Old News @ TEn
| Dec 2005 | End of Term Report |
| Nov 2005 | TEn Reaches 10 |
| Oct 2005 | Seven... Eight... and Counting to TEn |
| Aug 2005 | TEn Gains Female Sixth Sense |
| Aug 2005 | TEn Appoints Non Exec Chairman |
| Jul 2005 | High Fives at TEn |
| Jul 2005 | TEn Chooses CDL Technology |
| Jun 2005 | TEn ‘Broker Network’ Goes North |
End of Term Report
TEn broking services, the Commercial Lines AR network launched in February 2005 has announced another new member recruited during December, bringing the membership total in its first year of operations up to 11. The latest Appointed Representative is located in Wiltshire.
Comments TEn director James Sharp, “in fact, the number of 2005 ARs anticipated in our original business plan - prior to launch - was exactly 11. It is nice to be proved so precisely correct and visionary about it all, without the need for any manipulation of the figures whatsoever!
During 2006 we expect to add members at a rate of about four per quarter, so as to end the year with a tally above 25. Whilst our ambitions for 2005 were proof of concept and the establishment of our procedures, as we enter our second year, we are looking forward to steady growth in numbers and qualitative improvements in the processing of business; as the ARs and systems become bedded-in.”
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TEn Reaches 10
TEn broking services, the Commercial AR network launched in February has announced two further members recruited during November. This is the first month since March when more than one application has been confirmed by company.
The two new operations are located, respectively, one in South London – this being the third in the capital – and one in Surrey. Both are focused ‘Community Brokers’, writing predominantly SME business. TEn looks forward to working closely with these, as with all of its members, in 2006.
Comments TEn director James Sharp, “the limit of our ambition this year was to reach 10, or perhaps a 12 customers for our unique network proposition. We have achieved the lower end of our target range with six weeks to spare and expect to add at least one more by Christmas.
We are very pleased to have welcomed, on average, one new broker per month into the fold and are more than content that this run-rate is showing signs of increasing toward the end of our first trading year. In 2006, we expect to accelerate the acquisition rate up to 15; ending the year with 25+ operations running ‘live’ and a few more in the pipeline.”
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Seven... Eight... and Counting to TEn
TEn broking services, the Appointed Representative (AR) ‘network’ launched in February, announces the application and acceptance of its 7th and 8th new members; continuing the average rate of recruitment at one per month since March.
The two operations are located in South London and Buckinghamshire respectively. The former could best be described as broad based business consultancy practice, which has, coincidentally, Insurance qualified staff, some Commercial Insurance business already and the opportunity to do much more. The latter is a small established Commercial Broker with a healthy book of medium-sized risks.
Comments TEn director James Sharp, “both of these, our newest recruits, have exceptionally strong prospects for the future, but have been stuck on the horns of what we have found to be a very common dilemma. As entrepreneurs they are well able to win new customers and grow, but the present size of their account limits their markets, forces them down the path of wholesalers and, thereby, curtails their commission income.
Yet they are left with, quite disproportionably, PI costs, compliance charges and all the other overheads of a business. Employing staff, which would free up client-facing time of the Principals, is quite impossible from this starting point. Therefore, we are very pleased indeed – and feeling not a little vindicated - that the TEn model works so well for them.”
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TEn Gains Female Sixth Sense
TEn broking services, the Appointed Representative network, announce the sixth new member to see the sense of its proposition and services.
Comments TEn Director James Sharp, “We are particularly pleased with this one for a variety of reasons. In one sense it is just another small established broker and, therefore, not ground-breaking for us; but this is first to be based in London and the first with a female principal. And that is new.”
TEn anticipates continued steady growth in membership towards the end of the year and is expecting to maintain a rate of accession of roughly one new Appointed Representative every month.
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TEn Appoints Non Exec Chairman
TEn insurance services, the ‘broker network’ established in February 2005, is pleased to announce the appointment of David Pearce as Non Executive Chairman.
David’s career within the Insurance industry began over 40 years ago, at the age of 17, in a clerical role working for General Accident. He then moved to Shipton Insurance where he progressed to become, firstly, a Branch Manager and, finally, a Regional Manager.
Following the acquisition of Shipton by RAC Insurance Brokers in 1985, David became a Director and General Manager of Shipton within RAC and, hence to Colonnade, as Director of Sales & Marketing. Subsequently, David has held positions as Managing Director of Premium Search, Sales Director of Hill House Hammond and CEO of Peoples Choice from 1999-2003.
Comments Kedric Rhodes, Managing Director of TEn; “We are delighted that David has chosen to join us as Chairman. He brings with him a wealth of experience in areas that we needed to strengthen, plus a significant network of relationships across the industry”.
According to David Pearce; “My recent working life has certainly not been about the creation and promotion of smaller brokers; in fact, almost the reverse is true. Yet... TEn aspires to become an intriguing mixture of back-office process efficiency to handle volume – which I’m used to – whilst championing small independent broking businesses and enabling large insurers to be able to deal with them; which is a new and important challenge. It’s the first really new idea in commercial insurance distribution for quite a while”.
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High Fives at TEn
TEn broking services, the ‘broker network’ established in February 2005, is happy to announce the application and acceptance in July of its fifth Appointed Representative; thus maintaining the momentum of one new member per month since March.
TEn offers an Appointed Representative Network to the smaller established broker and proposed start-ups, covering predominantly Commercial classes of business and including within the package a wide range of ‘A’ rated markets, FSA compliance, back-office administration and centralised IT. This latest signing is the second established broker to join the network.
Comments TEn Director James Sharp, “Five is a psychologically important number to reach; as we had always anticipated that the first five acceptances of a new concept would be our highest hurdle and, the next five, will be encouraged that others are blazing the trail. Despite the fact that this is the second in Kent, nevertheless our enquiries range from across mainland UK and are as diverse in nature as they are in origin.”
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TEn Chooses CDL Technology
TEn broking services, the AR network for Commercial Lines, has announced CDL as its technology partner. TEn has been implementing the software house’s new Windows based Strata product over recent weeks, following a review of available systems last autumn.
The latest generation CDL system has been adopted by TEn broking as a way of offering a function-rich software platform to its members over the internet, thereby allowing smaller brokers to outsource their back-office functions, as well as their IT. TEn believes that this is nothing less than a re-inventive idea that will give rise to the founding of many new broking operations into the future.
Strata works on the application service provider (ASP) model, meaning that a broadband connection is all brokers need to be able to access the system. Crucially for TEn, the system allows the ‘network’ to operate a single Oracle database, while at the same time offering differentiated and configurable user access.
TEn is using Strata to support its unique business model, which sees it operate effectively as a national broker from a back-office point of view, thereby offering central and regional support to members across the country. Individual Appointed Representatives will know who else is in the system, but may not access any data that is not their own; whereas TEn is able to work with all information needed to assist with the broking process and in other areas, such as the reconciliation of accounts.
TEn director Malcolm Lee, explains: “Strata enables us to assist small brokers by harnessing technologies previously considered to pose a threat to this sector; namely the internet for cost effective connectivity and a new broking application with a heritage clearly derived from CDL’s call centre experience; it’s quite ironic really.”
CDL general manager, Rick Slater, added: “TEn offers an original business proposition in the broking market and is an exciting initiative for all involved. We are delighted that CDL Strata has been chosen as the platform to deliver this service and look forward to seeing TEn fulfil its enormous potential.”
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TEn ‘Broker Network’ Goes North
TEn insurance, the ‘broker network’ launched in February 2005, is pleased to announce its first new member outside of southern England. This brings the total membership up to four organisations, of which three are new brokers, for whom the launch of TEn has realised their aspiration of existence.
Comments TEn Director James Sharp, “Again, we are delighted and encouraged that this month sees another business deciding to join us. We are particularly satisfied that this is one more start-up, albeit with an existing book of business; and we are delighted that we have so quickly ‘broken our duck’ in the North.”
The new operation is based in the North West and will commence trading with TEn in September.
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