Free membership for IIB members
Broker Direct, the broker-owned insurance management company has launched a new network aimed at members of the Institute of Insurance Brokers (IIB).
The new venture, OurNetwork, has launched with an initial panel of insurers including AIG UK, Arista, DAS, MMA Insurance, RSA and Zurich with others to be announced shortly.
Membership of OurNetwork is free to brokers who are members of the IIB.
Benefits offered include enhanced commission levels, compliance, training, HR and business support.
As well as investment in IT technology, Broker Direct has acquired compliance specialist Insurance Compliance Services Ltd (ICS) and HR Experts Ltd (HRE), providing HR support.
Brokers joining OurNetwork will be able to take advantage of increased levels of commission across a wide spectrum of products from partner insurers. In addition, those brokers holding a Broker Direct agency will have access to an expanding suite of online comparative commercial products.
There will be full online support for new business, mid term adjustments and renewals, and brokers can speed up the sales process by removing the need for multiple input and to provide clients with immediate documentation.
Paul M Brierley, managing director of OurNetwork said: “This is an independent network for independent brokers. It has been created to provide a comprehensive range of products, services and remuneration to cover all of a broker’s needs. However, it is not about trying to lock them in or demand set volumes of business."
Broker Direct is 73% owned by brokers. In order to meet members' needs, a broker advisory panel has also been established.
Roy Green, chief executive of Broker Direct said: “We founded Broker Direct on two principles. The first was to provide brokers with a level playing field to compete including fair commissions. The second was to use technology to take out other wasteful channel costs. This has proved successful over 11 years. We are now using the same principles in our design of OurNetwork, which I believe will be equally sustainable and even more successful.”
