New York — The Risk and Insurance Management Society (RIMS), a New York-based not-for-profit organization dedicated to advancing the practice of risk management, and New York-based Advisen Ltd., a provider of analytics and information services to insurance professionals, released the "Broker Services and Remuneration Study" as part of the 2008 RIMS Benchmark Survey book. The study, based on data gathered in February 2008 from 1,519 participants, found that insurance buyers are driving brokers to change their service offerings and the way brokers are compensated.
The "Broker Services and Remuneration Study" is the first comprehensive study of the relationship between commercial insurance buyers and brokers since the industry tumult of 2004-2005. Benefiting from the dynamics of a doggedly soft market in which brokers have shifted the basis of competition to offerings of new services and aggressive pricing models, insurance buyers are demanding a wider array of service options. For the industry’s largest programs, buyers are spending the majority of their broker money on fees instead of commissions, the study reports.
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