Retail Domestic Appliance MGA Launch

Ambant support retail domestic appliance protection company to re-launch in a regulated environment

Ambant provides expert support in launch of restructured company

BACKGROUND
Following discussions with the regulator, a company that provides cover against the breakdown of domestic appliances (typically boilers) became aware that the product that they were offering to the market should have been within a regulatory framework. An insurer to underwrite the product had been found and a regulatory principal was also required to host the restructured insurance intermediary. Ambant were approached to lend their expertise to this role.

CHALLENGES
The domestic appliance MGA had not previously operated in a regulatory environment, meaning a large proportion of the requirements of the business were new to the incumbent senior management of the firm. A key element of the process was to work closely with the management of the firm to communicate the regulatory requirements of a firm dealing directly with over 100,000 retail customers. A further key challenge was the timescale involved, with a target period of five weeks from initial contact to launch of the MGA.

PROCESS
Ambant reviewed all of the existing documentation that had led the firm to the position they currently found themselves in, including a review of the products provided by the company and all interaction with the regulator to date.

A number of policies and procedures were reviewed to ensure that the firm had the necessary systems and controls required to operate in a regulatory environment.

Furthermore, existing scripts for telesales staff were reviewed by Ambant to ensure that these were consistent with TCF principles and were fair, clear and not misleading. The same was required to be done for a series of financial promotions before being distributed at a time critical point in the firms year.

RESULTS
The MGA was approved as an Appointed Representative and was able to start trading in the middle of October 2014, in advance of the key period of trading for the firm. Ambant achieved the results that were required by the firm in the timescales that allowed them to deliver to their customers. Ambant continue to provide the regulatory framework for the firm and work closely with them on all regulated activities to ensure that the firm can focus on running their business.

 

For further information contact Neil Carnaffan email: neil.carnaffan@ambant.com

Call Neil now on: +44(0) 207 264 0800