ben19 started this topic @ 14:05 on 12/08/2006
I think I have identified a niche market for insurance products (the lost/stolen/destroyed type, rather than the life insurance/financial type), and the little competition out there seems to have very poor websites and the one I used had very poor service.
It seems pretty obvious that these are 'one man and a dog' operations working out of a home office, that have identified 1-2 insurance companies that provide insurnace to this niche market and just act as advisors (ie. they take the details, provide a quote, then sign the user up with the insurer) so my question is - how do I go about becoming one?
Do I approach the insurance companies directly? Do I need to be registered/licenced? I took a quick look at the FSA site but it was a bit unclear as to whether I needed to be or not, and also checked out the British Insurance Brokers Association (BIBA) website, but that wasn't a fat lot of help...
Any ideas how this business works or where to research it? Also, what is this type of person called - are they a insurance broker? or insurance advisor?
Thanks,
Ben.
RE: selling insurance
Jonny | 12/08/2006 07:58 PM
There are very, very, very strict FSA regulations and accreditations that you need before you can sell most sorts of financial services including insurance. Whether this is a good or a bad thing is open for debate but it's a reality in today's market.
Makes for a pretty big barrier to entry but it is still certainly possible if you are prepared to go through the process.
As well as my surf shop & business, I freelance as a marketing manager and one of my customers is a large independent insurance broking firm. I am not even really allowed to talk to customers about their insurance for fear of it being seen as breaking FSA regulation.
One way you can potentially work it is by referring customers to an accredited broker and have the broker pay you a "introduction" fee but it really is a minefield.
J
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RE: selling insurance
Jonny | 12/08/2006 07:59 PM
PS - just noticed this was your first post - welcome to the forum Ben!!!
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