Westinsure supports new brokers
New start-up brokers are being supported by Westinsure Broker Alliance, which has launched a new service to help them establish and expand their business.
Westinsure has collaborated with compliance consultants RWA Group and is presently providing 10 start-up brokers throughout the country with advice, supporting them through the bureaucratic FSA application process and compliance requirements.
The firm also offers support for developing business plans, acquiring professional indemnity insurance and deciding on systems.
Ruz Nabi, MD of North Star Insurance Brokers (one of the firms Westinsure is supporting), explained that some of the networks offering assistance had wanted hefty fees for guidance on FSA requirements, and others had demanded long term and expensive commitments.
Nabi went on to say that of all the possibilities explored, Westinsure offered the most comprehensive service and the best possible support.
Westinsure CEO Max Hardman has said that the firm has received more requests for support than ever, despite the trying economic circumstances.
The increased demand encouraged Westinsure to develop its bespoke service, providing new firms with valuable experience and expertise.
The red tape involved in the insurance sector has seen its profile increase recently, partly due to the looming shadow of Solvency II.
The new regulations for Solvency II come into effect in 2012, but already 36% of UK insurers have indicated they do not believe the industry will be ready.
Category: Insurance News
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