Despite the appointed representative model being long-established in the insurance sector – for 15 years in the case of the Gauntlet AR network – there are still things that are misunderstood and a few myths about being an AR in general that need to be busted.  There are also one or two about Gauntlet AR Network itself.

If you really want to be your own insurance boss and start your own insurance broking business, read on.

1. You can only become an AR if you have enough income to survive your early days

This is not necessarily true.  If you start through the traditional AR model, moving straight from a role as an account exec into self-employment as an appointed representative, it helps to have a bit of income put aside, because your earnings can be lower in your early days of running your own brokerage.

However, Gauntlet launched its Gauntlet Brokerage Builder option, to level the playing field and give any talented account exec the chance to start their own broking business.

With this option, you can be employed for around 22 months, whilst you build your broking business and client base.  If you hit the milestones set along the way, you can ‘graduate’ with a book of clients and a ready-made business.  Here, you need to have no money set aside before embarking on your start-up broking journey.  All you need are the skills that prove you would be a great self-employed broker and future appointed representative, and the determination and work ethic to start your own brokerage.

2. You can be an AR before becoming a directly authorised broker, but you can’t be an appointed representative once you have been directly authorised.

Wrong.  With Gauntlet De-authorisation Fast-track, we have helped rescue a number of directly authorised brokers who recognise they can earn more by being an appointed representative thanks to the number of agencies they can access through Gauntlet Group and the higher commission they can earn, because of our buying power and insurer relationships.  If they de-authorise, they also offload the stresses of compliance, IT, accounting and PI, and have far fewer costs to deal with.  They can also take time off as an AR and work from home, should they wish to do so.

3. You can’t become an AR, if you have formerly been a directly authorised broker who sold their business

Wrong again. Gauntlet Phoenix is our offering for brokers who are entering the market as start-ups a second time around.  They can become a Gauntlet AR, get tailored support and quickly see their new broking business fly, thanks to our fantastic access to market and insurance schemes and facilities.

4. Gauntlet AR Network is a northern and commercial-broking-only network

Where did you get that impression?  Our appointed representatives are based all over the UK, from Scotland to Surrey.  We also have appointed representatives who have a mix of both commercial and personal lines clients.  We even have our own in-house commercial and personal lines teams, who support them and offer them sales support and inspiration.

5. If you become a Gauntlet appointed representative, you have to trade under a Gauntlet name?

Absolutely not true.  Our ARs can choose any name they wish for their appointed representative business.  Some choose to incorporate Gauntlet, because they know the brand is well-respected, but they have no obligation to do so.

If there are any other things you wish to check up on, as you plan launching your own insurance broking business at some time in the future, the best thing to do is ask us directly, rather than listening to rumours and myths.  We can answer any questions that you have and supply you with other collateral that can assist your understanding of the appointed representative opportunity with Gauntlet.

Getting things right when starting your own insurance brokerage is key, so take the direct route and contact us today, to have all your queries answered.  Email NigelLaw@GauntletGroup.com or fill in our enquiry form here.