A few basic insurance questions
Discussion
I'm looking into the feasibility of marketing a mobile phone insurance policy. The problem is neither I nor the other directors have a background in insurance so we're looking for some clarification before going too far in the wrong direction.
After chatting with the FSA I understand that we don't need to be directly regulated if we act as "an appointed representative" of another company who are already regulated.
A bit of googling flags up many companies who seem to work to this rule. For example, would I be right in saying that Easy Money Insurance simply take the money for their policies and then Zurich would deal with the customer from then on?
We only want to sell the policies, not deal with claims.
I guess what I want to know is where next? I assume we'd be looking to find a broker to partner with? Are they likely to laugh off the notion of working with someone outside the industry, it does seems somewhat closed shop. As they would ultimately be dealing with the FSA we would be sure to give them total editorial control over any material we produce.
Any advise or pointers would be really appreciated. Thanks.
Edited to add - Just had a read and I think it probably extends past 'a few basic insurance quesitons' - perhaps a mod could change the title to reflect my extended rambling!
>> Edited by rpguk on Tuesday 2nd May 12:40
After chatting with the FSA I understand that we don't need to be directly regulated if we act as "an appointed representative" of another company who are already regulated.
A bit of googling flags up many companies who seem to work to this rule. For example, would I be right in saying that Easy Money Insurance simply take the money for their policies and then Zurich would deal with the customer from then on?
We only want to sell the policies, not deal with claims.
I guess what I want to know is where next? I assume we'd be looking to find a broker to partner with? Are they likely to laugh off the notion of working with someone outside the industry, it does seems somewhat closed shop. As they would ultimately be dealing with the FSA we would be sure to give them total editorial control over any material we produce.
Any advise or pointers would be really appreciated. Thanks.
Edited to add - Just had a read and I think it probably extends past 'a few basic insurance quesitons' - perhaps a mod could change the title to reflect my extended rambling!
>> Edited by rpguk on Tuesday 2nd May 12:40
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