Learn about actual and potential costs
How much should I pay for Insurance Brokerage Services?
What is the average price of Insurance Brokerage Services?
This procurement report includes pricing information to help you purchase Insurance Brokerage Services. 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 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 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?
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 with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Find the vendor to meet your needs
Where can I purchase ?
Market share concentration in the insurance brokerage services market is low. This market contains about 126,000 providers, which are divided into brokers and agents. Although the market includes major companies like Marsh & McLennan and Aon PLC, the top four vendors account for less than 30.0% of market revenue. ... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
How many insurance carriers do you work with and what are your relationships with them?
How do your insurance carriers ensure that they have the financial resources to honor 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?
Have any of your insurance carriers displayed an elevated level of risk due to disruptions caused by the coronavirus outbreak? How have they coped with the negative impact on investments?
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?
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?
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Key elements for every RFP
What should my RFP include?
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.
Buyers should reference the Benchmark Price section of this report to confirm that they are paying a competitive price for market services.
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.
Buyers should consult the Buying-Decision Scorecard section of this report for additional key criteria to consider when choosing a supplier.
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.
Evaluate major factors to mitigate risk
How risky is the supply chain?
Supply chain risk for the insurance brokerage services market has been moderate during the three years to 2020. Moderate risk means that vendors may face uncertainty in costs due to supply chain disruptions, making them less willing to negotiate on the price of services, which ultimately hurts buyer power. ... Subscribe to learn more.