We deal with the client on your behalf; we collect all money and issue all documents
direct to the client; client ownership stays with you, and no other sales will be
made to the client without your permission. Plus the commission is exactly the same
as being an AGENT.
You make all client contact, collect all money and documentation.
It’s your choice.
We believe that we can both benefit from a rationalisation of who does what.
If you do, then opt for the Agent route. If you don’t, then become one of our Broker Partners.
| |
BROKER PARTNER |
AGENT |
|
PROCEDURES |
Your client contacts
you and you simply ask them to contact us directly on the Broker Partner
designated telephone number 08707 87 87 40. Premiums are collected by
us and we ensure that you receive due credit. We will keep you
informed by sending copies of key correspondence sent to your client. |
You deal with your
client in all matters, give advice and collect premium. You must
settle the premium within 14 days of inception of the policy. We do
not submit monthly statements so each policy premium must be settled
individually within this timescale. |
COMMISSION |
7% |
7% |
WORKLOAD |
Saves time; no
duplication of work. |
Heavy work load, very intensive, Much work duplicated. |
DEBT |
We are responsible
for collecting premiums. |
Agent responsible for
money collection. |
MIIC/MID |
No MID work for Broker Partners. |
Will have to deal with vehicle updates and advice for MID. |
ADVICE |
The only advice given
is to contact Motor Trade Solutions Ltd. |
Fully responsible for all
advice given. We can give you guidance on the different
cover options available to your clients. |
EXPERTISE |
Minimum level of
expertise on motor trade required, referral process only. |
Experienced staff needed
to deal with motor trade business. |
COMMISSION |
Commission paid on
inception and renewal by monthly statement. |
Commission paid on
inception and renewal at source. |
SALES |
Releases time to use on
core business. |
Considerable time spent
on writing motor trade business. |
CLIENTS |
We
will handle motor traders for Broker Partners. |
Agents handle motor
traders entirely. |
COMMUNICATION |
As we speak to your
client in person, we will be able to use the Statement of Fact (where
possible) and more streamlined administration to reduce delays. |
A Proposal Form is required. We produce a Statement of Fact based on the information you provide. |
OWNERSHIP |
Client Ownership remains
entirely with the Broker Partner. |
Client Ownership remains
entirely with the Agent. |
ACCOUNTS |
No reconciliation or
payment issues, just receive commission monthly. |
Cheques/payments
needed with order – within 10 days of invoice date for New Business
and by renewal date for renewals. |
SERVICE |
Client benefits from
speed of contact and your brokerage is given due credit. |
All client contact is via
the Agent. |
COMMITMENT |
We will NOT contact
client with offers of other products, without permission from Broker
Partner. |
We will NOT have direct
client contact. |
CONTACT POINT |
Broker Partner remains a
point of contact in the event of problems. |
All contact with client
is through Agent. |
RENEWALS |
Renewal notices will be
issued by us to the client with notification to you when the client
has renewed. |
All Renewal work
undertaken by Agent. |
POSTAGE/PHONE COSTS |
Substantially reduced for
Broker Partners. |
Met in full by the Agent. |
RETENTION RATES |
When handling clients
ourselves we renew more than 70% of invited cases. |
Agent retention currently
runs at just over 60%. |