There's a lot more to insurance franchises than just home and car cover. Sure, these might be the most popular policies with an impressively broad reach of the UK population, but coverage falls into many categories, including life- and business insurance.
Business owners require public liability-, buildings-, employee-, and income cover, while teachers and gym instructors need additional protection against malpractice and personal and participant injury.
Insurance franchises are a profitable area of business for anyone already working in the insurance sector and wanted to go into business for themselves with the support and prestige of a parent company.
Insurance franchises make up an essential part of the financial services sector, working with corporations and small businesses to protect their employees and their commercial interests.
Franchising
Franchising offers the benefit of familiar, reassuring branding of companies that have built robust reputations and who your future clients already know and trust.
The insurance sector is a vast market in the UK, and it's almost impossible for independent companies to get the type of support and protection that larger firms provide to their franchisees. Insurance franchises, therefore, provide access to this difficult-to-penetrate and highly-regulated market.
Adopt familiar branding and the values of established businesses with robust infrastructures to give your new venture the best chance of success.
Franchise businesses provide support and a ready-to-go structure that covers regulatory compliance, HR support, training, and access to customers who are attracted to your unit because of the reputation you inherit when you take on an established brand.
Insurance franchises often come with IT support to get your new business online, along with the technical backing required to access essential shared resources.
Be fully compliance-ready and get a substantial head-start with an insurance franchise who will support your new business every step of the way.
Facts About Insurance Franchises
More than 77% of households within the UK drive a car. However, most homes have multiple drivers, bringing the total to over 80% of the population requiring motor insurance of some type.
There are almost 23 million homes in the UK, and 6 million of those don't have home insurance, so there's plenty of scope to reach new customers. The average premium for contents and buildings cover is £309pa, while the average home is insured for over £35,000.
The FCA (Financial Conduct Authority) claim that 6 million British citizens are paying too much for vehicle and home insurance, meaning that there's a large market for companies who can reduce individual premiums.
The UK's insurance sector is the biggest in Europe and the fourth largest on the planet. The industry employs more than 111,000 people and contributes over £72 billion to the UK economy each year - that's the most significant contribution of any other business sector.
Insurance franchises can be divided into two main categories: life insurance and non-life insurance. Life insurance provides essential cover for mortgage owners and families.
The UK life insurance sector amounted to almost €169 billion in 2016, with a further €82 billion in non-life premiums.
Franchising Vs Independent
Banks often favour franchise businesses because they're built on tried-and-tested foundations. Most money lenders consider franchises a safer return on investment - they're founded on proven financial frameworks.
Independent start-ups, on the other hand, are frequently fraught with financial risk, especially during the first two years of trading while they struggle to find a foothold in saturated markets.
Nearly 50% of UK independent companies go into receivership within their first two years while they try to establish themselves in the sector.
The franchise model, however, provides stability and a proven business model while the parent company offers invaluable support for their new businesses.
Insurance Franchises
Explore our range of insurance franchises and benefit from the support and guidance of a parent company keen to help your new business thrive and expand.
Find your brand new start with Franchise Direct.