View Full Version : Setting Up insurance broker
09-01-2003, 11:30 PM
Does Anyone know how I could set up a business as an insurance broker? I would like this to complement another business that I alread run.
I do not have any experince in the industry and would employe someone to 'run the show' With me taking more of a overall management roll.
Do you need to be registered etc. I have also heard a bond is required. Any information would be much appreciated.
10-01-2003, 10:56 AM
If you register online with Shell LiveWIRE at www.shell-livewire.org (http://www.shell-livewire.org) , and you are within the 16-30 age group, you will be able to download two booklets - 'Market Research for the first time' and 'Writing your first Business Plan'. You will also be posted a factsheet dealing with your particular business idea, plus you will also gain access to all the information within the Be Your Own Boss section of the site.
To register at www.shell-livewire.org (http://www.shell-livewire.org), choose 'Your Account' from the navigation options at the bottom of the web pages.
10-01-2003, 11:32 AM
Yes you have to be registered with the FSA and possibly IBRC - Insurance Brokers Registration Council - I'm not sure if all their powers have yet been transferred to the FSA, I think they have but not 100% sure.
Contact them for info on the regulatory requirements, you may think it too much hassle so look at this first.
You need to contact insurance companies and let them know what you are doing and get comission deals set up with them. Further down the line (many years) you may be able to actually underwrite your own insurance business as part of Lloyds but this is much further down the line but can be very profitable as you keep all premiums and then have to pay out claims.
It's quite difficult to get into it as you need to generate a fair amount of business to earn decent comissions but it can be very lucrative.
15-01-2003, 01:19 AM
One of our clients is currently advertising for Brokers it would be handy to have a chat to the MD.
If you email me I'll pass your details on.
GaryView our website (http://www.dynamite-productions.co.uk)
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