Movo Partnership: The AR Network That Does Things Differently
Broker Insights was set up to help brokers better manage their businesses and optimise customer policy placement with an innovative data-led approach. In the past few years, we have worked hard to grow our broker and insurer base and embed the Broker Insights platform at the heart of our partners’ businesses. We now want to ensure that Broker Insights is more than just a tool to help brokers and insurers improve the way they work – we are building a community where our partners can share ideas, best practice and grow together.
Our partners are at the heart of what we do, and we want to share their stories. Our new ‘Meet The Broker’ series allows our broker partners to share more about how their businesses came to be and what makes them stand out.
First up in our Meet the Broker series is Movo Partnership. We chatted with the Managing Director of Movo Partnership to discuss why the business came about and how they are shaking up the concept of AR networks.
Before the creation of Movo Partnership, options were limited for existing brokers and start-ups. Typical AR networks require members to sign away 40% of their commission and don’t allow members to work directly with the insurers writing the risks. Sign-up costs can amount to £10k plus, and there are no guarantees to getting the agencies you want. On the other hand, brokers who chose to go it alone would be responsible for their own FCA Levies and fees, as well as the operational side of the business.
Founders Lea Cheesebrough and Golan Lambranzi saw a gap in the market and set up Movo Partnership. After outperforming their initial forecasts, they now have an impressive 50 broker partners signed up as franchises, switchers, and start-ups, as well as a waiting list of brokers looking to join in 2021. This success can be attributed to the fact that they do not operate as a traditional AR network. Movo Partnership has been set up by and for their members to take advantage of centralised head-office functions such as compliance and operations. In doing this, members are freed up to build new client relationships and look after existing clients.
DOING THINGS DIFFERENTLY
Movo Partnership is not a standard AR network. You won’t find them retaining 40% of their member income or gatekeeping insurer relationships. Members have direct access to insurers, and the business operates on a fee scale. Regardless of whether a broker looks to operate under the Movo Partnership brand or retain their own brand, all members receive support in achieving their business goals. Members also benefit from training and education support via Movo Academy and HR support through a dedicated portal.
WHAT’S TO COME?
Movo Partnership has been working hard on their newest offering – Movo Catalyst. This will facilitate collaboration with insurers to create funding solutions for any members looking to grow their businesses or undertake acquisitions. Movo Partnership truly is the AR network that does things differently.