Steady demand: Unlike many industries, insurance is in constant demand and, for some classes, a legal requirement. Regardless of economic uncertainty and challenges facing particular industry sectors, there is – and always will be – a demand that is a luxury not all businesses enjoy.
Low entry barriers: With just a laptop, an internet connection, and regulatory permissions from your Principal, you can start an insurance brokerage. It is advisable to invest in a website too. The minimal upfront costs are a stark contrast to the substantial capital outlay required by many other business start ups.
Client acquisition: Your existing connections can open doors and introduce new clients and introducers for your business. Everyone knows someone who owns a business and needs insurance. Your ready-made network is a unique advantage not easily replicated in other start ups.
Access to systems: Your FCA Principal provides software that’s ready to go with a full suite of branded templates that removes lead in times to starting up. There is no need to reinvent the wheel, start from scratch, or unnecessarily incur expenses.
Regulatory requirements: While insurance broking requires FCA approval, Your Principal will manage the FCA application process and compliance on your behalf and get your new business authorised to transact business.
Scalability & cash flow: As your insurance brokerage grows, Your Principal provides flexibility with additional support as and when your business requires it. This removes the need for large capital expenditure of upfront recruitment costs that minimises impact on cash flow.
Want to find out why 98% of all start-ups who join Momentum become successful established businesses? Join our Momentum 101 – Breaking down the barriers to starting your own brokerage.