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Making Brokerage Dollars Go Farther

More and more companies are switching to fee-based brokerage services--and saving money--but many still don't take advantage of other, often free, services

By Dave Lindorff | Updated on June 01, 2008

Risk managers at companies large and small continue to move away from commission-based brokers for their insurance needs, with about two-thirds of 1,500 companies surveyed opting for brokers who operate on a set fee basis, a new study reports. Those companies making the switch, however, are often not taking advantage of the many extra services available from those fee-based brokers.

The study, conducted jointly by the Risk and Insurance Management Society (RIMS) and by Advisen Ltd., a New York and London-based risk advisory firm, found that the average commission for corporate insurance in 2007 was 10.5% of premiums, while the typical flat fee was running at about 8.8% of premiums.

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