Insurance buyers in the current soft market are demanding a wider array of service options, and for the industry's largest programs, they're spending the majority of their broker money on fees rather than commissions, according to a recent study by the Risk and Insurance Management Society (RIMS) and Advisen Ltd.
The "Broker Services and Remuneration Study" in the 2008 RIMS Benchmark Survey book is the first comprehensive study of the relationship between commercial insurance buyers and brokers since the industry tumult in 2004 and 2005.
Based on data gathered in February from 1,519 participants, buyers were asked how their brokers are compensated, what brokers receive for their services, and what types of services they provide.
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