FAQs

Q1 :What are the services and benefits that BrokNet Network provides?

An equity partnership with BrokNet Group Network for minimum of three years.
– Access to markets. Direct contracts between you and multiple insurance markets.
– Designated individual services
– Broker management system.
– IT turn-key solutions and supports.
– Training for you and your staff.
– Being a part of a network, which is growing fast better than a one-man shop.
– The strength of your business if  your business + network. Which gives the broker clout and added benefits from the markets.
– Industry competitive commission rates including sharing Contingent Profit commissions.
– liability insurance for your brokerage.

Q2.How many markets support BrokNet Network ?

Currently, you gain access to several markets in the Middle East and Africa .

Q3.What are the business terms for the partnership?

Business terms are customized to each partner and once the NDA is signed then we will have a full and open disclosure of those terms. In general, however, it is based on BrokNet Group Network holding a minority equity share for three years at which point the broker has the option to buy out the share.

Q4.How long is the process to launch a brokerage?

Depending on whether you are coming from a direct seller or a broker, there are certain steps that can’t be triggered until the separation is formally documented. But once a brokerage is licensed in any jurisdiction in the region, most offices are operational within six weeks.

Q5.Where can I open up my office? Are there territory restrictions?

We are open to all locations in Middle East and Africa , providing that the location does not infringe on an existing office. It varies according to urban and rural locations but in general it is about 2 kilometers for an urban location and 5 kilometers for rural.

Q6.What if I want to leave BrokNet ?

There is a 3-year start up period after which the broker has the option of buying BrokNet out of their equity position at fair market value.

Q7.Do you offer any bridge financing issues or facilities for start up brokers?

We may assist in guiding you to financial institutions, whether it’s tied up with whom we have a partnership or others. Some companies may be willing to provide financing as well.

Q8.Is BrokNet more interested in agents or existing brokers as partners?

Both. We want to partner with agents or brokers who have a proven track record of successfully running their own office and the capacity and capabilities to become an owner operator.

Q9.So what resources do I have to have in order to qualify to be a BrokNet partner?

We look for a minimum 5 years experience in an agency or a brokerage. We know on the broker side the reason you are coming to us is because you can’t do that on your own. You either bring a book of business or basically take what you have learnt over the 5 – 10 years of building a book of business. You will need to have an office and a phone.

Q10.How many brokers buy out BrokNet equity shares?

Nobody yet, however about 10% mostly interested in this because of retirement.