As a software company for insurance brokers we get approached by lots of brokers with plans to set up new schemes, products or even companies. We’ve seen lots, and that gives us a pretty good idea of what works and what doesn’t.
What is the thing that divides the successful ones and the unsuccessful ones?
Speed to market
If you’re slow off the mark you’ll never catch up.
Certain factors are out of your hands, namely the insurer. And large = slow. So use a small one or an MGA. You can always get more capacity when you’re established. Large insurers are frothing at the calculator for access to profitable brokers.
When we hear the words: "We're in negotiations with some of the UK's largest insurers" all we think is "this one'll never get off the ground"