As a general insurance broker in today’s highly competitive marketplace you will be well aware of the additional pressures brought to bear on your business by product providers and the relatively new regulatory environment.
Having established over 90 insurance broking businesses during the past 22 years we are fully aware of the difficulties that you face, yet we have a proven track record in creating highly profitable businesses that can earn as much as 30% more than their independent counterparts.
Further details about owning a Coversure franchise:
Contact Nick Hollands by email
Anyone who has worked in the Insurance industry during the past 20 odd years will have seen advertisements placed in the insurance press by Coversure encouraging people to establish their own insurance broking businesses.
“Bring us your experience and your enthusiasm”, we said and we will give you all you need to become a successful broker. We have been pretty good at it too, having opened 90 odd branches during that time.
In the early days, we fully expected those branches whose 5 year licences had run their course to leave us. In reality what happened was that they came back to us and wanted to sign up for another term. Now, why would an established broking business want to do that?
The reason, put quite simply, is money.
We have spent many years putting together computer systems, agency facilities, and various support packages for our licence holders but, at the end of the day the reason they want to stay with us is that, compared to most of their competitors, they earn more.
As an independent insurance broker working hard in today’s marketplace we would like to offer you the opportunity to join us.
We could try to get your interest by offering compliance support. We could whet your appetite by offering a wide range of products and agency facilities. We could even try to entice you out of your back office by offering to deal with your accounts for you, but, as we said before, what will probably interest you most will be that chance to earn more money, 30% more in fact.
Interested?
: back to top :If you are working as a general insurance broker in 2009 the likelihood is that you are being squeezed from all directions as far as your income is concerned. Commission rates are falling and the number of opportunities you have to charge fees is reducing.
Coversure franchise holders enjoy far higher commission rates than there independent counterparts. For example, all of our screen rated Private Car and Commercial vehicle products earn our branches 13%, Household commission rates are currently 21% and the vast majority of our Commercial Insurance products carry an enhanced rate when compared to the standard market.
All this adds up to an average commission and fee income across the group of 21%, which compares rather well to the 14% average in the open market.*
In addition to their normal commission and fee earnings they can earn even more money from Coversure in respect of Car Hire, Personal Injury Claims, Life Insurance and Premium Finance.
* Source: Towergate Agency Management, June 2005.
: back to top :Despite pioneering the fully computerised insurance broking office in 1986, Coversure haven’t paid fees to an Insurance computer system provider for many years. We decided to take control of our own destiny and built our own, award winning, quotation and back office system in 1995. The beauty of the system is that it will run on any contemporary PC that has a network card and of course there are no charges for updates and no need to put time aside to deal with back-ups or rate changes.
Coversure Franchise Holders also benefit from the economies of scale that being part of a larger group brings and you could find that you save money in many areas of your business including stationery, marketing material, staff recruitment costs and accountancy services.
: back to top :As an eye-catching headline “Do Less Work” takes some beating but we’re sorry to say it isn’t true! You don’t really get to do less work as a Coversure franchise holder, but you DO get to do more productive work.
Coversure look after the accounting side of things and the administration of the client account as well as your marketing campaigns and motor claims. Our systems produce Point of Sale documentation for Motor, Household, CV, Public Liability and Travel Insurance contracts and of course the vast majority is passed to insurers using EDI technology. You don’t even have to spend your time dealing with enquiries for commercial risks as we have a team to do that for you too.
Having practised the art of insurance office administration for 22 years we have put together a simple method that each office uses to ensure that their administration processes run smoothly and remain compliant.
To help grow their businesses we supply a full suite of management information to franchise holders each month that includes an analysis of conversion rates, activity levels and income - all tools that are commonplace in the direct marketplace and essential to any forward looking broking business.
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The success of Coversure is largely due to the unique levels of support that we provide to our franchise holders.
In addition to all that we have mentioned above our intranet system provides advice and guidance 24 hours a day on all aspects of their business and they also have the unique ability to contact everyone at Coversure at the touch of a button – a useful facility when trying to find a market for that awkward risk!
Once a year we offer a full day’s business clinic when our Franchise Holders get the chance to sit down on a one to one basis with the Senior Management team at Coversure Head Office when we have an in depth look at where they are, where they want to go and how they plan to get there.
: back to top :Stuart Wilson, our franchise holder in Colne, Lancashire, has this to say about his first 18 months with Coversure.
“The benefits of being a Coversure Franchise Holder are endless, right from the support received from Head Office to the assistance provided with compliance issues and the computer system we use. There is always someone to talk to when you have a query or problem which is a real bonus as, when you are a small independent broker insurers are not interested in providing good service levels or even providing quotations. They constantly threaten agency cancellation for non-support. How can you support them when they won’t support you?
Now that I have the backing of Coversure and our specialist commercial and fleet underwriting departments I have been able to open new doors that were previously slammed in my face. Not only am I able to compete against the traditional larger brokers for fleet & commercial business, I am beating them too.
Most importantly, I am earning more money! My gross premium levels have risen by over £100k year on year and I have seen a 20% increase in my earnings”.
: back to top :As a general insurance broker working in our newly regulated environment you are to be congratulated on getting this far on your own – we know as well as anyone that it hasn’t been easy.
Coversure franchise holders utilise the most up to date technology and compliant practices in order to operate some of the most profitable insurance broking businesses in the UK and, despite increased levels of competition, our businesses continue to go from strength to strength.
If you would like to hear more about the opportunities open to existing brokerages as part of the Coversure Insurance Services group please call us today or email Nick Hollands. You can also register your interest online.
Further details of the Coversure Franchise Package and the costs and benefits associated with it can be found here.
We look forward to hearing from you.
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