The Appointed Representative business model is fast becoming the most relevant model for individuals and teams starting and building their brokerages. There are close to 500 commercial appointed representatives in the UK. This is over 20% of all retail brokers and is the fastest growing sector of the market.
Recognising the importance of this sector we have conducted the first survey of commercial insurance Appointed Representatives in the UK to find their views on a wide range of subjects ranging from the impact of Coronavirus, consolidation and the hardening insurance market.
Our survey took in AR’s from all parts of the sector; their Principals ranged from retail brokers to dedicated AR networks. In total, we had 88 respondents from brokerages based throughout the UK.
Amongst the findings:
- 74% of respondents rated their ability to compete against the wider market as high or very high.
- Only 12% of respondents felt that market consolidation was a threat and 56% sees this as an opportunity.
- Insurance service levels are seen as the biggest threat, followed by the impact of Covid-19 and the effect of the hard market.
- 77% of Appointed Representatives expected to grow this year with 23% anticipating strong growth.
Read the full report below