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Ten Insurance Services TEn is a General Insurance (GI) Broker Network, launched in 2005, with its sights firmly set on helping small established and start-up brokers weather the storms and seize the opportunities of changing times ahead. Originally, formed as a purely Commercial Insurance network, we have since extended our remit to incorporate Private Clients and Personal Lines (EDI) business as well.

We have also become a bit of a magnet for Latent Defect Insurance start-ups. Since 2005, TEn has become the go-to place for industry professionals who are seeking to start anew and build from there. Whether that be individually, or as a small team. Importantly, the continued independence of TEn, as a broker network, is guaranteed by our constitution.

TEn is an employee owned (EO) business and, as such, we would be rather complicated either to buy, or to sell. TEn insurance services ltd. TEn insurance services ltd. is registered in the United Kingdom. Company number 05225049. VAT registration 971583490. TEn insurance services ltd. is authorised and regulated by the Financial Conduct Authority.
Highlights

read more › For want of a re-inventive idea. An industry that militates against start-ups, as ours does today, is one that is doomed to stagnation and ultimate extinction. In 1971, a founder of TEn, Kedric Rhodes, ran his business. Our real dilemma is that we don't much care for the term Appointed Representative (or AR), as this tends to conjure an image of somebody driving around the countryside with a car boot full of sample hair-care and/or deodorising products. There is, alas, little we can do. It does not cover absolutely every aspect of it.

read more › An industry that militates against start-ups, as ours does today, is one that is doomed to stagnation and ultimate extinction. In 1971, a founder of TEn, Kedric Rhodes, ran his business from his mother's spare bedroom for the first three years. He was also able to spend his first Monday walking from one end of the Uxbridge Road in Ealing to the other, visiting insurer offices and collecting a dozen agencies. Once again, TEn makes it possible for entrepreneurial folk to do what people used to do in olden days, Allowing new businesses to focus on their clients and not needing to concern themselves too much, with other distractions.

read more › It does not cover absolutely every aspect of it. You will find out lots more in our Start-Up Guide, which covers the real nitty-gritty, once you have made a decision in principle to move forward and join us. In any typical broker, the client relationships are handled by variously titled people, called Account Executives or Business Development Managers. In a smaller organisation, these people would report to a director/owner of the company, whereas further up the scale there might be several tiers of regional, national, or even the fiendishly confusing nightmare of matrix management.

read more › The detail about hardware, software and broadband connectivity can be, either, a total turn-off, or a matter of very keen interest to different brokers. The basic requirement is a broadband connection, which can vary in capacity depending on what level service you can obtain. Anything other than rural internet poverty is fine. The native operating system is Windows, so PCs are the better choice. And, a local area network will be necessary if there are multiple users in a single office location.

read more › We use a formula that incorporates a host of subtle variations, taking into account AR differences. This calculation looks at income size, average premium size, anticipated workload, proficiency in terms of Insurance and IT usage, plus other factors. It would be completely wrong for anybody to assume that the financial results of joining TEn would be like dealing with a Wholesale Broker for everything. It is nothing like that. A sub-broker type of proposition would appeal to very few and so there would be very little point in us proposing anything of the sort.

read more › TEn believes that most directly regulated (DR) Brokers, up to or over 2.5m GWP, would be better off in many respects as an AR of TEn. That's compared to remaining as they are and whether or not they are members of a DR network. This is rather a brazen statement, but at least we have the experience and the arguments to back it up. Or we think we do! Nevertheless, simply because we believe it and we think we can make a good case, it does not necessarily mean that every Broker/Practice of that approximate.

read more › TEn believes that most directly regulated (DR) Brokers, up to or over 2.5m GWP, would be better off in many respects as an AR of TEn. That's compared to remaining as they are and whether or not they are members of a DR network. This is rather a brazen statement, but at least we have the experience and the arguments to back it up. Or we think we do! Nevertheless, simply because we believe it and we think we can make a good case, it does not necessarily mean that every Broker/Practice of that approximate size will automatically feel comfortable with the concept of AR status.

read more › The financial case for becoming or remaining an AR is generally fairly clear. Every cost item listed is a genuine potential monetary saving for the member Broker apart from the last two, which are also real enough, but it's harder to ascribe a tangible amount to them. And anyway, some people actually like doing Insurer Reconciliation on a Sunday afternoon and will argue against describing such activities as a cost. Roughly half of the list of costs opposite is directly related to the number of staff a small DR broker employs and, consequently, it is in this area that most of the cost savings can be made.

read more › Your background If you are thinking about setting-up your own Insurance Broker via TEn, then, necessarily, we would expect you to have had strong prior experience within the insurance industry. For example, having held the position of Account Executive at another Broker. Alternatively, you may have worked for an Insurer/MGA, or, perhaps you have run your own broking business in the past; or some such similar background. Indeed, we recommend at least 5 years experience in the industry before you.

read more › When TEn was first conceived in 2004 and launched in 2005, it was imagined purely as a Commercial Lines network. No nasty Personal Lines stuff here please. This restriction endured for about six months, after which a couple of HNW Household markets were added, in response to the business imperative of our 5th AR, based in Westminster. It was just as well we did that, because 8/10 of new members thereafter wanted them as well. Indeed, an ever increasing range of HNW household markets were required and subsequently added, over the next 2-3 years.

read more › TEn is NOT itself an Underwriting Agency; although, one day, we may perhaps operate an in-house MGA focused upon small - but challenging - types of risk. TEn is an Appointed Representative network targeted at Insurance brokers, most of whom will have previously worked as normal Account Execs, looking after a broad spectrum of commercial clients. That said, everybody is not the same and we have embraced a broad range of specialist broking propositions in our time, from Latent Defects to Environmental and from PI to PMI.

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