As an Appointed Representative, you become an approved person/company, running regulated activities and acting as an agent exclusively for a Principal company (like TEn Insurance Services or any other insurance network).The Principal company effectively sub-regulates you and ensures that you comply with FCA rules.
Alternatively, you may have worked for an Insurer/MGA, or, prhaps you have run your own broking business in the past; or some such similar background.
Indeed, we recommend, at the very least, 5 years experience in the industry before you set out on your own, or plan joining a network such as ours. Ideally, you would also have gained some Chartered Insurance Institute (CII) qualifications over the years and, at least, hold a CERT or a DIP; or even an ACII.
We handle whatever comes, although most clients pay annual premiums between £2,500 and £10,000.
Historically, we have handled winds farms in India and diving contractors in Iraq and all sort of other unusual stuff.
We have our own team of risk management consultants who can help you to put procedures in place to limit the risks your business faces and therefore potentially reduce the likelihood of claims.
In order to set-up your own AR Insurance Broker via TEn, we would first expect you to have had some strong experience of the insurance industry, typically having previously held the position of an Account Executive with another firm.
Unless moving clients is formally agreed with your former employer, then it should not be attempted.
An absence of 12 months is a short enough time for your clients still to remember you.
There are many different options to consider how you become an approved insurance broker and we are putting together a comprehensive comparison between the Appointed Representative Route and the Directly Regulated one.
For now, we shall expand on how to become an Appointed Representative (AR) insurance broker.