Jensten Group has committed to investing up to £1 million to assist 15 experienced insurance professionals in establishing their own independent brokerages.
This initiative, facilitated through Coversure, Jensten Group's network for independent brokers, is designed to create a pathway for these professionals to begin their businesses as appointed representatives (ARs) without the initial requirement of start-up capital.
The program targets insurance brokers with approximately ten years of experience who are ready to transition from employment to owning their own businesses but lack the necessary upfront capital.
This new scheme also offers an entry point into the Coversure franchise network as it aims to cultivate a new generation of insurance broking talent.
Under this incubation scheme, participants will have all initial set-up costs covered for the first six months of operation. This includes IT services, professional indemnity cover, essential tools, support, coaching, and training.
During this period, the ARs will also not be required to return any revenue generated to Coversure. The funding provided is not a loan, and participants are expected to achieve financial independence after the initial six-month phase, with the objective of eventually becoming regulated brokers within Coversure's existing network of 90 franchises.
Rob Palmer (pictured above), franchise director at Coversure, elaborated on the initiative and how it aims to address certain challenges for insurance professionals looking to launch their own brokerages.
“We believe that there is a cohort of extremely talented individuals out there in the market who are currently in employed roles who have the ability to not just run a portfolio themselves but to build a sizeable business and we’d love to help them to make that move. To help support these ambitious individuals we have developed an efficient and affordable new entry route into our Coversure network ensuring that individuals with high capability but potentially limited capital to invest personally can begin the journey of building their own brokerage,” Palmer said.
Palmer also says that the brokerage network is looking to build long term relationships with future business owners who have the skills and motivation to establish significant broking businesses, thus creating real financial value for Coversure and its partners.
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