Cut-down service for brokers with less than £2m premium income
Fledgling broker network Total Broker Solutions is set to launch a separate network for small brokers.
Provisionally called Community Broker Services, the network will cater for brokers with premium incomes of £2m per year or less.
TBS chief executive Mike Williams told Insurance Times that the new network would cater for brokers that would not qualify for the large network.
Williams said: "Lots of small brokers attended our roadshows but their premium income is not high enough to qualify. They were sold on the concept and now we have come up with a solution for them."
Total Broker Solutions only caters for firms with premium incomes greater than £2m. In return it promises premier service standards and improved rates from insurers. It will also provide access to compliance, management advice and a state of the art IT platform. Williams has yet to choose between Acturis and Sirius for the IT system.
Williams explained that members of CBS would have to adopt the pay-as-you-go IT platform and would not have access to the full compliance consultancy. "The compliance package on offer will be a tick box approach," said Williams. And while TBS has five markets, CBS would have fewer, he added. It is understood that Williams is in talks with two carriers about supporting the network.
"Where we can provide a bespoke approach for TBS, CBS is more about a package approach," said Williams.
Williams said about 100 small brokers are set to join the CBS network, and that he would be aiming for 250 members.
"We are aiming to start trading before Christmas," said Williams.
It is understood that CBS will be in direct competition with Camberford Law's network proposition which is being led by former Groupama manager Lloyd Hanks.
Meanwhile, TBS is now trading with 20 members, claimed Williams. This is an increase from the original six pilot brokers. "Our premium income has gone up from £40m to £100m," he added.