ED BIB IT A IO N
The Power of Three
M AY 2 0 1 9
SUPPORTING 12 DAYS OF BIBA Our own pundit Richard Pitt spreads the BIBA cheer with inside tips on winning new clients.
BREAK THROUGH THE MULTITUDES Make your conversations with insurers really count today with Dan McNally’s advice.
SPOTLIGHT ON ETHOS BROKING Richard Tuplin reveals how the advisory business connects like-minded brokers.
w w w. b r o k e r n e t w o r k . c o . u k
b r o k e r |n eTHE t w oPOWER r k u k OF THREE: GROW, PROTECT, b r o k e r nSUPPORT etwork www.brokernetwork.co.uk
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PROUDLY SUPPORTED BY BROKER NETWORK
What’s on the surface is only the tip of the iceberg...
Sometimes we say we’re ok, even when we’re not.
ALWAYS ASK TWICE.
You don’t know what’s going on underneath.
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www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
YOUR BIBA NETWORKING SURVIVAL GUIDE BNU: NOT YOUR TYPICAL MGA
“THE RISK & COMPLIANCE TEAM HELP ME SLEEP AT NIGHT” MARKETING CONSULTANCY: MAKING AN IMPACT!
DEAR FRAN: YOUR HR QUESTIONS, ANSWERED
WELCOME TO THE CLIENT MONEY CLINIC
THE 12 DAYS OF BIBA
QUICK START GUIDE: INSURER DUE DILIGENCE
THREE STEPS TO BIBA INSURER SUCCESS
SPOTLIGHT ON: ETHOS BROKING
APPRENTICESHIPS – NOT JUST FOR 16 YEAR OLDS
THE HOME OF PLACEMENT SUPPORT
RULE OF THREE: EXPERTISE FROM MEMBERS
WHO’S WHO AT BIBA
NOTES FROM THE It’s hard to believe that BIBA Fever has hit once again. It only seems like yesterday that we were networking like crazy, exceeding our step count on our pedometer and keeping our fingers crossed that we put all the relevant meetings in the diary. It is for these very reasons that we have a jam-packed edition of the Broker Network BIBA magazine, from top tips on how the best of the best win new clients, how you can make an impact on your branding, protecting your people and your business by fully understanding the impact of new regulation, a guide to our unique apprenticeship scheme and lots lots more. BIBA is an exhibition like no other, and the opportunities that it presents are second to none. To help you squeeze every last drop of value from
the event, we’ve shared some vital networking tips in our ‘Survival Guide’; and Dan McNally also shares his advice on making your conversations with insurers really count today. Richard Tuplin and the Ethos Broking team are also here to answer your questions if you’re ready for perhaps the most emotional and crucial conversation of all – how to sell your business in the right way that protects its legacy. Make sure you come and visit the stand if you need any help with those all-important introductions, want to know more about the services we are able to offer or you simply want to catch up for a chat. Allow us to help you make this your most productive BIBA yet. Enjoy and network like crazy!
Richard Pitt, Chief Network Officer
www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
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GET THE BEST OUT OF
YOUR
L A V I V SUR
GUIDE TO STANDING OUT IN THE CROWD IN MANCHESTER
FIRST IMPRESSIONS COUNT - CRAFT YOUR ELEVATOR PITCH You’ve probably only got 60 seconds to make an impact, so you can leave a lasting memory and get that follow up meeting in the diary. Talk about your ambitions and goals, so you differentiate yourself and your brokerage from everyone else at BIBA. You’re not the only broker to have quality, experienced staff and provide a “world class” service
with wide access to a variety of insurers. You’re here to boost your business, but with just 48 hours in Manchester, you want to leave a lasting impression and be memorable for the right reasons.
USE THE RIGHT LANGUAGE - REMEMBER YOU HOLD ALL THE CARDS Sometimes talking with insurers can seem as though you are speaking a different language. Brokers talk about commission; insurers talk about premium. Brokers talk about the cost to the client; insurers talk about rate strength. Brokers talk about the client (often a personal friend), insurers talk about a ‘policy number’. Insurers want to know why your book of business is more profitable, loyal and appealing
and why your business is better than others in the marketplace - so use their language. That said, don’t forget regional brokers are hugely appealing to insurers. You represent the greatest opportunity to everyone at BIBA, so utilise this to your advantage. Take a look at Dan McNally’s column on page 9 for a more in depth look at this topic.
MEETINGS WITH DECISION MAKERS – AND USE THE NETWORK You’ve only got a limited amount of time with each contact, so make sure you’re talking to the person who can make things happen for you. Do your research beforehand and use the Network’s contacts, so you know exactly who you need to speak to.
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We want to make sure you get the best possible outcomes from the exhibition, so let us support you. Whether you want to connect with insurers or move into new markets, we can help you make those connections.
www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
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NOT YOUR TYPICAL MGA A fresh, dynamic approach and a thorough grasp of the market means that Broker Network’s exclusive MGA can help to grow, protect and support your business.
Samantha Webb, Trading Underwriter at BNU: “Having worked for a major composite insurer, one of the big changes at the MGA is the ability to write more complex risks and the lack of red tape. The empowerment and support BNU receive from the capacity providers is first class.”
With the ability to write a wide breadth of business, amazing personal service from a team that truly cares, and exclusive distribution, as a Broker Network Member our MGA could really help you stand out from the crowd.
The exclusivity of the products means that I can stand out against my competitors and deliver a unique service in our local area. The BNU team have gone above and beyond to help our new account executive win extra business, helping their personal development and the development of the business as a whole. Mandy Kisbee Commercial Director Insurewise
2019 New Busin ess is up by 75 % on 2018 – BNU is increasingly po pular.
With the help of BNU, we are able to win new business not just by being competitive but by turning quotes around quickly. We were so grateful for BNU’s service and the income they helped us generate that we recently awarded Gillian McLaughlan our Underwriter Recognition Award.
Supporting Organic Growth New Business Acquisition
‘Exclusively Yours’
Trading Underwriters in your office Underwriters with a desire to trade Broad Underwriting Appetite
Rollovers & Consolidations
Matthew McCall Associate Director Gravity Risk Services
Generous Commissions
Wide Policy Wordings
0% Finance
Award Winning Service Training for broker staff
A Rated Capacity Webinars
235 BN Members (52%) placed New Business with BNU in the last 12 months
When we discuss a risk with a client we need an underwriter to match our determination to maximise covers and agree on the exposures to create a quotation/policy that is the client will trust. Darren McNaught and the BNU Team provide a solution that not only helps AMB to secure business but a solution that is right for our client. We are now looking forward to more successes with BNU as they have become our first consideration as to where AMB place business. Mark Jones, Sales Director, AMB Insurance
www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
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SUPPORT
DEAR
FRAN WITH FRAN MOVERLEY, HR TEAM LEADER
Q: I’ve just taken on several new team members and I’m worried there are changes in employment law that I’m not aware of. It’s keeping me up at night. Q: I don’t understand what is happening in my business. I have noticed that my employees’ motivation is down, a few individuals don’t seem happy and the absence rate is creeping up. I need everyone on board to grow and take the business forward - help! That’s great that you’ve recognised your staff are a little disengaged. Addressing the problem is half the solution. Your staff are your biggest asset and engaged employees equal an improved culture, increased productivity and overall happiness in your workplace. MEASURE YOUR EMPLOYEES’ ENGAGEMENT A good starting point could be sending a survey out to all your staff, asking for their thoughts on the business. As it is anonymous, your staff may feel they can be open and honest, helping you to get to the root cause of the low engagement. Be prepared to listen to honest feedback and be committed to change. Take action on any quick wins and make plans for long term changes you need to make. This will demonstrate that you’re committed to both acting on feedback and improving engagement.
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COMMUNICATION IS KEY It sounds simple, but have you made your teams aware of your vision for the future and how they will personally contribute to it? Have you made any recent changes to your brokerage? Were they communicated to everyone to get their buy in? Why not send out a weekly or monthly update via email or grab everyone together with a cuppa for 10 minutes every quarter for a quick catch up? I’d also recommend looking at conducting regular one-to-ones and team meetings, creating an approachable and relaxed atmosphere for open two way communications. NAIL THE BASICS Have you got the basics right? Do your contracts, policies, appraisals, reward packages and personal development plans show you’re committed to being an employer of choice who invests in their staff? Are your employees’ roles up-todate and do they have realistic job descriptions? Are the right people in the right roles? Consider whether you are truly making the best use of your employees’ valuable skills and contribution to the business. If not, all of these things could contribute to disengaged staff.
www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
Take deep breaths, and don’t worry. There isn’t anything pressing at the moment, so you can sleep easy. A few changes you’re probably already aware of are that in early April, minimum payment rates increased. Plus, both workers and employees now need to be provided with an itemised payslip, and anyone whose pay relates to variable hours needs this detailing on their payslip. Watch out too in 2020 for the requirement on employers to provide a contract to new starters on day one, as well as the introduction of statutory bereavement leave for parents. It goes without saying that the impact of Brexit on employment law is currently unknown. With any new changes, rest assured the HR Consultancy team will update Members on everything you need to know.
If you have been affected by any of these issues, subject to your membership proposition, a member of the Broker Network HR Consultancy team is available for a confidential chat. It’s good to talk. Call 0344 346 1332 or email hrconsultancy@ brokernetwork.co.uk
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12 DAYS A B I B F O ON THE FIRST DAY OF BIBA, BN GAVE TO ME:
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Why winning new clients is critical to the survival of any broking business
ON THE FOURTH DAY OF BIBA, BN GAVE TO ME:
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Standing out from the crowd
ON THE SEVENTH DAY OF BIBA, BN GAVE TO ME:
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Barriers & Objections
As you will no doubt have seen on social media over the past couple of weeks, our own pundit, Chief Network Officer Richard Pitt, has been revealing his inside tips on what the best of the best do to win new clients in the run up to BIBA. Following the success of the Organic Growth Programme, Richard has devised a dedicated Winning New Clients course that focuses on securing consistent year on year growth for your business. To give you a flavour of how the course can help your business run like a thoroughbred year after year, we now present the 12 Days of BIBA; a campaign that’s sure to make you think about winning new clients in a whole new light. You can’t get this insight anywhere else in the UK. ON THE SECOND DAY OF BIBA, BN GAVE TO ME:
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The importance of leadership
ON THE FIFTH DAY OF BIBA, BN GAVE TO ME:
5
Generating new opportunities
ON THE EIGHTH DAY OF BIBA, BN GAVE TO ME:
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You Appeals
ON THE THIRD DAY OF BIBA, BN GAVE TO ME:
3
What gets measured gets done & sources of opportunity
ON THE SIXTH DAY OF BIBA, BN GAVE TO ME:
6
Tactics & Insurers
ON THE NINTH DAY OF BIBA, BN GAVE TO ME:
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Teamwork & Favours
ON THE TENTH DAY OF BIBA, BN GAVE TO ME:
ON THE ELEVENTH DAY OF BIBA, BN GAVE TO ME:
ON THE TWELTH DAY OF BIBA, BN GAVE TO ME:
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12
Terms of Reference & closing
READY TO START YOUR
winning streak?
Review & learn
The Best Bits
Our tips will hopefully get you chomping at the bit for more so if you’d like to find out how you can join the course, find Richard on stand E25 or call him on 07920 299727. “There’s no such thing as a certainty or a nailed-on winner, otherwise where would the betting shops be now. While that’s true in gambling, the opposite is true in Broking. The Organic Growth Programme has now been tried and tested with over 60 Broking firms and so far, every attendee has been a winner. On average, the Organic Growth Programme has generated an additional £140K of revenue per broker. You need to be fully committed to making impactful changes within your business so that you’re really in control of the reins. If you want to win the gambling equivalent of the accumulator, then you could also try the Winning New Clients day, then you will feel like you’ve won the jackpot.” - Richard Pitt www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
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PROUDLY SUPPORTED BY BROKER NETWORK
Martin House Children’s Hospice supports more than 400 families and 170 bereaved families across Yorkshire.
It costs £8,000,000 a year for the charity to provide this vital service.
Only 11% of its funding comes from the government.
That’s just £880,000.
Martin House still needs to fund £7,120,000 every year.
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www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
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steps to
biba success It’s time to break through the multitudes to make your conversations with insurers really count. If you have read the latest edition of our Networking News emagazine, you’ll be well prepared to network today. Now we’re here at BIBA, it’s important to look forward and also consider those conversations that come after the event. How will you ensure your business benefits from the impact long after the fun and chaos of the exhibition has subsided? Broker Network can help you with this in two ways: by facilitating connections with fellow Members that can help you share crucial advice and knowledge; and by providing a bridge to our Partner Insurers and MGA. As Group Insurer and Products Director, I’d like to focus on the second part of that equation.
1| Trade and talk with BN’s Partner Insurers Amongst Broker Network’s Partner Insurers, you are bound to have contacts that you trade with on a regular basis, as well as people who you have never had the chance to deal with. Now is prime time to capitalise on both sides of the coin. Take the opportunity to get deals across the line with your regular contacts; but if there are areas of your business where you don’t have many solid trading relationships, use BIBA as your chance to spark some lucrative new connections.
2 | Discover the magic of an MGA As I see it, there are three key benefits MGAs can offer: exclusive distribution; the ability to underwrite what no-one else can; and amazing personal service. Broker Network’s MGA, BNU, is a shining example of what good looks like in the market, so use them as a benchmark when you’re speaking to other MGAs at BIBA. Mike Ellis and the team are here and ready to trade too on stand E25.
3 | Employ the art of conversation At BIBA, it’s vital to ensure that your conversation continues beyond the exhibition to ensure that it truly adds value. In every conversation, consider what specifically you are looking for as a follow up action. Think about the kind of people who will attend BIBA as well – if you’re struggling to make progress with your local branch, head to the insurer’s stand to target those with accountability. In particular, speak to those with a Network relationship or senior management.
REMEMBER THE GOLDEN RULE:
DON’T FORGET TO SHAMELESSLY PLUG THAT YOU’RE A NETWORK MEMBER!
www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
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SUPPORT
pprenticeships Not just for 16 year olds...
Following the announcement of our apprenticeship scheme at Broker Network Live, Gail Braithwaite, Head of the Learning Network, explains how it all came to life. We piloted apprenticeships with our own Broker Network staff, so that we could fully understand the process from both a learner and a business perspective. We also spoke to our Insurer Partners, Members, and Ethos Brokers to gain their advice. It’s been a long time in the making. RSA is the first Insurer Partner to back the scheme and will support 15 fully funded Apprenticeships across the Network. We’re excited the RSA team will offer additional support to onboard our learners including a visit to their London office (the Walkie Talkie building). This is an invaluable opportunity for regional brokers who are unlikely to get the chance to network in this manner, and therefore build those valuable connections. While we are restricted to 15 fully funded places at the moment, Members can still benefit from significant savings if they are not one of the 15 when they join the programme, as they will only pay 5% of the £7000 cost; the rest is co-funded by the Government.
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We’ve worked in conjunction with the CII Aspire programme and Babington to refine the offering. The CII offers gravitas and professionalism; and Babington truly understands our Network and has the training expertise we need. We’ve added to the standard apprenticeship to make it broker-specific. There are new interventions based on what we know brokers need; as well as modules on useful and relevant soft skills. The programme will really bring the cohort together – giving those individual learners in each office the chance to learn and share experiences as a group. They’ll join with peers who will become connections for life and be able to build a robust network for the future. We’re passionate about investing in people and this is the perfect way to empower brokers to develop their careers. However, it requires serious commitment from both the employee and the employer, so it’s not a decision that should be taken lightly.
www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
LEARNER! WHAT DO THE NEXT 18 MONTHS HAVE IN STORE FOR YOU?
Share knowledge and experiences with professionals from across the UK, at all levels of their career
Build a network of peers for life
Enjoy a networking visit to the RSA London office and the CII
Complete 18 months of professional learning
Ultimately achieving your Cert CII qualification as a fully certified Insurance Practitioner?
...simply choose to complete your Cert CII exams without taking advantage of all of the above? As a Broker Network Member, you could benefit from a full apprenticeship programme, fully funded by our Strategic Insurer Partner, RSA. To register your interest with no obligation, speak to a member of the Learning Network team.
Our British Insurance Award-nominated Learning Network offers four distinct learning channels: Bitesized modules for learning on the go Investing in the future of independent broking
A range of focused virtual and face to face learning opportunities Capitalising on the power of social learning
www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
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Rule of three
Our Members boast a huge range of in depth expertise. We’ve showcased three of the hottest schemes and products that offer exclusive rates, discounts and enhancements to Broker Network Members that could help to make an impact on your business.
Make virtual a reality: Xposed
Hot property: Select
There’s no question that your clients’ businesses are exposed to vulnerabilities from cyber crime – but how can you help them to understand the risks of something they can’t see? With the Xposed cyber risk tool, you can transform this ethereal, virtual risk into a tangible one, right before their eyes.
We’re excited to say that ‘Select’ has now officially joined Property Protector’s mini-suite of A-rated home products, which already includes Premier Plus and Solutions.
Not only that, but until 1st April 2020 Broker Network Members can benefit from an exclusive discount on the tool, providing an extra incentive to your clients should you wish to pass the saving on. Xposed is the brainchild of Pete Goddard from Daulby Read, Premier Member at Broker Network. Realising that while cyber insurance grows in importance the risk element was being ignored, Pete has worked with a Cyber Defence Specialist to pioneer a unique suite of specialist management tools that allow you to show your clients where their businesses are exposed to cyber risks. While it helps you to retain clients, Xposed is also incredibly effective as a new business tool. For brokers who might not feel that they can offer something that is differentiated for national businesses, this offers a powerful way to get your foot in the door as you may be the only broker approaching them on this. If you’d like to find out more about how you can benefit from exclusive rates for the next 12 months with a Network Membership, ask a member of the Broker Network team to put you in touch with Pete Goddard.
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Select is non-transferrable or mandateable outside of Broker Network. The product caters for a huge range of both residential and commercial property types, but is particularly competitive on flats and larger commercial risks. The scoop on Select •
It’s non-transferrable or mandateable outside of the Network
•
It caters for a huge range of both residential and commercial property types
•
Ageas has added its considerable weight to the underwriting panel
•
It’s ultra-competitive on flats business, from a small conversion to several blocks
•
Its super simple to trade
Broker Network Members are automatically entitled to some of the leading commissions available: Premier 28% Members:
Advantage Members:
25%
On top of this, Property Protector is able to pay enhancements for rollovers, and larger accounts. If you’d like to find out more about how you can benefit from Select’s exclusive commissions with a Network Membership, ask a member of the Broker Network team to put you in touch with Sean Neal.
www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
Five Star Feedback All pistons go: Motor Trade
Since exhibiting at the Broker Network National Conference, the SEIB Insurance Brokers team have seen a fantastic response to the Broker Networkexclusive Motor Trade scheme. With two experienced in-house underwriters and a self-service platform making it easy to trade, the scheme is aimed at full time motor traders with their own premises but will accommodate businesses operating from a suitable home location. Broker Network Members benefit from commission levels at 12.5% for the Road Risks section and 20% for Internal Risks.
“Almost right from the offset we had success in placing motor trade new business with SEIB. The online quote system is very user friendly, and Darren Foy is a breath of fresh air. Darren’s quick turnaround of one enquiry led to us securing the business, and placing the risk with SEIB at a premium of over £10K. This was an important case for us and thanks to Darren we have yet another happy customer.” Ashley Stevenson, Commercial Account Executive, Premier Insurance Centre
“Darren Foy helped me to place cover for a risk where the client was unhappy with service provided by the holding insurer. Since then, the scheme has assisted me in placing cover at a competitive premium and due to my working relationship with Darren, this has extended to placing a number of new business risks on cover. Without doubt, the scheme has enabled us to hold business at competitive premiums which may have otherwise been lost to other brokers in the market.” Edward Shepley, Account Executive, Independent Connections Insurance Solutions
If you’d like to find out more about how you can benefit from the Network Motor Trade scheme as a result of joining Broker Network, ask a member of the Broker Network team to put you in touch with Darren Foy.
“Being very active in this sector we wanted to have a facility which nobody else in our area had, which would give us an advantage. The guys at SEIB are very helpful and understanding. Overall we are confident it will become a large part of our business and are glad to have the facility.” J Stuart Fenty, Director, J Fenty Services
www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
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PROTECT
THE RISK AND COMPLIANCE TEAM HELP ME SLEEP AT NIGHT DEDICATED CONSULTANT WITH BROKER’S BEST INTERESTS AT HEART It’s great to have a dedicated Risk and Compliance Consultant (RCC) who is on the ball and really conscientious. Our RCC Donna Walker is ready to help me whenever I ask her for advice, whether it is something small or an urgent query. I would say almost all the time, Donna can answer my questions right there and then. She always has our best interests at heart and informs us of anything that is coming up on the horizon that we need to know about. You feel as though everything is under control, which gives you great peace of mind.
INDEPENDENT IMPARTIAL COMPLIANCE ADVICE We have bi-monthly Compliance Working Group Meetings with our board where Donna will join us. It is great to have a second pair of eyes from a third party who is knowledgeable and isn’t afraid to challenge us to ensure we remain compliant. HELP TO STAY AHEAD OF THE CURVE The Risk and Compliance team help us to stay abreast of all the upcoming regulations from IDD to GDPR, ensuring we are wellprepared and organised. If you take GDPR, I felt we were way ahead of the curve with it because Donna helped us to plan for it. SM&CR is another area the team have helped us with, looking at where our staff are, who it affects and where they need to be, ready for the regulation coming in December. EASE AND EFFICIENCY WITH THE FILE AUDIT SERVICE First and foremost, the File Audit Service helps by providing us with an independent challenge from outside our business that is impartial, looking at our sales process and how our staff adhere to the procedure. It’s great to have someone review it for us to see if we need to make any changes. We’ve used companies before where they’ve not been able to get to grips with our systems. We haven’t found this with Broker Network. The team have been able to perform the File Audit Service using our system with ease and efficiency. The best thing about it is how the whole team at JM Glendinning has taken the File Audit Service on board because they’ve realised how valuable it is and how it helps them to do their job.
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Lee Elgie, Group Operations and HR Director, talks about how the Risk and Compliance team have helped JM Glendinning stay ahead of the curve of any upcoming regulations and give them peace of mind. ASSISTANCE WITH ARS We have a number of Appointed Representatives (ARs) and Broker Network has helped us set up a contract for each of them. We conduct an annual review of each of our ARs, and in 2017, our RCC Donna came with me to every AR meeting. She equipped me with the tools I needed, and in 2018, I was able to do it by myself, but if I needed Donna she was only a phone call or an email away. BITESIZE CHUNKS TO FIT INTO YOUR DAY Another valuable tool is how the suite of documents and tools are broken down into bitesize chunks, as well as the regular webinars the Risk and Compliance team host. It helps you fit it into your day, so you can get on with your job, all while building your knowledge at the same time. VALUABLE ANNUAL AUDIT One service we have found really valuable is the Annual Compliance Audit as it reviews all our systems. We then feedback the results of the audit to our board and they are taken seriously. It allows us to stay compliant and continue to run our business.
www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
The Compliance Team work tirelessly behind the scenes for you. We take you through how an RCC would help Lee Elgie from JM Glendinning on a typical day with the board.
LEE ELGIE
DONNA WALKER 8:00AM
8:00AM
Team call
Team meeting
9:00AM
9:00AM-12.00pM
Preparing board reports
File audit review
1:00pM
10:00AM
Prepare advice on SM&CR
Reviewing registers (complaints/G&H/E&O/ compliments)
2:00pM
Attend bi-monthly Compliance Working Group Meeting
11:00AM
Strategic business meeting
3:00pM
Review Sales Literature for ARs on JM Glendinnings’ behalf
12NOON
Working lunch
4:00pM
1:00pM
Review document for compliance with IDD
Call with existing client
5:00pM
Respond to JM Glendinnings team member’s email query with advice on the Modern Slavery Act
2:00pM-3.00pM
Bi-monthly Compliance Working Group Meeting
4:00pM
Site visit with client
5:00pM
New business call
www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
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PROUDLY SUPPORTED BY BROKER NETWORK
Every TWO MINUTES someone in the UK is diagnosed with cancer, with more cases discovered every year. In the 1970s, LESS THAN A QUARTER of people with cancer survived.
But over the last 40 years,
SURVIVAL HAS DOUBLED
Within 20 years, we could be at 75%
Year
10 e Survival rat
16
1970
2010
24%
50%
Within 20 YEARS
75%
www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
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Making an Impact.
When Logic Lettings ventured into insurance broking in early 2018 and formed Logic Ins Services, they were looking for a snazzy new look. Craig Dinnewell, Sales Director, spills the beans on how the Marketing Consultancy put the brokerage firmly on the map.
W
hen we joined Broker Network, marketing was firmly on our agenda. We wanted a brand with a fresh new look that would sit alongside our existing letting agency. Within a week, we had the first concepts back, and I was blown away.
questioned why we wanted to do things in order to give us the best opportunity of securing new business because they understand the broking industry. The Marketing Consultancy team are experts in the insurance broking sector and it definitely shows.
Marketing Consultancy couldn’t have hit the nail more on the head! We asked for a friendly, approachable and professional look and that’s exactly what we got! We were over the moon, even saying yes to one of the designs there and then. Our branding is definitely starting to get noticed in our local community and I know we will keep this look for a long-time – we love it! I’ve even decorated the office and co-ordinated our stationery to match!
The Full Monty Once we had the branding, the team helped us to create a buzz in the marketplace with a series of online and offline campaigns focused on our USPs and product offering, which included leaflets and an eye-catching billboard. The team also helped us with a series of email marketing campaigns and social media posts, including competitions, to help us stand out from the crowd. To complete the package, the team’s web designers produced a fantastic website, which we are now focusing on driving traffic towards in order to increase our profile and ultimately grow our client base.
Marketing Experts in our Field If we had been left to our own devices, I’m not 100% sure what direction we’d have gone in with our marketing. The team really understood the individuality of our business, exactly what we wanted and what would make us stand out. But most importantly, they
All-inclusive If you went to an external agency or did it yourself, you could spend an absolute fortune on promoting your business. When you join Broker Network as a Premier Member, Marketing Consultancy’s services are included in the cost of your membership, and they take the time to understand your business to enable you to grow. I couldn’t believe we were getting a website and all these brilliant campaigns from people that have a passion for broking. I’m now able to focus on what I do best, which is dealing with clients and winning new business. I see the Network as an extension to our business. It’s as simple as that.
www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
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PROTECT
WELCOME TO THE CLIENT MONEY CLINIC
Is your Client Money as healthy as it can be? Pam Lund and the Client Money team are here to help with any worry, no matter how big or small. Here are some common pitfalls that the team help new BN Premier Members with.
First, the initial consultation
…then, a full ‘MOT’
Before any broker joins the Network as a Premier Member, the Broker Network Client Money team carry out a due diligence process.
The Client Money Audit team complete a scoping visit at the broker’s premises to assess the scale of the work required to correct the identified weaknesses.
Below you can see issues that are typically uncovered:
During this visit they would typically establish the following:
Either incorrect or no Client Money Calculations (CMCs) or bank reconciliations being performed and inadequate systems and controls in place to be able to do them. This is a reportable breach to the FCA.
The scale of the potential client money deficit or surplus.
The broker believed it was operating insurer money (full risk transfer), not client money and CASS 5 rules did not apply. It was found that the broker was handling client money which requires Client Money Handling Permissions and is governed by FCA CASS 5 rules.
The resources and capability of the broker to rectify the weaknesses.
The client money bank account was not set up correctly and not properly protected. Section C of the RMAR return to the FCA was incorrectly completed. No annual external client money audit had been undertaken – an FCA requirement. As a result the broker would fail due diligence and Client Money Consultancy support would be offered to help them rectify the weaknesses identified.
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The number of unreconciled items between the bank statement and the broker’s accounting records.
The Client Money expertise required to help the broker set up the process, systems and controls to comply with FCA CASS 5 rules.
“I have been used to controlling the client money account and relying on the advice of others to be FCA compliant. As part of our BN membership I opted to transfer client money permissions to Broker Network. I was somewhat sceptical but the team managed a seamless transition. The Client Money team now look after the process and I am confident that all issues will be handled compliantly without our direct involvement. I would recommend the service.” Justin Lawson ACII , Delta Corporate Risk Limited
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Client Money team Pam Lund
“The best decision we have made since becoming a Premier Member was to use the Client Money service. It has completely changed the way we do business and revamped all of our processes, providing that extra level of protection for both our business and our clients.” Laurence O’Connor, Financial Affairs
On the road to recovery The Client Money Team provides consultancy services to help the Member bring their processes in line with FCA CASS 5 requirements. Below are some typical examples of the results of the consultation process: The client money deficit or surplus was quantified and the necessary funds transferred either in or out of the client account. Monthly compliant CMCs and bank reconciliations were produced and the correct commission transferred on Working Day 1 in line with FCA CASS 5 rules. As training needs were identified, systems training and client money training were provided. The old client account was run-down to nil, the broker could arrange an external client money audit and would be able to relinquish its client money handling permissions.
Does any of this sound familiar? Without assistance from the experts, it can be all too easy for your Client Money processes to fall into poor health. If you have any concerns over your own client money processes, speak to a member of the team for a confidential chat about how they can help on 0333 207 9814.
Fighting Fit The broker would then successfully be brought into the Network as a Client Money Member trading on Broker Network TOBAs under Broker Network Handling Permissions. All Client Money Members have dedicated Client Money experts who take care of this technical, complex and highly regulated area for them, providing daily support, completing all client money bank reconciliations and insurer payments on their behalf, and fulfilling their FCA CASS 5 reporting requirements, so they can spend more time with their clients. Using the Client Money Handling Service not only frees up their staff’s time but also reduces the business costs. The Member no longer incurs any bank charges on their client money, nor will they be required to have an external audit, as Broker Network’s Client Money is audited on their behalf. In addition capital will be released back into the business when the Member relinquishes their client money handling permissions.
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PROTECT
QUICK START GUIDE:
insurer due diligence
As an independent broker your time is incredibly precious, so we’ve compiled a handy checklist to help support your insurer due diligence processes. Please feel free to pin this on your team noticeboard back at the office as a helpful reminder.
1
Can you identify all of your markets? In particular, end carriers for any MGAs where you may be placing business.
2
How are you trading with these markets - wholesale, MGA, Lloyd’s?
3
Do all insurers have the correct regulatory permissions? This is particularly important for overseas firms who are passporting in to the UK.
4
Assess their financial strength - e.g. using rating agency checks. Note that this may impact on contractual terms with premium finance agreements (e.g. minimum financial strength requirements).
5
Review FCA and FOS data on complaints and GI value measures on products to help gauge the insurer’s approach to treating customers fairly.
6
Consider carefully any market which does not have a financial rating, or which may be classed as vulnerable.
7
If you have business placed in unrated or vulnerable markets, consider the volume of policies and GWP and consider introducing tolerance levels for these markets, to help you manage the level of risk.
8
Implement a business policy and process for unrated and vulnerable markets - e.g. regular reviews of GWP and acceptable limits based on recent MI; consider what steps you would take if a market’s security moved outside of your tolerance level.
9
Monitor PI cover, security and financial strength on an ongoing basis.
However, if you’d really rather spend time with your clients than precious hours completing TOBAs and agency admin, our team can help with a wide range of tasks. These include assisting with acquisitions and ARs, contacting insurers on you behalf to arrange new agencies as required, and a whole lot more. For further information, speak to a member of the team on 0344 346 1335.
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SUPPORT
DON’T LET YOUR SYSTEM SLOW YOU DOWN 1 DO YOU FEEL LIKE YOUR SYSTEM CONTROLS YOU?
We believe you should be the one in control of what it does for your business.
2 HAVE YOU OUTGROWN YOUR CURRENT SOFTWARE?
3 ARE YOU LOOKING TO SWITCH YOUR SYSTEM?
Our team of experts in Systems Consultancy can help you make the move to a platform that suits your needs.
Slow processes that haven’t been updated could have a negative impact on your brokerage.
4 UNSURE WHETHER YOU’RE GETTING THE MOST OUT OF YOUR CURRENT CONFIGURATION? Our specialists can take a look and give your system a thorough review to work out what’s best for you.
5 WE’RE HERE TO HELP!
Call the System Consultancy team today on 0344 346 1331.
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21
SUPPORT
SPOTLIGHT ON...
ETHOS BROKING
Richard Tuplin, Chief Development Officer of Ethos Broking, reveals how the advisory business connects like-minded brokers who share similar values while allowing each independent business to retain their unique DNA.
We buy with emotional intelligence Ethos embodies a set of core values, beliefs and attitudes which define our culture, and that’s what brings these brokers together. We buy with emotional intelligence; it is not about acquiring brokers, it is about bringing them into the group and partnering with them. The model represents great value for both parties – both Ethos Broking and the broker. There are times when they come together as one business, as Ethos Broking, and there are times where those community brands deliver themselves, maximising both outcomes.
We understand the importance of selling your business Broker Network is the only network which supports a broker at every stage of their
22
journey. Through their experience of working closely with independent brokers over the last 30 years, the team have identified the six life stages of a broker: Start Up; Establish; Grow; Maintain; Prepare (for Event); and Event. ‘Event’ is where Ethos Broking comes in. We understand that selling your business is one of the most important decisions you’ll ever make, so we wanted to create an avenue for brokers that would allow them to sell their brokerage in a stress-free way, all while still retaining their independence and brand. Equally, if you’re at any of the other stages of the lifecycle, I’d encourage you to speak to us early as possible; this way, you know what your options are. My ethos is that it’s always good to talk.
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We connect liked-minded brokers who retain their identity Ethos Broking is for any broker who wants to retain a large degree of independence but maybe they are thinking of retiring and perhaps they don’t have anyone to take over the business afterwards. The brokerage retains its name, staff and everything that makes the business unique. When we acquire a broker, we’re investing in them and working with them. Our eight partners are a collection of likeminded brokers that share similar values but retain their own DNA – this is everything that makes them a successful community broker. It’s about bringing their connected thinking together, so they can grow their regional footprint.
We listen to our regional partners I’ve had the mind-set of an independent broker all of my life and have worked in the independent broking market for the majority of my career. Even for the last seven years while I’ve been working in the national corporate arena, I’ve still felt like an independent broker. Given my 20 years’ experience of acquiring brokers, I’m coming from a place of knowledge and understanding. I have been through every step of the journey, having had the business I was a director of acquired. I’ve seen both sides of the coin and have learnt a few things along the way. Leading the Ethos business means working with our Regional Managing Directors to execute and deliver those commercial plans and budgets. It also involves working with our Insurer Markets Director Dave Ball to engage with the insurance market with
one voice and deliver a clear message with the design and delivery of leading market products for the benefit of our clients. I’m privileged to have a talented and highly efficient Ethos Broking team supporting and advising our business. As we grow, we will need to continue to listen to our Regional Partners, so we can respond and deliver on their business needs, as well as ensuring we are responding to the needs and demands in the marketplace.
We would love to hear from you
Come and talk to us. We want to start these conversations with brokers who are thinking of selling, with no obligation or pressure. The Ethos Broking team are here to answer your questions and offer confidential advice.
8
ETHOS BROKERS
12
SATELLITE BROKERS
£200M
GWP COMBINED
A TYPICAL ETHOS BROKER TICKS THREE BOXES:
✓ A good culture
✓
✓
Client care
Communityminded staff
To find out more, please speak to me, Matthew Gibson and our Group CEO Des O’Connor on stand E25.
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23
GROW
GRIMBALD 221B CRAG CLOSE THE HOME OF PLACEMENT SUPPORT
Broker Network Members have asked Placement Support to help them with each and every one of these risks recently...
A radio tower
A puppet theatre
A boxing club
All terrain wheelchair manufacturer A cyrotherapy chamber
A f ire eater
The Placement Support team are available to all Premier and Advantage Members and can help to grow brokers’ businesses by sourcing solutions for difficult to place risks. With a real passion for people and insurance, the team make it their goal to get to know Members and Partner Insurers in order to provide the best solution possible.
24
Artwork in a stately home
A model village
Struggling to place a tricky risk? The solution is elementary, my dear Watson…
An airport runway re-surfacing contractor
E CAS D E CLOS
Our team of former brokers and underwriters are happy to help Members not only win new business, but also to assist you in retaining existing business. GOT A TRICKY CASE YOU CAN’T SOLVE? Call the Placement Support team on 0344 346 1340.
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SUPPORT
Running a business without full management information oversight… ... is like flying without dials Designed by Members for Members, the Broker Network MI Dashboard provides all your key performance indicators on one page and is available 24/7 on PC, tablets, and even phones. It’s changed the way many of our Members run their business as well as interact with key suppliers.
providing details which drill down into the running of my business, and the profitability of individuals and covers we are providing.” Nigel West, Managing Director at Fiveways Insurance Group: “Having all of that information to hand means we don’t have to spend time creating reports; we’ve got it all laid out in front of us on the Dashboard.”
Carla Preston, Managing Director at Robert Gerrard & Co: “The Dashboard is in a different league to what others provide. It saves time, is interactive, visual and easy to understand – the best thing to happen to my systems in the last 20 years.” Tony Derrington, Associate Director at John Russell Insurance Services: “It’s a progressive system which is continuously developing,
Our management information tool could make a huge impact on your business. Get on board today and call a member of the team on 01423 554126.
www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
25
WHO’S Your handy guide to our partner insurers at BIBA Even if you have a memory for faces and names, recalling each and every one of the thousands of attendees at BIBA would be a struggle. We want to help you spend less time searching for the right people, and more time having those invaluable conversations.
*
VIV COOPER
BROKING MANAGER viv.cooper@bennettchristmas.com
TOM STRIPP
MANAGING DIRECTOR tom.stripp@bennettchristmas.com
BNU: THE NETWORK’S EXCLUSIVE MGA
* MIKE ELLIS
SHARRON SUTTON
KAM LALL
mike.ellis@brokernetwork.co.uk
sharron.sutton@brokernetwork.co.uk
kam.lall@brokernetwork.co.uk
BNU MANAGING DIRECTOR
NEW BUSINESS TEAM LEADER
EXISTING BUSINESS TEAM LEADER
BC UNDERWRITING
BISHOPSGATE PAUL LONGHURST
BROKING & DISTRIBUTION DIRECTOR
paul.longhurst@bishopsgateinsurance.co.uk
D20 CLM D10 AGEAS GLYN HUGHES
MATTHEW STARK
glyn.hughes@ageas.co.uk
matthew.stark@amtrustgroup.co.uk
HEAD OF STRATEGIC ACCOUNTS
MARK AUCHTERLONIE
HEAD OF STRATEGIC ACCOUNTS
mark.auchterlonie@ageas.co.uk
E10 ALLIANZ NICK HOBBS
DIRECTOR OF BROKER MARKETS
nick.hobbs@allianz.co.uk ROB CORNER
STRATEGIC ACCOUNT MANAGER
robert.corner@allianz.co.uk
*
C71 AM TRUST
ALPS MARK YOUNG
BUSINESS DEVELOPMENT MANAGER
mark.young@alpsltd.co.uk
UNDERWRITING MANAGER
HEATHER HAGGIS
ACCIDENT & HEALTH BUSINESS DEVELOPMENT MANAGER
heather.haggis@amtrustgroup.co.uk
D71 ARCH INSURANCE JON HIPKIN
KEY ACCOUNT DIRECTOR – UK REGIONAL DIVISION
jhipkin@archinsurance.co.uk
E40 AXA JOANNE HOWLISTON
BRANCH MANAGER - LEEDS & NEWCASTLE joanne.howliston@axa-insurance.co.uk
CHRIS MAGUIRE
BRANCH MANAGER - NATIONAL TRADING CENTRE chris.maguire@axa.co.uk
LYNDON WILLSHIRE HEAD OF SALES
lyndon.willshire@alpsltd.co.uk
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www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
MATTHEW CLATWORTHY
COMPASS LONDON MARKETS SALES DIRECTOR matthew_clatworthy@compassuk.co.uk
C50 COVEA REBECCA WRIGHT
KEY ACCOUNT MANAGER PERSONAL LINES rebecca.wright@coveainsurance.co.uk
F39 DAS DARREN WEEKES HEAD OF BROKER
darren.weekes@das.co.uk ANTHONY CASEMORE ETRADE DEVELOPMENT MANAGER
anthony.casemore@das.co.uk
& C40 ECCLESIASTICAL ANSVAR CHRIS WITHERS
BROKER DISTRIBUTION DIRECTOR
chris.withers@ecclesiastical.co.uk DUNCAN TUFFREY
HEAD OF SALES OPERATIONS
duncan.tuffrey@ecclesiastical.co.uk
C48 FOLGATE BRIAN RUSSELL
ENGINEERING F31 HSB INSURANCE SIMON BROMPTON
CHIEF EXECUTIVE OFFICER
brian.russell@folgateltd.com
simon.brompton@hsbeilco.uk
ian.russell@folgateltd.com
NATIONAL ACCOUNT MANAGER
adam.phillips@hsbeilco.uk
C93 INTEGRA HEAD OF HOUSEHOLD UNDERWRITING
SALES MANAGER
anthony.murray@bibinsurance.co.uk
tony.dixon@integra-ins.co.uk MARIE WOOD
GEO SPECIALITY
TECHNICAL HOME CONTROLLER
marie.wood@integra-ins.co.uk
NICK GRAZIER
MANAGING DIRECTOR
JIM CADLE
B28 LOREGA NEILL JOHNSTONE
jim.cadle@geospecialty.co.uk
njohnstone@lorega.com
ALAN HUNTER
ANDREW KILGOUR
alan.hunter@midasuw.com
akilgour@lorega.com
DIRECTOR OF BROKER RELATIONSHIPS
MANAGING DIRECTOR / HEAD OF DISTRIBUTION
DIRECTOR OF BROKER DIVISION
B2 MARKEL KEITH HILL
james.astle@urisgroup.com
REGIONAL MANAGER / BN NATIONAL ACCOUNT MANAGER
keith.hill@markelintl.com
A30 HISCOX
AMANDA MCGARRY
SENIOR BUSINESS DEVELOPMENT MANAGER
FRAN GRAYLING
amanda.mcgarry@markelintl.com
STRATEGIC ACCOUNT MANAGER
francesca.grayling@hiscox.com MARK PLEWS
HEAD OF STRATEGIC ACCOUNTS
ANDY MARTIN
BROKER & DISTRIBUTION DIRECTOR
andy.martin@marmalade.co.uk
HOME & LEGACY
NATASHA WRIGHT
BROKER DEVELOPMENT MANAGER
PAUL NOKES
natasha.wright@marmalade.co.uk
BUSINESS DEVELOPMENT MANAGER
paul.nokes@homeandlegacy.co.uk
BRIAN WARKCUP
BUSINESS DEVELOPMENT MANAGER
REBECCA TWEEN
KEY ACCOUNT MANAGER
rebecca.tween@nig-uk.com
B30 NMU MATT DRINKWATER
CYBER & FINANCIAL LINES UNDERWRITING MANAGER
GARY BARLOW
TERRORISM UNDERWRITING MANAGER
gary.barlow@nmu.co.uk
E20 RSA RACHEL LOWERY HEAD OF BROKER, PERSONAL LINES
rachel.lowery@uk.rsagroup.com ALEX HARDY
SALES & DISTRIBUTION DIRECTOR, COMMERCIAL RISK SOLUTIONS
alex.hardy@uk.rsagroup.com
C18 THB LYNSEY WHITTAKER
BDM - WEST MIDLANDS, NORTH WEST AND NI
lwhittaker@thbgroup.com
D80 MARMALADE
mark.plews@hiscox.com
F2
NIG
GROUP MANAGING DIRECTOR
MIDAS / GEO PERSONAL LINES
JAMES ASTLE
D2
matt.drinkwater@nmu.co.uk
REGIONAL SALES MANAGER
URIS
sean@propertyprotector.co.uk
TONY DIXON
ANTHONY MURRAY
nick.grazier@geospecialty.co.uk
PARTNER
ADAM PHILLIPS
CHIEF UNDERWRITING OFFICER
B.I.B UNDERWRITING
PROPERTY PROTECTOR SEAN NEAL (AND TEAM)
BUSINESS DEVELOPMENT MANAGER
IAN RUSSELL
D39 GEO UNDERWRITING
*
*
MILES SMITH BARRY GILLIGAN
brian.warkcup@homeandlegacy.co.uk
CHRIS FOZARD
BDM - EAST MIDLANDS, NORTH EAST AND SCOTLAND
cfozard@thbgroup.com
A20 ZURICH JOANNE NEILL
KEY ACCOUNT MANAGER
joanne.neill@uk.zurich.com STEVE DAVIS
STRATEGIC ACCOUNT MANAGER
steve.davis@uk.zurich.com
BROKER RELATIONSHIPS DIRECTOR
bgilligan@milessmith.co.uk
Please note: the insurer partners listed in this directory represent those within the Broker Network family. This list is not exhaustive.
ROBIN DALY
BROKER RELATIONSHIPS MANAGER
rdaly@milessmith.co.uk
Can’t find who you’re looking for? We can help - come and see us at stand E25.
* Attending the event, but does not have a stand. www.brokernetwork.co.uk | THE POWER OF THREE: GROW, PROTECT, SUPPORT
27
BACK BY You loved them, we loved them… the BN slippers have RETURNED! We’re giving away a LIMITED NUMBER of adult’s slippers, and for the first time CHILDREN’S SLIPPERS!
GET YOUR FEET IN A PAIR!
Once they’re gone, they’re gone! 28
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