Tenet Group and Bankhall offer compliance and business services to brokers
Two networks for independent financial advisers (IFAs) are targeting insurance brokers in a bid to start their own broker networks.
Tenet Group and Bankhall are both planning moves into the general insurance network market, based on the provision of compliance services.
Tenet Group marketing manager Richard Ardrom said the company was looking to build upon its LIME brand, its general insurance offering for IFAs.
Ardrom said Tenet could provide a complete solution for brokers through LIME, including commercial and personal lines offerings underwritten by Norwich Union, AXA, Zurich and Payment Shield, as well as business support and compliance services.
Tenet currently had a "few hundred" general insurance clients, Ardrom said. He added that Tenet wanted to grow its membership to 10,000 over the next few years, comprising general insurance brokers, IFAs and mortgage brokers.
IFA network Bankhall has also launched a general insurance service, offering compliance support and business development services to brokers.
Group sales director Shaun Godfrey said it was slightly misleading to describe Bankhall's offering as a network. "We are really a service support provider," he said. "We don't interfere with the way a broker does its business; it remain completely independent."
More than 250 general insurance brokers had signed up for Bankhall's services, Godfrey said.