Momentum FAQs.

About Momentum

Who are Momentum?

Momentum was established in 2010 to provide support services to independent insurance brokers. The business was established and is managed by an experienced team of people who have a significant knowledge and history of supporting successful insurance brokerages.

What do you do?

We are dedicated to providing a broad range of support including placement, compliance, systems and marketing – enabling our Partners to focus on servicing their clients and growing their business.

Do you have your own insurance clients?

No. We firmly believe that all our efforts should be directed for the benefit of our Partners. Looking after our own clients would inevitably lead to conflicts in the use of our resources and with clients.

Just starting out

How does it work?

Our Partners are Appointed Representatives (AR) of Momentum Broker Solutions Limited. We will provide you with help to start your business, first rate insurance placement, systems, technical support and as an AR you are authorised by the FCA under our registration.

What is an Appointed Representative?

Appointed Representative is a term used by the FCA. We refer to our Appointed Representatives as Partners. The FCA defines an AR as a person or firm who conducts regulated activities and acts as an agent for a firm directly authorised by the FCA. The directly authorised firm (Momentum) is known as the AR’s ‘Principal’.

Can you help me with my business plan?

Absolutely – we will gladly talk you through the production of a business plan if you are just starting out and we can provide a template to get you started.

Sole Trader or Limited Company?

The choice is yours and we can help you to work out which is right for you.

Would I have my own company name?

Yes. We think it’s important to develop your own company identity and branding and we can help you with that.

Do I have the necessary experience?

You will need to have a strong background in the general insurance industry, a track record of dealing with insurance buyers and a good level of technical knowledge.

Looking for a change

I’m already an AR, can I move to Momentum?

Yes. Changing your Principal to Momentum is a simple process and can often be done very quickly. We know that any change would have to make commercial sense for you and we’ll work through everything to make sure becoming a Momentum Appointed Representative is the right thing to do.

My business is directly authorised by the FCA, can I change to become an AR?

Yes. You can benefit from all of the services that we can provide and we’ll help you to sort everything out to ensure a smooth transfer.

What about notifying the insurers?

We’ll do all of that for you and we have lots of experience with the process. Whether it’s a few cases or a large developed business, we can arrange everything with our insurer partners.

Client relationship

Who interacts with the client?

You do. That’s probably the best way to visualise how Momentum works and who does what – if it involves talking to or writing to the client it’s you, if not, it’s probably us!

Can Momentum help me with larger clients?

Creating your own brand is of course important, but we are happy for you to emphasise the Momentum relationship if this helps in developing your business. Larger clients and prospects may find the Momentum resource and expertise reassuring – the best of both worlds!

Who owns the client?

You do, and that will always be the case. We won’t make direct contact with your clients unless you ask us to or we absolutely have to and if it doesn’t work out with Momentum, you would of course take them with you.

Who deals with any claims?

You can liaise with insurers directly for any claims. If there are any problems we will be there to support you – or your clients – if you want us to. We can also provide access to claims management assistance and loss adjusters should you or your clients need any more help.

Accounts and finance

How much does it cost to join Momentum?

There is no set-up fee. The financials can vary depending on your particular requirements. As a start-up business, typically you would receive 60% of all Fees and Commission paid by your clients.

Do I have to Credit Control my clients?

Yes, and it’s really important that you do. We can’t pay you or the insurer until the client has paid so you could end up with a policy cancelled by the insurer and no income. Credit Control is vital to any successful business.

Can my clients pay by Premium Finance?

Yes they can. We are able to offer payment facilities via Premium Credit.

Will I have to deal with client money?

No. All payments come directly to us and we will take care of all the reconciliation and payments to insurers.

Will I have to do my own accounts?

You will be responsible for your own business accounts – we can offer you some support in this, but since we will be handling client payments and insurers, most of what is left would probably be picked up by a good accountant.

Do I need my own PI Insurance?

No – you will be covered under Momentum’s PI policy. If you already have PI cover in place, you can put that into run-off.

Sales and marketing

Can you help me with my brand design and logo?

Yes, branding is very important and we can work with you to produce a professional logo, strapline and overall branding that fits your business and your style.

I’ll need some business stationery but I’m not sure where to start?

That’s ok, our print management system allows you to quickly and easily design your own business cards and letterhead and order printed copies online to be delivered directly to your door.

Can you help me with my website?

Absolutely, we have a great website solution to suit any budget – we can even help you with the content and can provide regular ‘News’ updates to help keep it fresh.

If I want to produce flyers or newsletters or even an email campaign, can you help
me with that?

Yes absolutely. We can provide as much or as little help as you need. Whether you need assistance with the content or support with the design, we’re here.

Will I need a CRM system?

Database management can be an important part of the new business process and we can help you to work out what you need depending on the kind of prospects that you are dealing with. We know that costs are very important and can also recommend some very low-cost solutions.

Compliance and training

Do I need to pay FCA fees?

No – all FCA fees will be calculated and paid by us as part of our broker service.

Does that mean that I don’t have to worry about the FCA?

No. We are regulated in the same way as any other Insurance Broker and subject to the same rules – it’s just that ‘We’, includes you so you don’t need to go through the lengthy FCA process. We’ll give you all the tools to enable you to be compliant in the simplest and easiest way and then we’ll keep an eye on things to make sure they are running smoothly.

Do you provide training?

In conjunction with our compliance Partners and a leading insurer, we have developed our own learning and development tool. ‘The Box’ contains compliance processes & procedures, technical insurance modules and information on Momentum products. We also provide comprehensive Acturis training so that you can get the most from the system.

What about CPD?

The Box allows you to keep a record of everything that you complete in the system and also any external CPD points that you earn. You can then print a comprehensive CPD record.

How much does The Box cost?

Access to the system is via an online login and this is provided free of charge as part of the service we provide.

Broking and markets

How does the broking work?

We place the business for you. This means that you benefit from experienced brokers sourcing the right policy at the right price and improved policies and schemes set-up specifically for Momentum. You are also likely to be able to access insurers through Momentum that would not be available to a smaller broker. We do all the broking for you. We’ll discuss and agree our placement approach with you – whether for an individual client or overall.

How many Insurers do you use?

We have a broad agency base so that you have access to the right insurers and products for your clients. We also have a number of facilities in place that provide you with that vital edge over the competition.

Can I deal with Personal Lines as well as Commercial Insurance?

Absolutely – Acturis gives you access to many full EDI personal lines products to enable you to service this business quickly and easily. For High Net Worth or the more ‘out of the ordinary’ risks, we have access to a number of specialist markets.

What about specialist and niche areas?

We are more than happy to develop bespoke propositions for specialist areas. Our knowledge and reputation within the market place makes us ideally placed to do so.

Systems and IT

Which broking platform will I use?

We have selected Acturis as offering the best service and functionality for our Partners and we provide access to this as part of our service.

Will I have to pay for system training?

No – this will be provided by Momentum staff and user guides will be available should you need any help.

Will other Momentum members be able to see my client data?

No. Your data will be held securely and only your team and the Momentum team will have access.

What IT equipment do I need?

There are some technical specifications for exactly what you need to use Acturis at its best and we will help you with that. The short answer is a decent PC or laptop and an Internet connection is normally fine.

How much does Acturis cost?

We cover the cost of setting up Acturis for you so there is no upfront costs. You will need an Acturis licence to access the system and this currently costs around £125 per user, per month.