Momentum - The Difference

THE DIFFERENCE

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Introduction Welcome to Momentum Broker Solutions Momentum partners with over 70 independent brokers throughout the UK and our unique model is designed so that they can focus on delivering the best outcome for their clients, while we provide the broking and professional head office functions usually enjoyed by much larger brokers.

Recognising the significant entry barriers that exists within the broking sector, increasing consolidation and the need to maintain independent brokers to provide local service to clients, Momentum was established by MD Howard Pepper in 2010. The objective, to enable client focussed professionals to start and build successful brokerages supported by a Principal who would focus on the Insurance market and take responsibility for oversight and governance.

The Appointed Representative model is well established in other countries with

hugely successful businesses in places such as Australia. Similarly the model is prevalent in the financial services sector in the UK. However there were very few dedicated AR businesses in the commercial general insurance sector.

“There is no shortage of entrepreneurial, smart insurance people with the energy, commitment and belief to build their own business. The key is to make the model relevant for where we are now. A modern broker needs to have access to great products, competitive pricing, a first-class trading platform, the ability to e-trade, marketing support, and the freedom to dedicate their time to what they do best and enjoy most – looking after clients and winning new business.”

There is no shortage of smart, entrepreneurial, insurance people.

Howard Pepper, Managing Director

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Our growth has been substantial as the marketplace has embraced the model

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Our Model

Insurance Brokers Through & Through

Momentum is a dedicated AR Network - we have no direct clients and our team have just one mission – support our AR’s to build successful businesses.

Our team is full of experienced brokers, project managers, business analysts, accountants and marketing professionals - all ready to provide our partners with premium business support.

One of the key differences between Momentum and other Appointed Representative Networks, or Brokers with AR’s, is that we do all of the broking with only a few exceptions.

For example where the AR has expertise in a niche industry/sector etc we will consider a model where they access certain markets directly. Working this way is a key part of our model and delivers tremendous benefits.

The Momentum model is a great opportunity for us to work on quality business from community brokers, and because everything is handled by the Momentum hub, the process is quick and efficient – it’s the best of both worlds for us. It’s really exciting to work with a partner broker in a different and innovative way.

Jason Howes, Regional Manager, Allianz

Local, community brokers, managed centrally

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Insurer Benefits One agency, One broking team more than 75 local brokers In order to access the business generated by all of our AR’s, Insurers need only to set up a single agency relationship with Momentum.

Our brokers build quality relationships with underwriters and work closely with our Insurer Partners to develop placement strategy to the benefit of our AR’s and their clients.

Our Insurer Partners benefit from our robust governance and controls which allow us to monitor activity levels, conversion rates, cancellation rates and quality of presentations.

Our focus on quality control and rigorous selection process differentiates Momentum and gives confidence to our Insurer partners.

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Momentum Benefits Achieving strong governance & control in partnership All business from our AR’s flows through the Momentum Team in Leicester, so we are in a great position to monitor the quality of our partners and quickly identify any issues that may arise.

Our team are always available to provide technical support to our AR’s and to identify any training and development requirements.

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Client Benefits Local broker, local contact National impact Clients can build a relationship with a local, professional broker, able to dedicate the time they need, but access products, services and support comparable to much larger competitors.

The nature of the relationships, which often go beyond business, ensure excellent levels of retention.

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Our Appointed Representatives Quality Over Quantity

We earn a percentage of commission, so our earnings come from the success of our partners.

We’re not motivated by the number of AR’s we have - we want the best.

Our AR’s are not able to provide their clients with any product or service which has not been provided or approved by Momentum, so it’s equally important that we are the best too!

WE DON’T CHARGE FEES FOR OUR SERVICES

We make a significant investment in systems and commitment of resources each time we bring someone on-board.

Because we don’t charge any fees, our interests are perfectly aligned with our AR’s, but selecting the right partners is essential.

Selection Process

Commercial / Niche Focus First, we look for a business plan that fits with our skills and experience where we can really add value.

Community / Specialist Brokers Personal & Advised Not Volume

To be a Momentum AR, the main client contact will usually have a minimum of 5 years experience in a client facing insurance role.

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Due Diligence

Personal References Professional & Employment References Credit Checks Criminal Record Checks Sanctions Checks Industry Enquiry APER+

53 Unsuitable Product

Our selection process for AR’s goes beyond anything a broker would carry out before taking on an Account Executive, and we decline more than 90% of enquiries.

45 Lack of Experience

77 Overall Quality

19 Partners Approved in 12 months PRIVATE & CONFIDENTIAL Momentum Broker Solutions

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Our Appointed Representatives Quality Over Quantity

Professional Indemnity

All of the activity carried out by our AR’s is covered by our centrally placed Professional Indemnity policy. We are responsible for everything that our AR’s do from a regulatory perspective, so we are very much in it together.

Arranging our PI in this way means that if there should be a problem there is no conflict, no gaps, and no blame – we just work together to resolve things.

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Expectations – The Dream vs. Reality Sometimes, inevitably, things just don’t work out how we would like. If we identify through audits, or our interaction with our AR’s, that they are not a good fit for Momentum, or we are not a good fit for them, we will make the tough decision to end our relationship. That might be because of the way they like to do business, compliance issues, a change of business plan from the AR or simply that they want to do things their own way.

An orderly exit is essential in these circumstances – there are clients that will be affected by any changes – and our model allows us to manage the exit process professionally and handle whatever comes our way to ensure clients are protected and continue to receive the service they need.

What if we get it wrong?

Poor AR selection could affect our reputation, our business and the business of our other AR’s. We take the responsibility very seriously and respond quickly if we identify any issues.

Because we only work with AR’s who fit our model, should we need to step-in and takeover client relationships and servicing, we can do that quickly and without fuss.

Once an AR is on-board we continue to monitor their suitability with automated updates from The FCA, Companies House, ICO and Credit Referencing agencies.

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Our Governance & Control Quality & Compliance

Strong governance is essential for any insurance broker, and whilst Momentum might be a little different, the requirements are the same.

Our business model and processes were developed to ensure that we could achieve the highest standards in the most efficient way and this quality is embedded throughout our business.

A Case Study

When one of AR’s was unexpectedly hospitalised for 10 days we were able to divert phones and emails to our team and manage the clients on their behalf until normal service could be resumed.

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Ongoing Monitoring Our AR’s don’t work in isolation - they are part of our team and we are part of theirs. Carrying out the broking for our AR’s puts us in the middle of every transaction and means we can identify any problems before they escalate.

Training & Development Our AR’s and our internal team all have training plans developed to meet their needs. We monitor progress and report back to board level.

Auditing We have an in-house audit team who carry-out file reviews as part of a fuller audit process. We are looking not just for compliance with processes but for quality of advice and interaction between the client and the AR. Reporting Our reporting systems allow us to quickly and easily assess everything from cancellation rates to conversion rates. We are then able to review these numbers across our AR population and identify areas for improvement.

Ultimate Responsibility Whilst each of our AR’s is building their own business and will benefit from the value generated, we have ultimate responsibility.

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Our Partners

“No man is an island” Controlling Placement

Insurer Partners Our partnership with our insurers is key to our success and the future of Momentum. Whilst we have access to hundreds of markets, we work hard at developing and nurturing strategic relationships with a small number of insurers, as part of a well-defined and centrally controlled placement strategy.

Our model allows us to control broking and placement and ensure that these relationships are supported and achieve the best outcomes for everyone.

Momentum is a great trading partner for Ageas. Over the past couple of years, we have developed a close working relationship that has translated into a growing book of profitable business. The Momentum model is incredibly valuable to us, it gives us access to some skilled and experienced brokers around the country that otherwise might not have been on our radar.

David A Scott, Commercial Trading Manager

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RWA is a leading provider of regulatory compliance services to the general insurance sector in the UK.

Compliance is an ever-changing landscape of new regulations, processes and procedures, which is why continuity of support is important for RWA and our clients.

Our long-term relationship with Momentum has enabled us to fully understand their business model and structure support which not only helps their broker partners meet regulatory obligations but also serves to enhance their overall proposition.

Richard McKenzie, CEO, RWA

Supporting Our AR’s & Their Clients

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Our Systems

Investment In Success Innovation & Efficiency

From formation, Momentum invested in the best systems available and the best people to make the most of them. More recently we have developed bespoke platforms to support AR’s and internal teams.

Acturis We provide all of our partners with Acturis, an award-winning insurance software solution. We love it because it’s an end-to-end solution, so we can use it across all our departments, from accounts to underwriting. It’s also quick and reliable and we can tailor it to meet the exact needs of our broker partners.

With Acturis at the heart of everything we do, we have access to all client records and correspondence all of the time. This means that we can: Complete remote file audits.

Provide holiday/absence support. When our AR’s are unavailable, their clients can contact us directly.

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Sometimes the best advice we can give a Personal Lines client is that they should check out a comparison site for quotes. With Momentum Marketplace, our partners do just that but generate revenue and ensure that their client relationship is protected. Currently the site includes Private Car, CV, Household, Breakdown, Pet, Travel, Bike and Bicycle.

The Hub is our online portal and the font of all knowledge. Everything from our schedule of training sessions to the latest Insurer news or proposal forms can be found here. Our AR’s have access to all the resources they need and from here they can access all of our other platforms.

Whether they are building a business or expanding an established one, our partners need to know how their business is performing. Business Intelligence has been developed to give them insight into their business and keep them on track with day to day tasks - renewals, subjectivities and credit control. Bespoke dashboards allow them to easily access important business information and benchmarking.

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Our Team

Dedicated to our Appointed Representatives The Management Team

HOWARD PEPPER Managing Director Howard has over 30 years’ experience in the insurance industry. As a Managing Director at Marsh & McClellan from 1981 to 2005, he had regional responsibility for retail insurance broking in the UK. He then joined Oval Insurance Broking and was appointed Managing Director of the Insurance Broking business in 2007. Howard has an excellent track record developing profitable and client focused businesses across multiple locations.

HAZEL WESTWOOD Operations Director Hazel has been working in the insurance industry for more than 20 years, with both local and national brokers, and was part of the team that established Momentum in 2010. With a focus on efficiency, quality and compliance, Hazel is dedicated to the continuous improvement of the Momentum service offering and the development of the AR model.

ALISTAIR BODY Business Development Director Alistair has worked in the insurance industry for over 20 years and most recently in the UK, since he migrated to the UK from New Zealand in 2003. Having originally come from a claims management background, he has more recently held senior roles in broker management both at NIG and Ten Insurance.

MATTHEW BRUNTON Broking Director Matt has over 10 years’ experience providing broking support to Appointed Representatives.

In his time at Ten Insurance and Momentum Broker Solutions, Matt has developed close working relationships with both underwriters and Appointed Representatives and prides himself in providing service that goes above and beyond a clients and insurers expectations to ensure the best deal for all involved.

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Brokers

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Systems, Quality & Compliance

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Finance

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Marketing & Broker Relationships

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Momentum Broker Solutions Limited t: 0116 238 8880 www.momentumsolutions.co.uk Press House, Narborough Wood Park, Desford Road, Enderby, Leicester LE19 4XT