The Service: The Basics
Insurance Practices
To synchronise your understanding and our terminology, we shall henceforth refer to the established Brokers and Start-Ups that join with TEn as Practices or Brokers and, the individuals within them, as Practitioners.
Using the word Practitioner does not suggest that the term Broker is no longer appropriate in this context. It is simply ambiguous as between the person and the Practice.
“Rule
No. 1: the client relationships
of each Practitioner belong to that
Practice, NOBODY ELSE, NOT EVER”
Practice Clients
Rule Number 1: the client relationships of each Practitioner belong to that Practice, NOBODY ELSE, NOT EVER. A Broking Services operation does not deal directly with end-user clients, except insofar as such contact is in furtherance of a broking service... an accounts query for example, “for and on behalf of” the relevant Practice.
Insurer Agencies
TEn broking has agencies with insurers and Practices do not. From an insurer’s stand-point, they see only one agency and, thereby, benefit by simplification and efficiency in return for agreed service levels and fairer terms.
FSA Compliance
TEn insurance is the entity that is regulated by the FSA and the Practices are regulated in turn by us; as Appointed Representatives (ARs).
The TEn/Practice Relationship
TEn regards associated Practices as both customers of an ‘outsourced services provider’ and constituents within a regulated broker network; thereby, TEn is accepting responsibility for the compliant operation of the whole community, whilst being equally responsible to that same community as a supplier.
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
