The British Insurance Brokers’ Association (BIBA), together with Intact Insurance, has launched a new Start-Up Hub designed to help aspiring brokers navigate the journey of establishing and growing their own brokerage.
It provides practical guidance, industry insight and resources covering key aspects of starting a brokerage, including:
- Different routes to market (Directly Authorised or Appointed Representative),
- Preparing for authorisation or appointment,
- FCA expectations,
- Business planning,
- Operational considerations, and
- Foundations needed for long-term success.
Combining BIBA’s industry knowledge with Intact Insurance’s market experience the Start-Up Hub reflects a shared commitment to supporting the future success of the UK insurance broking sector and encouraging entrepreneurial talent within the profession.
Tovah Grosscurth, Managing Director, Intact Insurance, said: “The insurance broking sector thrives on entrepreneurialism, innovation and local expertise. We recognise that launching a new brokerage can be both exciting and challenging, particularly as firms navigate regulatory requirements, market access and the practical realities of building a sustainable business.
“Through our partnership with BIBA, we’re proud to support this resource that gives brokers access to practical guidance and insight at every stage of their journey. By helping the next generation of brokers establish strong foundations, we can contribute to a vibrant and competitive broking sector that continues to deliver value for customers across the UK.”
Graeme Trudgill, BIBA CEO, commented: “My ambition is to support and encourage the next generation of start-up insurance brokers. Over the past decade, consolidation has changed the shape of the market. This has created opportunities for new entrepreneurial brokers to establish their own businesses and serve customers in new and innovative ways.
“Whether you’re exploring the idea for the first time, operating as an Appointed Representative or considering Direct Authorisation, there are important decisions to make around regulation, business planning and growth. The Start-Up Hub has been created by BIBA and Intact Insurance to help simplify that journey.”
Minister for Small Business and Enterprise, Lord Leong CBE, said: “Small businesses are the cornerstone of economic growth, innovation and local prosperity.
“To ensure they thrive, we must create a culture that supports entrepreneurship in every community and high street.
“Schemes like this one are crucial because they do just that, helping the UK to become the best place to start and grow a business.”
ENDS
Enquiries:
Pam Quinn
[email protected]
07562616686
Leighann Forsyth
[email protected]
07917 738 727
David Stewart
[email protected]
07971182813
Notes to editors:
About the British Insurance Brokers’ Association
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes more than 1,700 regulated firms, employing over 130,000 people across the UK.
General insurance brokers contribute £26.1bn to the UK economy and arrange £150bn of general insurance premiums – over 5% of UK GDP.
Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.
BIBA receives hundreds of thousands of enquiries per year to its Find Insurance Services, online and via the telephone, which are directed to insurance broking firms.
BIBA is the voice of the sector advising members, Government, regulators, consumer bodies and other stakeholders on key insurance issues.
About Intact Insurance
Intact Insurance is a leading provider of Commercial and Specialty insurance solutions for businesses of all sizes across the UK and Ireland and through its Global Network in over 150 countries worldwide. Formerly known as RSA Insurance, Intact Insurance is part of Intact Financial Corporation (TSX: IFC), the largest provider of Property and Casualty insurance in Canada and a leading Specialty lines insurer with international expertise. At Intact, our purpose is clear – to help people, businesses and society prosper in good times and be resilient in bad times. For more information visit intactinsurance.co.uk.
