The Power of Mentoring in Building and Growing an Insurance Brokerage
Roger Gaunt
Managing Director at Gauntlet Group - helping businesses with their insurance
The Power of Mentoring in Building and Growing an Insurance Brokerage
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January 17 was International Mentoring Day – in fact, there are several occasions during the month in which mentoring features at an awareness day level. January is a time when we really focus on goals and, for all these reasons, I started to reflect on how the Gauntlet AR Network acts a mentor to our Gauntlet Group broker partners.? In other words, how do we nurture our appointed representatives, or ARs, as they are also known?
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We all know that starting or expanding an insurance brokerage in the UK is a challenging yet rewarding journey. Every step along the way requires careful planning and execution, whether that is in building a solid client base or considering how to navigate the complex regulatory environment.? What I can say, after 15 years of running the Gauntlet AR Network, is that many brokers have found that the key to success has been rooted in not just managing their own efforts but leveraging the wisdom, experience and skill set of the head office team who power the Gauntlet AR Network.? In other words, they tap into what they may not necessarily view as ‘mentors’, but a team of individuals who are just that.? Some of these mentors come with the job title of ‘AR broker’, but others have diverse roles within our head office operation, which each come with a level of experience that can provide benefits to each and every broker.
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Traditionally, those drawing on the experience that is embedded within our head office team were start-up brokers, founding an insurance brokerage from scratch.? Over the last two years, we have seen these individuals joined by established brokers, who have formerly been directly authorised brokers, struggling to access insurance agencies, PI cover and first-class IT, or juggling the demands of trying to manage compliance and accounting, whilst servicing their client base.? These brokers have turned to our mentoring team for help with managing things better, more profitably and in a way that provides them with a better work-life balance and far less stress.
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Mentoring: a catalyst for start-up and established broker success
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I firmly believe that mentoring is about more than just ?offering guidance. It revolves around a relationship that is based on trust, expertise, and a shared vision for success. Our insurance brokers within the Gauntlet AR Network can tap into mentoring in various modes, which I would describe as:
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1.??? Experience-based insights: We have seasoned insurance professionals in our ranks, who can share strategies that work and highlight pitfalls to avoid.? Most importantly, our network is headed up by myself and I have taken the very same journey that our appointed representatives wish to take, starting my own brokerage from my back bedroom with the same wishes and desires that every aspiring broker has when they today walk through my door.? This gives me unique insights to share and also a deep understanding of what an AR really needs from their appointed representative principal.
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2.??? Personalised guidance: we do not offer one-size-fits-all advice to our appointed representatives, but tailored advice that aligns with the unique needs and goals of their brokerages. The size of our network is strong in numbers but not too big that we can’t provide this more personalised type of mentoring and really drill down into what an individual needs to do to succeed.
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3.??? Confidence building: on a daily basis, our team offers encouragement and support to help our appointed representatives (ARs) make informed decisions and steer themselves along the right path.
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4.??? Expanded network: we are a network that also facilitates connections to industry experts, insurers and underwriters.? We are a network with fantastic reach and buying power and are thus able to open many doors for our ARs, both directly and also through our membership of Broker Network.
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How an Appointed Representative network facilitates mentoring
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Joining an AR network is a strategic move for brokers looking to start or grow their business. An AR’s chosen network should provide a structured framework and it is within this robust, compliant and tried and tested framework that mentoring should thrive.
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The network, first and foremost provides essential regulatory support, ensuring that an appointed representative is wholly compliant and acting in the way in which the FCA expects.? A network like the Gauntlet AR Network will take this further and provide the Professional Indemnity cover that demonstrates professionalism.
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The network should also provide mentoring through training and development opportunities – something Gauntlet has invested heavily in, through formal gatherings of our appointed representatives at annual conferences and sales strategy events.? More mentoring is provided at workshops and one-to-one sessions.? An appointed representative need never feel alone within the Gauntlet AR Network.
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Peer collaboration, as facilitated through our events, is another form of mentoring that we encourage, with many ARs learning from their counterparts in other brokerages.
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But what our network does at a mentoring level, which others do not, is sales mentoring and we can do this so effectively because we have our own direct insurance sales team here at Gauntlet.? These individuals act as sales mentors to those ARs who want to benefit from their insight, campaigns and sales lead provision.? Our sales team can quickly tell a new AR what will work and what will not and allow them to benefit from its expertise, saving time and energy on strategies almost bound to fail.? ARs can also access a variety of downloadable sales materials, to help them sell or cross-sell particular types of insurance product, so do not have to create materials from scratch.
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The mentors within the sales team can quickly help our appointed representatives identify growth opportunities, refine their business model and stay competitive in a dynamic market.
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Choosing the Right AR Network
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It is undoubtedly true that not all AR networks are created equal, so it’s essential to choose one that aligns with your goals and values. I would suggest that anyone who is considering becoming a start-up broker, or anyone wanting to deauthorise and change their status from directly authorised broker to AR, look for a ?network that:
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Next-level mentoring
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Having considered all of this, I then focused on the next-level mentoring that Gauntlet Group has provided to certain individuals through our unique Gauntlet Brokerage Builder programme.? We launched this so as to level the playing field and ensure that talented brokers were able to achieve their dream of running their own brokerage, without fears about salary poverty for several months or the impacts that their decision might have on their family.?
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Gauntlet Brokerage Builder really is our ‘try before you fly’ option, allowing any talented account exec to test themselves as a future independent broker, without relinquishing a salary.
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What they do, in effect, is enter a mentoring programme, devised by our head office team, who understand the obstacles that a future broker needs to hurdle and the milestones that they need to be able to hit, in terms of sales, if they stand a chance of going out on their own.? The programme helps the Broking Partner Designates work towards their goals, using the tried and tested methods that the mentors have seen working for other ARs.?
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It is next-level mentoring and a unique opportunity for someone to see their name above a new brokerage’s door.? Every ‘entrant’ to the programme can assess whether self-employment is for them, whilst building their future client base on the job and still picking up a pay packet at the same time.
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Summing up
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Having reflected on all of this, I came to recognise that mentoring is the lifeblood of the Gauntlet AR Network and a powerful tool that has accelerated the journey of many now well-established independent brokers. ?When someone joins our network, they do not just get regulatory compliance but also a free pass to invaluable mentorship, resources, and a supportive community that empowers them to thrive. Whether they are starting from scratch or scaling an existing brokerage, the guidance of our mentors can make all the difference, turning challenges into stepping stones toward success.
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I would suggest that anyone looking for an AR network that will offer them more than the norm, picks up the phone and talks to us, or sends me a LinkedIn message.? Embarking on a broker journey with an AR network, should not only enhance your professional growth but also ensure you build a brokerage that stands the test of time. That is the goal of the Gauntlet AR network and of every mentor working within it.
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