Are you thinking about starting an insurance brokerage and are wondering what experience you need to have?
At Movo, we have helped dozens of start-ups so let us give you a brief summary of the Experience Needed to Start An Insurance Brokerage:
1. A great deal of experience
The FCA, and clients for that matter, will want to know that you have the required experience to manage their insurances. What is an appropriate amount of time is a subjective matter but in reality, a minimum of 5 years front-line broking experience is recommended. The FCA does not stipulate an actual time amount but rather that a person needs to be competent to carry out a particular function. Every persons story is different but in summary, the more experience, the better.
Although these are not mandatory, we do advise individuals to progress their professional qualifications. We particularly advise that the module M81 Insurance Broking Practice, part of the DIP CII qualification is undertaken. This is an excellent module that will summarise key requirements for running an insurance brokerage. This book is worth reading prior to setting out on your own journey.
3. The right attitude
There is no doubt that in the early years of your Insurance Brokerage’s start-up story, that you will have some challenges. It’s really important to set yourself up in the right mind frame and be determined to overcome the inevitable ‘Bumps in the road’
4. Cross class knowledge
Unless your business plan is set out to only sell a single product, it’s important to have cross-class experience as most clients will need a range of products which, without support, you may not be qualified to advise on.
At the Movo Partnership, we support new start-up insurance brokerages with more than just a trading platform but also with good advice and lending support when needed.
“At the Movo Partnership, we support new start up insurance brokerage with more than just a trading platform but also with good advice and lending support when needed”.
If you are struggling to meet some of these basic requirements, why not create a plan to improve before launching your own venture? If you are confident you do meet these criteria then why not get in touch for support and help to start an insurance brokerage today.