TEn does what it says on the packet; it’s a Broking Services operation for ARs… the original one of its kind… and, uniquely, retains the view that holding direct clients, apart from our local pub, would represent a clear conflict of interest.
Consequently, we don’t do that!
Yet, TEn broking has several features in common with:-
Click here for the full video transcript of How to become an Independent Insurance Broker (Part 2).
But, the TEn AR proposition is not solely or precisely any of the above… so what is it?
We provide the workforce and the materials necessary to help build your business; except for you and your clients
The TEn network can be described as similar to a national broker in terms of its operation and staffing; however, we are not an ‘Insurance Broker’ - in that we do not have direct client relationships - except through and on behalf of our customers, who are brokers.
TEn is a means by which the buying power of many new/small brokers can be aggregated, with economies of scale and a more equal position achieved.
TEn does prescribe a centralised IT solution and provides a range of electronic SME products on this common platform to enhance the efficiency and profitability of itself and of connected brokers, when handling the simpler classes of business.
That said, it would be wrong to leave the impression that TEn is all about SME package business, as most of our ARs have quite a few very large clients.
TEn is, definitely, a provider of outsourced back-office functions to small and start-up Insurance Brokers.
In the process, TEn necessarily becomes the entity that holds the insurer agencies and is responsible to the FCA for the regulatory compliance of its membership.
So, does TEn defy description?
We are a Broking Services operation, meaning that we employ those departments that you don’t have but which you need. This is an activity unto itself and, therefore, to a large extent, we do rather confound comparison.
Read on to understand the arguments behind becoming a start-up insurance broker.