…was born from a belief that Insurance Brokers, particularly those operating as independent local businesses, were in origin a peculiarly British phenomenon and it would be a shame merely to stand by and observe as their numbers here decline… for want of a mildly re-inventive idea.
An industry that militates against start-ups and small business expansion, as ours has done in recent years, is one doomed to stagnation and ultimate extinction.
And it’s often better to have a clean start!
Therefore, TEn set out to recreate the conditions prevailing during the 60s and 70s, whereby an account executive within an established broker - large or small - could decide to do his/her own thing and build a new broking business from a serviced office or, indeed, a back-bedroom somewhere.
In 1971, one of our co-founders, Kedric Rhodes ACII, did just that… and the business ran from his mother’s spare bedroom for the first three years.
Of course, he was also able to spend his first day walking from one end of the Uxbridge Road in Ealing to the other, collecting a dozen agencies on the way.
In the 21st Century, that’s the hard part. Likewise, gaining and maintaining direct authorisation by the FCA, as well as implementing all requisite systems.
TEn, quite simply, makes it possible again to do what people used to do in the good old days, by allowing new businesses to focus on their clients and not having to worry about too many distractions other than that.
One area that cannot be ignored is that of adherence to FCA regulations. In the context of the TEn network, members will find themselves under rather more scrutiny than any equivalent sized Directly Regulated broker, most of whom are ‘below the radar’ until such time as they do something very wrong.
However, scrutiny is only a problem if it’s a problem and, conversely, members have easy access to as much guidance about compliance as may be required.
“Give me your tired, your poor,
your huddled masses yearning to breathe free…
Send these, the homeless, tempest-tossed to me
I lift my lamp beside the golden door.”
The inscription on the Statue of Liberty expresses much the same sentiment as the proposition TEn has placed before the Insurance market since its inception.
However, TEn is not especially a home for the disgruntled and the disenfranchised, rather we challenge the most entrepreneurial and the most motivated to dare to dream.
Anybody who knows the full inscription on the Statue of Liberty will have realised that we have left out the following line below: -
“the wretched refuse of your teeming shore”
Shamefully like Trump, we are not especially keen on the idea of ‘wretched refuse’ turning-up. The FCA don’t like ‘em. Therefore, only the brightest, the most experienced, the most professional and virtuous need apply.
For the full video transcript, please click How to become an Independent Insurance Broker (Part 1).