The rise of Entrepreneurial Support Services: Why should you consider becoming an appointed representative?

For many insurance professionals looking to go out on their own, or grow their small business, the thought of getting off the ground can be daunting. Point of view: You’ve got the market knowledge, product expertise and the connections, but you don’t have the funds or means to hire a team. And on top of that, stringent regulatory requirements from the FCA means it could be years before you’re granted permissions to trade.

Our Entrepreneurial Support Services, offers appointed representative powers to professionals, meaning you get the funds, technology, resources, experience and financial backing of an established insurer, helping your business build credibility and financial performance. Or you may be an established brokerage or independent broker who doesn’t require a team of full-time employees. Appointed representative capabilities allow you to focus on winning new business, service clients, save money and for those one-man bands, add an additional layer of income.

How does it work and how does it benefit?

Our Entrepreneurial Support Services offers a full suite of services which can be tailored to the needs of each individual business or broker. The appointed rep/brokerage exists as their own legal entity, and can have its own databases (in line with FCA regulations & data protection), contacts and bank accounts. Shepherd Compello, as the principle firm will take on the responsibility of overseeing and monitoring the companies compliance and governance framework on their behalf and benefit from our resources, including the following:

• Compliance and regulatory
• HR
• Financial and IBA management
• IT infrastructure and support
• Technical and Claims services
• Marketing support
• Office space in the City within walking distance to Lloyd’s

There are many benefits of becoming an appointed representative, including financial backing, business growth, cost saving and access to new markets, especially for businesses aiming to expand internationally into territories where Shepherd Compello already operates (US, Canada, Middle East, South-Africa, Australia, Europe and many more). The benefits may differ for each business depending on their goals, but what they all have in common is the support they receive for a fixed fee or through a commission sharing scheme.

How does it work?

• Payment by monthly fees, or;
• Commission sharing scheme

Why is it beneficial?

• Access to a full suite of expert back-office services/teams
• Potential to be trading within 90 days of application
• Financial backing
• Industry experience and mentoring
• Valuable connections within the market
• Advanced technology and resources, including access to established insurance systems
• Robust infrastructure and necessary licenses to launch MGA’s
• Applications open all year round
• Being an appointed representative brings more choice to the market for insurers
• Being able to trade without the financial pressure of something going wrong

Ready to elevate your business to the next level? Discover how our Insurance Business Services can empower your business and learn more about becoming an appointed representative with Shepherd Compello. Contact Holly Shepherd and take the first step towards accelerated growth.

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