As an insurance agent, you know you need options. However, sometimes the available options just can’t fit the bill. Occasionally you need to create a custom insurance policy for a client or type of client with a more exceptional risk to manage. For those instances, you really need the best-of-the-best in specialty insurance to bring clients the solutions they need. However, it’s not as though you can just call up Lloyd’s of London, the king of specialty insurance, and tell them you need help. Lloyd’s only works with brokers who are part of their registered network which is notoriously difficult to join. There are only 200 registered brokers globally.
Here’s some good news though–James Allen Insurance is one of those elite 200 who are registered and have access to all Lloyd’s of London has to offer. Rather than go through registration, pay a pretty hefty fee that does not guarantee approval, or spend hours completing applications and documentation, consider another route. Specifically, partnering with James Allen Insurance. Not sure about the process? Let’s shed a little light on Lloyd’s of London and their Registered Broker Program.
What is Lloyd’s of London?
Lloyd’s is touted as “the foundation of the modern insurance industry.” Famous for insuring both the usual and unusual, notably things like Sir Ranulph Fiennes’ Polar challenge in 2013 to cross Antarctica in the winter, the insurance of Betty Grable’s legs and even Bruce Springsteen’s voice. This insurance behemoth has the expertise and influence to create policies for the most extraordinary needs. Not technically an insurance company, it’s more of a marketplace for insurance buyers and sellers to connect, which is why they can offer such unique policies.
Why Would You Need Lloyd’s of London?
Lloyd’s offers the most bespoke and unique insurance offerings out there. When a client requires a custom-made risk solution, Lloyd’s has the underwriting specialists, experience, and best contract terms to create an insurance policy that fits any situation. They have the global reach and exclusive contacts smart insurance agents need. They are also a prestige service and bring a certain amount of clout and expertise that can impresses clients and can benefit any agent.
Why Partner with James Allen Insurance and Not Just Become a Broker Myself?
So glad you asked! Becoming a Lloyd’s broker is a long, formal process. And you know what? It should be. Lloyd’s of London is the most prestigious insurance provider in the world, so to protect its reputation and preserve it’s high-level of concierge service, the process needs to be especially discerning.
It all begins with a Pre-Application Meeting to see if it’s a mutually good fit. Next up is the Business Rationale portion which requires you to provide an overview of your business, potential leads that match with Lloyd’s services, and a projection of premium income over the next three years. Next comes the Formal Application process which includes the completed application, proof of regulatory authorization, adequate professional indemnity cover, and evidence of segregated client funds, and a one-off £10,000 non-refundable registration fee. Then you wait, complete any necessary follow-ups, and hope you make it.
As you can see, it’s a very involved process. By partnering with James Allen Insurance, a registered Lloyd’s of London broker, you can get this very desirable access without the forms, fees, or follow-ups. Contact us today to talk about how we can work together to provide you with access to some of the best, most influential insurance people in the market and the options only they can offer.