Broker Network Regional Meetings 2019 Brochure

K ES

GLASGO

BURY

MANCHES

R TE

TE

W

ROGATE AR

W

H

LONDON

BROKER NETWORK

REGIONAL MEETINGS

1 BROKER NETWORK REGIONAL MEETINGS 2019

|

www.hub.brokernetwork.co.uk

You have helped us

to raise an amazing £6,000 for Cancer Research UK and reach our £1,750 total for our Mental Health Week in aid of Mind in May.

Together

WE CAN MAKE A DIFFERENCE

This year, we asked our staff to nominate three charities close to their hearts for us to support as a company; they chose Martin House, Mind and Cancer Research UK. We wanted to take the opportunity to say thank you for your support in helping us fundraise and to tell you a bit about why we chose to support these three causes.

Martin House is a charity local to the Broker Network office, which supports more than 400 families and 170 bereaved families across Yorkshire.

The hospice only receives 11% of its funding from the Government, however, it costs £8m a year to provide the vital service. Our intention is to contribute to the more than £7m they need to realise through fundraising.

Many of our staff have been affected by cancer and with someone in the UK being diagnosed with cancer every two minutes, we know how important research is. Over the last 40 years cancer survival has doubled to 50%, and in 20 years it could be 75% through the charity’s vital investigations.

That’s why we’re backing Cancer Research UK.

2

BROKER NETWORK REGIONAL MEETINGS 2019

|

www.hub.brokernetwork.co.uk

We want to break down the stigma around mental health and show you, our Members, and our staff that it is ok not to be ok. Our aim is to have a Network where everyone can speak openly about their wellbeing, and we’re supporting Mind’s goal to make sure no one has to face a mental health problem alone.

BROKER NETWORK

REGIONAL MEETINGS Welcome to our Autumn Regional Meetings for 2019.

Firstly, I want to say thank you for attending and taking part in today’s session. These meetings are just as important for us as they are for you; your needs and feedback really do influence everything we do and help to shape the direction of your Network.

We understand that we will be taking you through a wide range of information today, so we wanted to give you a brochure that you can take home with you and read at your leisure. Within this brochure, you will find the key points from the meeting, as well as details of the wealth of resources available to you as a Broker Network Member.

With December only two months away, we’ll be providing you with crucial insight into the upcoming Senior Managers and Certification Regime (SM&CR) regulation. To help you navigate this complex area, within this brochure you will find a dedicated SM&CR pack.

Thank you to everyone who voted for the two specialist topics – generating extra income through the renewal cycle and getting upselling and crossselling to really work for you. To keep them in your mind, I’ve put together some of the top tips that I will be taking you through, so you can look back and reference them.

If you have any questions, then please write them down as they come to mind and ask them in either the Q&A session or the Networking lunch, as we really value your feedback.

I hope you find today’s session helpful and I look forward to seeing you at Broker Network Live and the National Conference next year.

Yours,

Richard Pitt, Chief Network Officer

TODAY’S AGENDA 09.30

Morning refreshments

11.45

Topic 2 – SM&CR

10.00

Welcome and opening

12.15

Topic 3 – Getting upselling and cross selling really working for you

10.10

Network update plus what’s new

12.45

Q&A

11.00

Break

13.00

Closing remarks

11.15

Topic 1 – Generating extra income through the renewal cycle

13.15

Networking lunch

3 BROKER NETWORK REGIONAL MEETINGS 2019

|

www.hub.brokernetwork.co.uk

Our HR Consultancy team has collaborated with myhrtoolkit to offer Members an affordable online HR Information Solution (HRIS), enabling you to securely store and utilise HR information centrally. This virtual filing cabinet includes features that will help to ensure you remain SM&CR (including business continuity), IDD and GDPR compliant.

In light of the recent FCA regulations, it is not enough to sign and store the right paperwork.

Documents must also be completed on time, kept up-to-date and be readily available for audits or other legal matters. Our HRIS system can help you streamline your compliance process by allowing you to file and retrieve documents more efficiently, alongside setting renewal reminders. Updates and reports will eradicate trawling through endless paperwork and spreadsheets to collate evidence and ensure compliance.

To discover how myhrtoolkit can help your business remain compliant, contact the HR Consultancy team: E: hrconsultancy@ brokernetwork.co.uk T: 0344 346 1332

4 BROKER NETWORK REGIONAL MEETINGS 2019

|

www.hub.brokernetwork.co.uk

Gone are the days of spreadsheets, planners and tricky calculations. HRIS allows you to track and report on sickness incidents and absences, enabling you to take steps to reduce absence levels. The employee selfservice element will reduce administration time.

There are no special software or hardware requirements; you just need an internet browser.

This means you can access it from anywhere that has Wi-Fi (home or multiple offices) and from any device.

Designed to automate and simplify the management and recording of employee records and activities, with the facility for clear evidencing of compliance.

Documents and policies can be tracked to show when they have been opened, read and understood.

Set up a reminder or reoccurring event to ensure you remain compliant on annual selfcertification, DBS, credit checks etc.

Set up notifications to ensure you book probation reviews, appraisals etc. on time.

This comprehensive reporting system allows you to extract meaningful management information.

This gives you access to all tools, features, as well as a best practice checklist.

Tailored set up by our HR Consultancy team to ensure compliance is available at an extra charge.

NO. OF USERS

USUAL PRICE

EXCLUSIVE BN PRICE

0-5

£15.00

£13.50

6-10

£25.00

£22.50

11-20

£50.00

£45.00

25-50

£90.00

£81.00

51-100

£120.00

£108.00

100+

Price on application

5 BROKER NETWORK REGIONAL MEETINGS 2019

|

www.hub.brokernetwork.co.uk

APPRENTICESHIPS: The right training opportunities can paint an exciting future for your top talent and ultimately encourage them to progress within your business. After the successful launch of our cost effective apprenticeship programme, Rachel Longbottom, Learning and Development Manager, explains all.

We’re changing the landscape of learning for brokers. The programme has really brought our apprentices together – giving those individual learners in each office the chance to learn and share experiences as a group. Our first cohort began their apprenticeship journey in June and following their first three months of training, they are about to take their first exam. The group are beginning to make connections for life, which will enable them to build a robust professional network for the future.

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.

Members can benefit from significant discount when they join the programme. You will only pay 5% of the £7000 cost; the rest is co-funded by the Government.

We’re passionate about investing in people and this is the perfect way to empower brokers to develop their careers. However, it is an 18-month programme and requires serious commitment from both the employee and the employer, so it’s not a decision that should be taken lightly.

We’ve added to the 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.

On top of your tutor, the Learning Network is here to help you every step of the way with helpful tips and learning opportunities from webinars to modules on LINK, as well as a student card, CII membership and more.

6 BROKER NETWORK REGIONAL MEETINGS 2019

|

www.hub.brokernetwork.co.uk

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 CII London office

Ultimately achieving your Cert CII qualification as a fully certified Insurance Practitioner

Complete 18 months of professional learning

DESIGNED WITH YOU IN MIND

A UNIVERSAL APPROACH

Our award-winning Learning Network’s approach is designed with each learner and their role in mind; accessing learning and development at the point when you need it most has never been so easy.

Our team curates learning that supports you with everything from technical qualifications to behavioural development – it is a true holistic offering. We are championing development in the broking arena and driving increased professionalism across the industry.

YOUR LEARNING, YOUR WAY We encourage collaborative learning across multiple audiences, connecting industry leading experts and bringing learners together through our digital learning on LINK, webinars and Virtual Classrooms.

The Learning Network team is on hand to support your business and people whenever you need it. To discuss your learning opportunities and apprenticeships, get in touch with the team by calling 0330 123 4237 or emailing learningnetwork@brokernetwork.co.uk.

7 BROKER NETWORK REGIONAL MEETINGS 2019

|

www.hub.brokernetwork.co.uk

The Senior Managers & Certification Regime (SM&CR) is only two months away. By Monday 9th December 2019, your business will need to be compliant with the regulation. The SM&CR replaces the Approved Persons Regime and aims to reduce harm to consumers, as well as strengthening market integrity by making individuals more accountable for their conduct and competence.

benefit from so much more as part of your Membership, depending on your proposition.

1

Two months away may sound daunting, but we’ve got you covered. Our Risk and Compliance, HR Consultancy and Learning Network teams have been working hard this year to cover all bases, so you can get ready for when 9th December rolls around.

There is a wealth of information and resources that you can tap into as a Broker Network Member. Other organisations are charging up to £195pp for three hours’ worth of training. However, as a Member, you can

KNOW WHAT TYPE OF FIRM YOU ARE

For solo-regulated firms, there are three categories under the SM&CR: LIMITED SCOPE – These firms will be exempt from some baseline requirements and will typically have fewer Senior Management Functions (SMF). Firms that already have exemptions under the Approved Persons Regime will be classed as Limited Scope.

CORE – In this tier, firms will have to comply with the baseline requirements.

ENHANCED – These firms will have extra requirements, as their size, complexity and potential impact on consumers or markets will warrant more attention.

8 BROKER NETWORK REGIONAL MEETINGS 2019

|

www.hub.brokernetwork.co.uk

2

DEFINE YOUR SENIOR MANAGERS

Ahead of 9th December, you need to determine all your management’s job roles and what SMF will apply to them. Are they the CEO, Executive Director, Chairperson, or Partner? Once you’ve mapped out their job role and SMF, you will then need to complete a Statement of Responsibility for all your Senior Managers; they will then need to understand and agree to the Duty of Responsibility required in their SMCR role.

3

ENSURE YOUR SENIOR MANAGERS ARE FIT AND PROPER

To comply with SM&CR, you need to ensure you are satisfied your senior staff are fit and proper, before making an application for approval to the FCA.

WHAT CAN I ACCESS? • •

4

WHAT CAN I ACCESS?

WHAT CAN I ACCESS?

Regulatory reference template examples

•

FAQs on regulatory reference*

IMPLEMENT CONDUCT RULES TRAINING

The FCA has outlined a series of Conduct Rules that apply to all your staff. We’d urge you to familiarise yourself with them and share them with your team.

•

•

Job descriptions templates*

A revised Statement of Responsibility template with two additional guidance documents on how to complete one and other responsibilities

•

Conduct Policy and Guides to Best Practice matrix which outlines what you’re responsible for Learning Pathways on Conduct Policies and Guides To Best Practice*

*Dependent on your proposition

9 BROKER NETWORK REGIONAL MEETINGS 2019

|

www.hub.brokernetwork.co.uk

All the documentation mentioned in this article can be found in your SM&CR Toolkit on the Hub under the Risk and Compliance Management Service.

If your proposition allows, please get in touch with your Risk and Compliance Consultant for any further queries. If you would like to benefit from assistance from our Compliance, HR and Learning and Development specialists, please speak to your BDM.

5

CORE VS LIMITED SCOPE

REVISE YOUR HR DOCUMENTS

Key documents, including employee handbooks and disciplinary policies, will need to be reviewed to make sure they are compliant with SM&CR.

The majority of our membership fall within the ‘Core’ category, and so are subject to the full Approved Persons Regime but do not meet any of the Enhanced criteria. A few of you may be defined as ‘Limited Scope’, a restricted application of the regime; for example with regards to consumer credit, sole traders, or participants in the oil or energy markets. ‘Enhanced’ firms meet one or more of a number of criteria including being a large CASS firm; having more than £50bn Assets Under Management; etc.

WHAT CAN I ACCESS? •

•

A full review of our Employee Handbook template, now including a reference to SM&CR* The HR Consultancy team can assess your Employee Handbook*

10 BROKER NETWORK REGIONAL MEETINGS 2019

|

www.hub.brokernetwork.co.uk

6

TICK ALL THE COMPLIANCE AND HR BOXES

Come December 9th, you must comply with: •

Senior Manager Functions

•

Certification Functions

•

Conduct Rules

•

Fit and Proper Checks

•

Duty of Responsibility

•

Statement of Responsibilities (which includes five prescribed responsibilities for Core firms).

•

•

It is also essential you consider the following HR practices and make sure: •

WHAT CAN I ACCESS?

Your record keeping is up-to-date

•

You assess the ongoing competencies of your Senior Managers

•

You set reminders for Fit & Proper checks.

•

• •

•

SM&CR Risk Assessment – A template is available for Advantage Members; and for Premier Members, your RCC will walk you through the process Our Risk and Compliance and Learning Network teams have delivered two webinars ahead of December, recordings of which can be found on the Hub. Plus, another webinar is planned for October We have produced 40 Conduct Policies that you can implement immediately Revised appraisal documents Advice and guidance within our regular Compliance Newsletters A revised Responsibility Table.

*Dependent on your proposition

11 BROKER NETWORK REGIONAL MEETINGS 2019

|

www.hub.brokernetwork.co.uk

NEWS

AROUND THE NETWORK

PLACEMENT SUPPORT With an increase in demand of 30% compared to 2018, our Placement Support team receives more than 200 enquiries a month from Members. So far this year, they have assisted both Premier and Advantage Members in placing over £1.7m GWP with our Partner Insurers. The team enjoy helping you find markets for complex or tricky risks; some of the cases they have placed recently include: A ROLLERCOASTER ENGINEER

A BARBER BUS

MARKETING CONSULTANCY It’s been a busy year for Marketing Consultancy, who have created 17 new brands, 19 websites and delivered over 1000 other jobs for you. Building on the success of their award-winning portal, the team will be launching a Campaign Shop to give you access to a series of ready-made campaigns. You can ‘shop’ for up to four packages, adding them to your basket in just a few clicks. These are then branded to your brokerage, allowing you to effortlessly reach your customers via multi-channel marketing activity.

BNU Your Network-exclusive MGA, BNU, is here to provide you with access to empowered decision-makers, who can write business which the composite markets won’t always underwrite. We can bring added value, differentiation and a competitive edge to your business. And the BNU team has been working hard for you this year, and as a result their new business success is up 47% on 2018.

12 BROKER NETWORK REGIONAL MEETINGS 2019

|

www.hub.brokernetwork.co.uk

AN AMATEUR RUGBY TEAM

CLIENT MONEY & INSURER RECONCILIATION 70% of Premier Members are now using the Client Money service. In direct response to your feedback, we’ve updated our Client Money Toolkit. Within the Toolkit, you will find all the policies and forms, which are now interactive, that are crucial for us to be able to handle your Client Money effectively. The Toolkit can now be found on your Hub for your ease and convenience.*

SYSTEMS CONSULTANCY Member engagement is at an all time high, with 88% of you having used the team’s expertise since the start of 2019. If you’re an Acturis user, you will likely be aware that the service provider has upgraded its accounting module.

To put your mind at ease, our Systems Consultancy team has created a suite of video guides to take you through some of the common accounting functions, which can be found on the Hub.*

MI Our MI team is focusing on using data to identify business opportunities for you, under the direction of our new Head of MI, Jon Bradshaw. Jon has more than 20 years’ experience in the field, having previously worked for business intelligence consultancies and companies such as Morrisons and Smith & Nephew.*

AGENCY & TOBA MANAGEMENT Since January this year, the Agency team have provided agency and operational support to 13 Members who have acquired other brokers and books of business. To reduce the administrative burden for Members, they have contacted insurers on their behalf, arranging new agencies and TOBAs as required, to facilitate the smooth transfer of business.*

*If you currently don’t have access to any of our specialist in-house Member Services, please speak to your BDM.

13 BROKER NETWORK REGIONAL MEETINGS 2019

|

www.hub.brokernetwork.co.uk

takeaway

Renewal rebroking MGAs

De-minimus on return premiums

Placement strategy

Monitor via trendline

At the Regional Meeting you attended, we discussed a few of the key areas that any brokerage leader looking to drive income within their business should be focusing on. However, there are dozens more that could really make an impact to your bottom line, as you can see here.

Commission on return premiums

Macro deals

Commission discounting Fees in lieu of commission

EL differential

Micro deals

Advanced commission

London Market placement

By making a few small adjustments to your renewals process, and focusing on the following, you can drive incredible results within your business.

1

PREMIUM £

COMMISSION £

COMMISSION %

2018

2019

2018

2019

2018

2019

Attack

£3,000

£2,500

£600

£500

20%

20%

Marketed

£2,000

£1,800

£200

£198

10%

11%

Regular

£4,000

£4,400

£800

£968

20%

22%

NOTES

2

ADMIN FEES

3

PAYMENT METHOD

2018

2019

Attack

£30

£20

Attack

Marketed

£10

£30

Regular

£0

£30

2018

2019

2018

2019

II

PF

£0

£63

Marketed

PF

PF

£50

£50

Regular

CC

PF

£-80

£110

NOTES

14 BROKER NETWORK REGIONAL MEETINGS 2019

PAYMENT INCOME (2.5%)

|

www.hub.brokernetwork.co.uk

Role plays Chicken letter Renewal agenda

Whole team

Current performance Targeting

Removing barriers

Share of wallet

Client vs. policyholder

Planning via renewal spreadsheet

Leadership Belief Moving from product-peddler to advisor

Use of stories Objection handling

4

Preparing of votes in advance

Confidence

Contact me on 07920 299 727.

Using the ‘chat group’ Best timing

OPPORTUNITY 2019

ARE YOU READY TO DRIVE GROWTH AND WIN NEW CLIENTS?

TOTAL INCOME

REF

CROSS-SELL

SUCCESS

2018

%

2019

%

Attack

N

FLE

N

£630

21%

£633

25%

Marketed

Y

CYB

Y

£260

13%

£278

15%

Regular

Y

LEG

Y

£720

18%

£1,108

25%

NOTES

5

RETENTION RATE Policy

NOTES

100%

Premium

97%

Income

125%

15 BROKER NETWORK REGIONAL MEETINGS 2019

|

www.hub.brokernetwork.co.uk

S AV E

B R O K E R

T H E

D AT E

N E T W O R K

[LIVE]

THURSDAY 19TH MARCH, 2020 We’ll be coming to you live once more from the renowned London venue – Shangri-La Hotel at The Shard

Join us in person or virtually and hear from the Broker Network team on the crucial updates in your Network, as well as the opportunity to put forward those burning questions to our Executive team.

Stay tuned for details on how to register your place at the venue or to watch from the comfort of your office.

L VE 19-240 RM v4