It has also pledged to revolutionise the UK financial services intermediary market by promoting a return to the composite model as a means of conducting business.
Best known as the UK’s foremost supplier of support services to the independent financial adviser (IFA) and mortgage broking sectors, the move by Bankhall into general insurance follows the purchase of the business of GI broker support company Total Broker Solutions (TBS).
Shaun Godfrey, Commercial Development Director, Bankhall said, “We are championing a return to the composite model whereby any financial services intermediary can sell a range of financial services products. It means that we will see IFAs and mortgage brokers selling general insurance products and in so doing open up an untapped revenue stream.
“Bankhall has the infrastructure and experience to supply market access and compliance support as well as software and sales and marketing support through Bankhall UK GI for forward thinking IFAs looking to grow their business by expanding into this very profitable sector.”
Bankhall UK GI will be headed up by former TBS chief executive Mike Williams – also a former chief executive of broker trade body the British Insurance Brokers’ Association.
Shaun Godfrey added: “We are delighted to welcome Mike on board. He brings a wealth of experience in general insurance broking as well as unrivalled industry contacts. He will be an invaluable asset in building the general insurance side of the Bankhall operation.”
TBS’ Chairman and majority shareholder, Bob Beckett, currently President of the Chartered Insurance Institute, will be joining Bankhall in a non-executive capacity.
Mike Williams, Head of General Insurance, Bankhall commented, “We are entering a new era for general insurance broking and I am delighted to be a part of it with Bankhall. I firmly believe that the Bankhall concept brings a wealth of new opportunities for general insurance brokers, mortgage brokers and IFAs to grow their business.”
