Agency Business Evaluation Process
6 steps to a successful and profitable working relationship.
Step 1 - initial meeting
If we are thinking of working together we visit you and look at your current methods and practices. We're not necessarily looking for an established infrastructure and staff and the ability to become an underwriting agent immediately - we are equally interested in great potential if a company has the right qualities and mindset to expand and grow with us.
Step 2 - business plan
We expect each prospective partner to produce a business plan outlining how they would work with us and what they would bring to the partnership. We assess the plan swiftly and decide whether or not to go to the next stage.
Step 3 - due diligence
If we have agreed to a partnership in principle then the next step is due diligence. We'll review your whole business including financials, infrastructure, strategy and culture. This may take 3-4 weeks to arrange but the actual review will be completed in 4-5 days.
Step 4 - contract negotiations
If the due diligence results are satisfactory we will start contract negotiations. We recommend you take legal advice at this stage.
Step 5 - remuneration agreement
We pay each underwriting agent according to how many functions they carry out. We cover agreed operating costs and agree a share of the underwriting profit. The focus is very much on underwriting profitability.
Step 6 - start trading
Once the financial arrangements have been agreed to our mutual satisfaction we can start trading in partnership. It can take up to 4 months to complete all 6 steps but this will ensure there is a sound basis for a long term partnership.
Once the relationship is in place we will provide expertise, advice and answers as and when our agents need them.
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