Jensten to invest up to £1m to help individuals setup brokers

Jensten Group will invest up to £1m to help 15 individuals start their journeys to establishing their own brokers.

The initiative is aimed at employed people, who have around 10-years’ experience, that feel ready to make the leap to setup their own firm, but do not have access to the upfront capital required.

Investments will be made through Coversure, Jensten’s network for independent brokers, and will allow professionals to start their own business as appointed representatives (AR).

Under the terms of the three-year AR commitment to Coversure, brokers accepted onto the incubation scheme will have all their setup costs for the first six months of trading fully covered.

This includes IT services, PI cover, tools, support, coaching and training.

Rob Palmer, franchise director at Coversure, said: “A common challenge for insurance professionals looking to launch their own insurance brokerage can be the start-up requirements.

”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.”

Time-frame

Jensten added that the startup funding was not a loan and the AR will be expected to be self-funding after the initial six months.

The business hopes the move will develop a fresh pipeline of insurance broking talent that will eventually be able to progress on to running their own independent brokers.

”We are seeking to build long-term relationships with ambitious future business owners who have the skills and motivation to establish significant broking businesses, which in turn create real financial value for the people who partner with Coversure,” Palmer said.