

FSA Compliance - External Advisors

Premium Financiers

Personal Lines (Motor) Outsourcing

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Technology Supplier

CDL for Software & ASP Services

TEn has chosen CDL and its Windows based Strata product as the core software application to support its Appointed Representatives and its own back-office functions.  The deployment is based on the ASP model and, consequently, all data and documents are held centrally on CDL hosted servers.

CDL has a pedigree of delivery, development and profitability stretching back over nearly 30 years; factors which weighed heavily in their favour.  Also, Strata is, as a product, unique in the market for the degree of control that can be brought to bear in respect of data security and configurability, particularly in terms of what different people can see, amend or create.

These features are essential prerequisites for TEn.  Unlike a national broker with branches, on which model TEn is substantially based, in the TEn context it is vital that these ‘branches’ do not have access to one another’s information, whilst simultaneously running the whole operation on a single database and with consolidated insurer accounts; thus allowing TEn’s back-office staff access to data and tasks that they are designated to handle.

Find at: www.cdl.co.uk

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FSA Compliance - External Advisors

Insurance Compliance Services Ltd

             

Founded in 2002, Insurance Compliance Services focuses on providing ‘hands-on’ FSA compliance consultancy for intermediaries and underwriters; whereas, other entrants into this market have tended to specialise in ‘distance learning’ forms of documentation and instruction.  ICS has been selected by TEn both by virtue of close personal relationships stretching back over 25 years and, more to the point, because of the quality of their service.

The ICS approach is to engage the services of a network of staff/associates around the country, whose regular visits to ICS customers guides them though the steps they should take constantly to reduce the risk of failure in the maintenance of compliant standards.  Since June 2002, ICS has built a client-base of over 500 organisations, including some of the largest names in the industry; with the result that the company has developed rapidly into a successful and profitable business.

Find at: www.insurancecompliance.co.uk

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Premium Financiers

TEn’s choice of Premium Finance partner probably needs not a lot of further explanation or justification; however, it is perhaps not a bad idea to expand a little on the significance of Premium Financing to TEn at this stage.

Premium Finance is, on one level, simply a means by which instalment premiums can be collected.  On another level, it is also a way in which the time consuming activity of collecting client monies can be outsourced to a specialist organisation that has the process work out... down to a fine art.

On a different level again; independent outsourced collection is an important part of the equation in terms of maintaining an FSA compliant position and ensuring that client monies are handled consistently, as a matter of course, every time.  Using Premium Finance for the vast majority of transactions, therefore, helps to drive costs out of the process of doing business and reduces the auditing requirement on TEn and its associated Brokers, from a compliance point of view.

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Personal Lines (Motor) Outsourcing

OutRight

OutRight is a personal lines insurance broker, providing an outsourcing facility to two different types of corporate client; other Insurance Brokers and other operations whose core business is not Insurance.  In both cases, customer ownership is retained by the client, OutRight merely provides the broking service.

For fellow insurance brokers, OutRight administrates existing books of Personal Lines (predominantly Private Motor in this case) and handles new business enquiries, allowing the ceding entity to concentrate on other areas of its business.  Nevertheless, the originating broker retains approximately half of the commission earned and the client benefits from a rating structure applicable to one of the largest Motor brokers in the country.

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