Products: Schemes brokers chase commission, study shows
Research by MMA has found that brokers have been diligently undertaking schemes work with insurers although there were variations in uptake both by size and across the country. It also discovered that the most common time to retender a scheme was every three years, with increased commission the main reason for doing so.
According to the insurer’s calculations, while half of UK brokers now manage schemes, the trend is lead by national brokers – those in the top 50 by gross written premium – with 61% running a scheme. The figure dipped to 49% for those brokers in the next tier of the remaining top 250 by GWP and 45% of all other sized brokers. The study also showed that brokers in the South West and Wales were the most likely to run their own schemes.
The schemes specialist insurer also assessed the factors that
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