Broker Network, the UK’s leading Network of independent insurance brokers, today announces the launch of an enhanced Start-Up package which will help bring a new wave of brokers to the high street, despite the lingering economic downturn.
The package will offer extensive business and insurer support both before and after a new business is launched.
The enhanced Start-Up package pulls in resources from across Broker Network’s business services teams, including extensive marketing, IT, compliance and financial expertise. In addition it also ensures all regulatory and logistical steps are taken in the correct order to smooth the way for launch.
Start-Ups can also choose to benefit from a special start-up deal agreed with Open GI, enabling new brokers and their clients to benefit from etrading from day one.
Once a broker begins to trade it will receive the same level of business and insurer services and enhanced commissions as Broker Network’s longer established Members.
As part of the package, Broker Network’s agency team will use its leverage to open the door for Start- Ups looking for agencies. In 2009 100% of Broker Network Start- Ups achieved the agencies they wanted with Partner Insurers. In 2010, Start-Ups will also have, subject to credit checks, guaranteed ToBAs with access to 200Towergate products.
Broker Network currently has five Start-Up Members, with another two brokers due to join in the next few months. It expects the Start-Up proposition to attract more than 10 new members in 2010.
Broker Network’s Managing Director, Nick Houghton, said: ‘We’ve always been passionate about supporting the independent broking sector and having a robust Start-Up package sits perfectly with this. This enhanced package makes full use of all our resources and has been put together using feedback from brokers using the existing Start -Up proposition.
‘The number one problem Start- Ups told us about was gaining the ability to trade, which is why we’ve really concentrated on strengthening this part of the proposition. We’ve got great relationships with all of the UK’s leading insurers and we will really use this influence to help our Start-Ups.
‘The other headache Start- Ups suffered was getting the business ready for launch. To tackle this we’ve developed a step-by-step Start-Up Pathway which should get most brokers ready to trade within 12 weeks, subject to FSA approval.’
Commenting on the economic conditions, Nick said: ‘While we recognise 2010 will be a tough year for our industry, we don’t think this should automatically limit aspirations - there are still real opportunities out there.’
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