Risk HQ - Case Study, January 2025
Background
Neil Adebowale had worked for an independent broker for a number of years developing a book of business and his expertise in the leisure, and in particular gym and health club market.
Following the acquisition of the business by a national consolidator, Neil wanted to be able to continue to provide bespoke solutions and his own brand of personal service to the leisure market – and so he decided to set up his own business, Risk HQ.
Why Movo?
The Appointed Representative model works for start-up brokers.
Initially Neil looked at the potential for setting up a directly authorised broker, but quickly realised that regulatory requirements and his need for multiple insurer agencies would make this extremely difficult and expensive. On researching the Appointed Representative model, he realised that he could still achieve his objective of creating a truly independent broker – but at a fraction of the cost.
The Movo model balances support with independence
The Movo model provided the comprehensive support that Neil was looking for, but without impacting the independence of his business:
“The biggest thing to say about Movo is that they always seem to strike the right balance. Whether that’s on compliance, or insurer agencies and broking, there is a lot of support there – but its not delivered in a way that restricts you from running your business. I talk to people from the Movo departments on a regular basis – but the decisions are mine”
Risk HQ
Risk HQ has been up and running for just over 18 months and is growing successfully in line with Neil’s business plan.
Neil is now looking to build his team, has a great pipeline of new business and has established his brand in target markets.
Neil’s advice for brokers thinking of starting their own business
Key pointers for people starting their own business would be:
- Consider the Appointed Representative model as soon as possible. It doesn’t have to be restrictive, and is a much simpler, cheaper and quicker route to market than direct authorisation.
- Create a business plan at the start of your journey so you can plan effectively, and also share your vision for your business with key stakeholders such as your AR Principal, insurers and employees.
- If possible find a mentor who has experience of setting up their own business. Speak to other insurance entrepreneurs who have faced the same challenges – Movo has been very helpful in this respect, encouraging members to network and share their challenges and solutions at the Movo conference and in other forums.
