What is an Appointed Representative?
Request a Call Back
So you’re thinking about setting up as an Insurance Appointed Representative (AR), but not entirely sure with what is involved?
In an ideal world, to set up as an Insurance Appointed Representative, you would come from an insurance background (broking, underwriting, risk management or loss assessor) and have an entrepreneurial drive. After all, you will be effectively running your own business.
Whether you are currently an Appointed Representative, looking to move to a new Principle, or simply thinking about making your move into the ‘AR’ space, we can help.
The formal legal status of an Appointed Representative can be found on the FCA website, by clicking here. We always recommend anyone or entity interested in the ‘AR’ model reads and understands the legal obligations. In the world of insurance regulation, you have two options.
- Be directly authorised by the FCA
- Become an Appointed Representative of a directly approved intermediary
We’re Here to Help if You…
- You want to be your own boss and build close personal relationships with your clients.
- You want to reap the rewards of your hard work and control your future.
- Need assistance in setting up your first insurance related intermediary (brokerage, MGA or loss assessor business)
- Have limited knowledge of regulation and compliance.
- Are not happy with your current Principle, and want to work with someone more supportive towards your strategic direction.
- Are looking for a broad range of insurers to place your insurance enquiries quickly and effectively.
- Are seeking Lloyd’s of London access for any unusual or international enquiries.
- Are seeking to ‘go at it alone’ after several years of successfully being an Account Executive with your own bank of clients.
- Want the flexibility to work your own hours around your clients’ requirements.
- Require placement and product support for any unusual enquiries.
- Have members or clients that would you like to cross-sell insurance products to.
Our Objectives in Helping You…
- Help you grow and develop your organisation with like-minded partners.
- Give you peace of mind and remove any burden around compliance, regulation, financial promotions, client money reconciliations and software selection.
- Reduce your regulatory and infrastructure costs so you can focus on marketing and new business.
- Provide you with a platform to develop and excel your business.
- Ensure your financial stability by offering flexible working agreements.
- Offering a transparent agreement and prompt commission payments to ease your cash flow.
- Giving you ‘whole of market’ access with over 100 insurers and Lloyd’s syndicates to place business into.
- Minimise and remove any challenges you have as an AR.
- Enable you to work with your new and existing clients with reassurance and confidence.
- Have someone by your side, during the good times and bad.
- Help you grow as an insurance professional/business.
- Provide you with flexible options to work.
What we Will Do for You…
- Support your business, whether an existing AR or new start-up in the strategic direction you choose.
- Ensure you are compliant at all times.
- Keep you informed of new regulations and industry best practice.
- Offer you access to market and insurers to place your insurance enquiries.
- Support you financially, by offering regular commission payments (weekly, fortnightly and monthly).
- Assist you in your marketing promotions (regulated activity) and digital marketing efforts to grow your business and brand.
- Help you protect and grow your business. After all, the clients are yours and will always be.
- Help you become directly authorised, as and when you feel the time is right, with no financial penalties.