If you are a general insurance broker with at least 3 years experience you could be an ideal candidate to establish your own broking business in the UK. Coversure can help you with every step along the way by providing business planning and business finance advice and by helping you with your application for FSA authorisation.
Once your authorisation has been granted we will help with the sourcing, decoration, equipping and signage of your new office and provide you with a range of competitive and highly remunerated products as well as a comprehensive training programme to help you get up and running.
With your office open for business Coversure, alongside our associated company Datamatters, will continue to provide compliance, marketing, education, claims handling, training and accounting assistance alongside a full range of support services and an internet presence, including a facility for clients to quote and buy a range of products online.
For further details about owning a Coversure franchise please contact me, Nick Hollands, by email or call me for an informal chat on 0800 3081 214.
Contact Nick Hollands by email
The Coversure Insurance Services group was founded by Mark Coverdale in 1986 with the aim of providing franchise holders with a fertile environment in which they could own and manage highly profitable businesses.
During our 22 years of trading we now have over 90 offices at locations throughout the country which control a premium income of over £65m.
We have made extensive use of computer technology from day one and have made a large financial investment in market leading solutions geared specifically to the needs of our franchise holders and Insurer partners.
Keeping costs to an absolute minimum has been an aim which has enabled our business and our relationships with Insurers to flourish. We have established literally hundreds of contacts with leading insurers, resulting in an ability to provide the very latest in products and services to our franchise holders at some of the most competitive rates around.
We believe that further growth will strengthen our position and our plan is to have at least 120 offices in place as soon as possible. To succeed in our aims we need to work together with committed and enthusiastic franchise holders who would like to share in our success story.
Applications to join Coversure are welcomed from experienced insurance professionals with at least 3 years general broking experience, as well as existing businesses wishing to increase their earning potential.
: back to top :Coversure franchise branches rely on a tried and tested method of administration practices that are the cornerstones of the franchise and work alongside the computerised back office system.
The majority of letters are pre printed by the system and obviate the need for you to spend anything other than the minimum amount of time on non-sales related activities.
A central client account is held and administered at Huntingdon where almost all of the accounts activity takes place, again with the aim of freeing more sales time for you and your staff.
Full training is given in all aspects of the method both at Head Office and for a limited period on site. A comprehensive manual is provided on-line for day to day reference purposes. Should you need help with any aspect of running the business, a member of our support team, based at Head Office, is always on hand to help, be it in person, on the telephone, or utilising our own internal e-mail facility.
We will provide you with the highest possible levels of support from the very first day that you apply to join us and of course we will help with all aspects of selecting, setting up and equipping your office before you open for business.
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In order to obtain the maximum benefit from the relationships we have with underwriters and avoid paying large sums of development money to suppliers of proprietary systems, we have developed our own computer system that utilises a central processor based at the offices of our associated company, Datamatters Ltd.
To use the system franchise holders need a minimum level of equipment including two fairly robust PC’s which can be sourced from a local supplier. A suitable laser printer is supplied by Datamatters and is included in the initial franchise fee along with initial user licence and installation costs.
Connection to the system is achieved by way of ADSL technology which also facilitates easy access to the internet. The monthly charge for the service compares well to the monthly update and maintenance charges made by other system suppliers.
There are no other charges for system access - you are not required to purchase any software upgrades, there are no expensive monthly bills for rating amendments and updates and of course, no upgrade charges.
Coversure are fully committed to the continued development of the system which already encompasses Motor, Household, Liability, Commercial Vehicle and Travel Insurance Quotation Engines, Commercial Insurance Fact Finds, Laser Printed Documentation and EDI, together with a full back office accounts and administration package.
More complex enquiries can be handled by our Head Office based underwriting team utilising our in-house e-mail facility which is also useful for sharing market information and pooling the considerable Insurance knowledge of our system users.
An extensive computerised help system is in place dealing with all of our administration and accounting practices. The system stores a great deal of information on products and facilities, including insurer contact details, and is fully searchable.
Our web presence at www.coversure.co.uk includes details of the products available from Coversure along with information relating specifically to each franchise branch. Full Quote and Buy online functionality is available for a number of products.
A telephone recording system utilising 0800 numbers ensures that the highest possible standards are maintained in a compliant environment and enables the use of unsigned statement of fact documentation for most classes of business.
: back to top :Coversure franchise holders have access to a comprehensive range of general insurance products underwritten by composite insurers and at Lloyd’s, allowing access to a diverse range of markets and an ability to specialise in particular niches if required.
In line with the majority of brokers and intermediaries we have been striving in recent times to reduce the number of insurers and product providers with whom we deal in order to achieve the economies of scale essential to our business. We do however remain confident that our franchise holders are able to compete in all areas of the marketplace and are particularly competitive in many specialist areas such as Commercial Vehicles, Taxis, Property Owners and Commercial Package risks where, in many instances, we are able to set the rates upon referral to our Head Office underwriting team.
The closed nature of our computer system has enabled us to pilot a number of exclusive schemes on behalf of insurers, many of which have brought considerable financial benefit to our franchise holders and insurers alike.
In addition to our wide range of standard facilities there are many add on products that can be sold to your clients including Legal Expenses, RAC Breakdown Cover, Home Emergency and Personal Accident.
Premium finance facilities are also provided on line for both Personal and Commercial policyholders and a useful additional income can be derived from these sources.
Needless to say our reputation in the marketplace ensures that the highest possible levels of commission are payable to franchise holders with the current rate for all screen rated motor and commercial vehicle products being 13%.
: back to top :All Coversure offices are authorised in their own right by the FSA and Coversure Head Office will give full assistance to new Franchisees in completing the necessary applications. Once authorised, Franchisees benefit from full compliance support from H.O. including:-
As far as it is possible, it is our aim to alleviate the demands of compliance allowing franchisees to concentrate on their core business.
: back to top :Our aim is to provide you with the very best facilities at the lowest possible cost and our arrangements with insurers mean that the charge for our services payable by franchise holders is just 10% of your gross commission and fees.
The following items that form part of the franchise package are included in the initial investment of £15000*
You will need to make financial provision for the following additional items:
*Provided by Datamatters Ltd subject to VAT
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A 24 hour claims helpline is available to Coversure clients and removes the responsibility for dealing with claims from our franchise holders who are charged a nominal fee for the service. The fee is normally recoverable from clients as part of the charge made for Legal Expenses cover.
In many circumstances the Coversure Claimsline will direct clients into the claims handling departments of major Insurance Companies and manage the claim accordingly. An independent claims handling service including repairs and car hire is also offered to clients where appropriate.
A number of additional income streams are available to you from the claims area which we will be happy to discuss with you.
: back to top :Coversure will be happy to help you with the promotion of your newly established business and we will provide various support services, including annual business clinics, during which we will discuss your progress in detail and implement a variety of marketing plans to help you achieve success.
: back to top :Franchise Holders benefit from a scheme agreement that allows them to effectively share a 5% stake in Company. In addition you are invited to attend the Annual General Meeting of the firm and have an opportunity to inspect the audited accounts and financial statements of the business.
Management of the Benefit Scheme Agreement is by a committee of 2 Coversure board Director’s and 2 Franchise Holders in addition to an independent member. The committee has absolute discretion in the allocation of scheme benefits.
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As a Franchise Holder you will be invited to attend a number of training courses and social events throughout the year culminating in our annual AGM Exhibition and Conference which takes place in November.
The event is attended by Head Office Staff, Insurance Companies and other Product Providers together with their families, giving franchise holders the unique opportunity to socialise with their business partners in a pleasant atmosphere.
: back to top :The Insurance Industry awards are presented each year and are sponsored by Insurance Times Magazine, the IIB & BIBA.
Coversure Insurance Services won the prestigious award in 1998 for the category of “Best Broker/Intermediary Use of Technology” and were also “Highly Commended” in 1999. Further awards were given for Training and Marketing initiatives in 2002.
In January 2005 Coversure were amongst the first winners of the Complinet Compliance Awards triumphing in the category of “Most Cost Effective Use of Compliance Technology”
: back to top :Since Coversure was formed in 1986 we have seen the arrival in the general insurance marketplace of direct insurers and the internet, competition from banks, building societies and supermarkets and most recently the aggregator web sites. Given all this you might be forgiven for thinking that the days of the full time independent intermediary are numbered however, our experience tells us that this is far from being the case and our business, alongside that of our franchise holders, goes from strength to strength.
The key to success is marketing your business in a consistent and compliant manner. If at all times you are aware of which products available to you are most competitive and you have a reliable plan in place to market those products effectively then you have the recipe for success.
Our job as a franchisor is to develop a range of competitive products for you and to make available the tools you require to market those products to your clients. We have a great deal of experience of what does and doesn’t work in the marketplace, gleaned from the experiences of our franchise holders and we are in a position to pass on that knowledge to you.
You have only to add your own expertise and a great deal of hard work to the mix in order to share in our success story.
We are happy for you to talk to any of our existing franchise holders if you would like any further information and if you would like to visit us here in Huntingdon and see for yourself what we have to offer then you will be made most welcome.
We look forward to seeing you soon.
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