An ICONIC new approach to Broker Servicing
Cape Town based broker consulting firm, ICON, has brought on life insurance industry leader, Brad Toerien, to head up its expansion as CEO of ICON Connect.
Richard Bowman, founder of ICON which holds two divisions (tech enablement for advisers, and distribution), is excited to welcome Toerien to the team, and believes the business is ready to make a significant impact in the industry.
“We believe Brad will drive our purpose-driven business to new heights; with the aim of making the industry a more transparent, customer-centric space, while leveraging the best of breed risk and investment product providers that we have in the ICON stable.”
ICON turns the traditional Broker Consultant model on its head; servicing advisers through highly efficient digital engagement and broker consulting support. The company aims to disrupt Broker Servicing in the market through fiercely independent broker consultants, while enabling advisers to navigate industry changes and ensure that IFAs continue to offer objective, quality advice to customers.
Partnering with Bowman, Toerien hopes to revolutionise broker distribution; resulting in a model that’s more efficient for product providers, more effective for brokers, and more valuable for customers. They have the audacious goal of halving distribution costs (where it currently costs providers anything between 30-70% of 1st year premiums.) Through this, they aim to democratize independent advice and counteract some of the unintended sequences of the looming RDR legislation.
Toerien explains, “I’ve spent the past 16 years living out my passion for developing insurance cover that protects businesses and people: helping them through their toughest times – whether it be coping with an injury or illness, or losing a loved one. I’ve always believed in a product development cycle that places real customer needs at the heart of product solutions, and looks to help people holistically – emotionally, practically and financially.”
Toerien, who previously led Life Insurer FMI as CEO, is known in the market as an innovator and challenger; leading first to market income-based products both locally and internationally.
“Having spent the bulk of my career as a product provider, I’m excited to reinvent a different, yet highly impactful component of the value chain. Joining Richard and the ICON team, allows us the opportunity to reinvent distribution through leveraging independence and digital innovation. Broker distribution is an area ready for change and efficiencies. ICON can work with advisers to pursue the ultimate goal of delivering the best advice and quality cover to clients”, says Toerien.
Toerien adds, “It’s amazing what Richard and the dynamic team at ICON have already built in the past four years. ICON has massive potential to influence the industry, and I’m incredibly excited to be joining a new entrant to the market that’s poised for exciting growth.”
ICON encourages IFA’s to get in touch should they want to explore a servicing contract where they can access a best of breed life and investment offering, with the value of one expert consultant. ICON strives to increase value-added services to help advisers grow their practice while remaining competitive.