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Procurement Market Intelligence Report

Insurance Brokerage Services in Canada
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Insurance Brokerage Services in Canada?

What is the average price of Insurance Brokerage Services in Canada?

This procurement report includes pricing information to help you purchase Insurance Brokerage Services in Canada. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Insurance Brokerage Services in Canada been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Insurance Brokerage Services in Canada yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Insurance Brokerage Services in Canada?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Insurance Brokerage Services in Canada with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Evaluate major factors to mitigate risk

How risky is the Insurance Brokerage Services supply chain in Canada?

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HIGH

MEDIUM

LOW

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Insurance Carriers

  • How many insurance carriers do you work with and what is your relationship with them?
  • How do your insurance carriers ensure that they have the financial resources to honour clients’ claims?
  • What do your insurance carriers do to mitigate the risk of bankruptcy?
  • Have your insurance carriers ever failed to fulfill clients’ claims because of financial hardships?

Related Services

  • What other services would you recommend to a buyer in my particular position?
  • Do you provide any other services besides insurance brokerage services?
  • Do you offer bundling discounts for buyers that purchase other services in addition to insurance brokerage services?
  • How often do your clients purchase additional services from you?

Customer Service

  • Do you assign a dedicated account manager to each of your clients?
  • Do you have 24/7 customer support?
  • On average, how quickly do you respond to client inquiries?
  • What is your client retention rate?

Sourcing across North America?

Combine Canada Spotlight Reports with our US Market Intelligence to bolster your North American strategy

Key elements for every RFP

What should my Insurance Brokerage Services in Canada RFP include?

Project Budget

  • Buyers should indicate the total value of the contract.
  • Buyers should specify their expectations for payment timelines and methods.
  • Buyers should indicate what services they expect the commission to cover.

Selection Criteria

  • Buyers should evaluate providers based on their experience working as insurance agents or brokers.
  • Buyers should consider the level of customer service that providers offer.
  • Buyers should take into account how many insurance carriers the provider works with.

Project Schedule

  • Buyers should indicate when proposals are due.
  • Buyers should disclose when final announcements of contract awards will occur.
  • Buyers should indicate the preferred length of the contract.
  • Buyers should include the date by which services must begin and the start date for coverage.