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For What Services Should You Pay Your Broker?

Is your Broker worth what you are paying? Is your Broker paid by fee or commission? What services does your Broker provide for that compensation, and how do those services compare to what other buyers say they receive? This year's 2009 RIMS Benchmark Survey contains our annual study of Broker services and fees. Based on responses from 1,241 Buyers of Insurance, the study found that Brokers increasingly compete on the basis of services provided to clients, but there are significant differences by company size and industry group in the types of services provided.

For Buyers, this data fills a void. Almost since Advisen first partnered with RIMS to produce the RIMS Benchmark Survey, Buyers have pressed us to benchmark their Broker fees as well.

Why should Brokers care? It's a competitive landscape amidst a soft market. These results illustrate that plenty of clients clearly pay more on a commission basis vs a fee basis. Also, when pitching new business or creating stewardship reports, this information may prove invaluable by helping you to differentiate your services.

AN INDEPENDENT SOURCE

Why should you buy this book? The RIMS Benchmark Survey book independently reviews pricing and structure trends for commercial insurance. Whether using it to bolster confidence in a particular program's structure, costs and design or to validate risk data for CEOs and CFOs, Insurance Buyers and Brokers and Marketers all say this book is worth keeping nearby. Additionally, this Survey arms sales professionals with a snapshot of industry-specific and coverage Benchmarks for prospect calls.

PUBLISHED SINCE 1979

The RIMS Benchmark Survey has been published since 1979, and remains the definitive statement regarding premiums, limits and retentions across commercial insurance lines for North America. For the last six years, Advisen has worked with RIMS to publish the Survey. The latest edition of this book is available for purchase via the RIMS website at www.RIMS.org/book.

The current RIMS book chronicles how over 1,300 organizations and their brokers managed their way through a changing insurance marketplace through December 31, 2008. It contains chapters on 14 different industries and 6 different coverages and is aggregated with graphs, statistics, and written analysis.

The 2009 edition of the RIMS Benchmark Survey also contains:

  • Our second annual study of Broker Services and Fees
  • Our first survey of Workers Compensation Claims Management
  • Our first survey of Enterprise Risk Management practices

The 2009 RIMS Benchmark Survey™ book

  • Format: Soft cover book
  • Pages: 128
  • Language: English
  • Release date: June 23, 2009
  • Advisen SKU#: A2009623000RIMS6
  • Shipping method: Media mail

NEED MORE BENCHMARK DATA?

If you value program benchmarking data, but this book does not contain sufficient data for your needs, consider the online version of the RIMS Benchmark Survey or even the full Advisen platform with over 1.25 million insurance programs from more than 275,000 organizations. We would be pleased to tell you more about our products & services anytime. Contact us at support@advisen.com.