Insurance Broker

An insurance broker start-up engaged Andrew to provide accounting and systems advice. As a dealer for Sage Accounting software at the time, he worked successfully to establish effective bookkeeping, financial control, and reporting systems.

Andrew noted that whilst renewal commissions were minor in their start-up phase, this income stream would become more significant as the business grew, even over just a few years. He recommended that they establish systems for recording and tracking renewal commissions, so that these were already in place and effective before reconciling these commissions on insurance company statements became a major task. At that time they declined his advice on the basis that they had limited resources and felt they had higher priorities. 

Some years later, when Andrew bumped into one of the directors of the now well established and thriving insurance broking business, he reminded Andrew of his advice about renewal premium tracking. The director confirmed that renewal commissions had indeed become a major challenge by the time they finally got around to chasing insurance companies for this important income stream. He said they all laughed as they remembered Andrew’s advice and wished that they had adopted his recommendations at the time. 

Experience | Insight | Advice