FCA marketing plans for insurance brokers

Before explaining how you will market your business, it is important to clearly define who you are trying to reach.

The FCA will expect your marketing activity to align with the customers described elsewhere in your business plan. Your target market, customer journey and marketing plans should therefore tell a consistent story.

Consider explaining:

Who your ideal customers are.
Any sectors, industries or customer groups you specialise in.
Why those customers would choose your brokerage.
How your proposition differs from competitors.

The FCA wants to understand where your customers will come from and whether your growth assumptions are realistic.

Most start-up brokerages generate business through a combination of existing relationships, referrals, networking and digital activity. If you intend to use lead generators, introducers or strategic partners, explain how those relationships will work and how they will be monitored.

You should also consider explaining:

Which channels are expected to generate the majority of business.
Whether you already have an established network or customer base.
How you will measure success.
How enquiries and opportunities will be managed.

Providing this context helps demonstrate that your forecasts are based on a practical and achievable route to market.

Many start-up firms focus heavily on gaining authorisation and leave marketing activity until later. However, insurers, investors and regulators will often expect to see evidence that you have considered how the business will attract customers once authorised.

Before launch, consider whether you have:

A clear value proposition.
Defined target customers.
A marketing and sales plan.
Brand identity and key messaging.
Processes to manage and track enquiries.

You do not need a detailed marketing strategy document, but your application should demonstrate that customer acquisition has been considered as part of your overall business plan.

The FCA specifically asks for details of any financial promotions your firm uses or intends to use.

Financial promotions can include:

Website content.
Social media posts.
Advertising.
Marketing emails.
Brochures and sales materials.

Your application should explain who is responsible for reviewing and approving these communications and how you will ensure they meet regulatory requirements.

For many prospective customers, your website will provide their first interaction with your business.

Your website should clearly explain:

Who you are.
What services you provide.
Which customers you serve.
How customers can contact you.
Your regulatory status and disclosures.

Where relevant, it can also help demonstrate expertise through articles, guidance or other content that supports customer understanding.

The FCA is unlikely to assess your website design, but it will expect customer-facing information to be clear, accurate and consistent with your wider business model.

Applications are often weaker where firms:

Provide only high-level marketing ambitions.
Do not explain how customers will be acquired.
Fail to link marketing activity to their target market.
Focus solely on social media without a broader strategy.
Provide no information on approval processes for financial promotions.
Include unrealistic assumptions around lead generation or growth.

Marketing Plans