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:

1. 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.
2. 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.
3. 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.

Background

Having worked for three different local brokers over a period of ten years, Raphy could see no clear career path to advance from his role as a commercial business Account Executive, and so decided to take his career progression into his own hands and start up his own business.

PHY Insurance Services was launched as an Appointed Representative of the Movo Partnership in April 2022, based in Hendon North London.

The PHY Journey so far

Raphy initially launched the business working on his own from his home in order to keep costs low.

The initial focus was on direct marketing, using Linkedin, cold calling, and attending local networking events, but Raphy soon found that referrals from clients and business contacts overtook the need for marketing outreach.

 As his he built his book, and his reputation was established, Raphy’s hard working approach, and philosophy of ensuring that all of his clients get a first-class service won increasing numbers of advocates and word of mouth is now by far his most powerful marketing tool.

Raphy has now taken on commercial office space, and is recruiting to build the team.

Why Movo

Raphy felt that a shared business philosophy and aligned culture were key. The chemistry with the Movo team was positive from the start:

An independent model:

“Movo is a very supportive Network, and at the same time very trusting. It’s a positive for me that they let me get on and be my own broker. Whilst there’s a broking desk available to help if you need it, when you want to broke business yourself, and choose your own insurers, there’s no pressure from them or any interference”

Raphy’s advice for brokers thinking of starting their own business

• There are no short cuts in starting your own business – be prepared to work very hard to ensure your business is a success!
• Raphy doesn’t limit himself to only dealing with only local clients, but follows up leads from anywhere in the UK if there is an introduction and a reasonable chance of success
• Give the same high level service to all of your clients no matter their size. Consistently excellent service builds your reputation and secures client loyalty – and you never know what other business interests or contacts a client may have, or how their business will grow.

Ryan Houston is an experienced broker with over 25 years in the insurance industry, mainly in commercial broking in his local Basingstoke market.

Following the acquisition of the regional broker he worked for by a more corporate broking consolidator, he made the decision to step out to start his own brokerage, with the objective of providing local commercial businesses with a dedicated independent personal service.

Why Movo?

An independent model
The first key decision was which Appointed Representative principal to work with. Central to his decision that  Movo was the right partner was a shared belief in the importance of an independent broking model. Ryan was looking for support, but didn’t want to be restricted or directed in terms of his approach to business, the insurer markets he used or how he delivered and charged for services.

Dealing directly with insurers

Being able to deal directly with insurers was an important element of the decision. Ryan sees his ability to present, broke and place risks himself as a fundamental part of his role, and key to winning business and delivering the right solutions for clients.

Transparent costs

Movo’s transparent fee structure which allows for Appointed Representatives to keep all of their own commission and fees was also attractive, allowing him to keep a greater share of the income generated to re-invest in the business.

Securing start up funding was a key enabler
Ryan was able to secure investment in his business to fund initial start up and salary costs for year one while his first clients were won – providing peace of mind and enabling him to focus on winning the profitable long term clients he wanted to build his business.

Houston Broking Group

Ryan launched Houston Broking Group in July 2023, and the business has gone from strength to strength since then.

His reputation and extensive business network in the Basingstoke area meant that he was able to secure a pipeline of referred clients, who were looking for the personal service he delivers.

Once out of covenant, a number of his former clients have also followed him to his new business.

Ryan has now taken on his first Account Executive who joined him in July 2024 , and has also purchased a book of business from another Movo Appointed Representative who is looking to step back his work commitments.

Houston Broking Group made a profit in its first year of trading, and as at November 2024, controls about £1.5 million of gross written premium, with a strong pipeline and a realistic expectation of more than doubling the business’ income in 2025.

Ryan’s advice for brokers thinking of starting their own business

“First and foremost – plan,  plan, plan – try to foresee your first twelve months of trading as clearly as you possibly can.”

“Speak to as many people as possible who have been through what you want to do (launching their own business)“

“Be brave, take the leap! – you’ll be able to do it. There’s no magic wand or anything extra special needed to succeed – just a willingness to do the right things to build a business with the clients’ best interests at heart”