COMMISSION / FEE STRUCTURE
As an SME business, we are very aware of the importance of your business to you. This is not just you job, but is also your savings, your pension your children's education: Indeed it is your most valuable asset. As insurance agents our role is to to arrange suitable protection and afford you th peace of mind to know that this valuable asset is protected
The most important factor in arranging this protection, is the choice of insurers.
CHOICE OF INSURERS
At Lir Insurance, we believe that choice of insurer is of paramount importance. We only work with a small number of select insurers. Our aim is to target specific industry sectors and identify the insurers who are most appropriate to that specific sector. We do not just rely on their Central Bank accreditation but also look at a number of other key factors, including their understanding of the Irish market, their understanding of the market sector, their long term commitment to the market, their underwriting standards and most importantly their process for dealing with claims
LIR INSURANCE COSTS
At Lir Insurance Limited we strive to keep our costs to our customers as low as possible. We strive to work to a margin of 30 percent on the smaller cases and this reduces substantially as the premiums rises.
These earnings are made up as a combination of commissions and / or fees.
COMMISSIONS
Our primary function is to act as your agent and this is enshrined in everything that we do. We do however undertake many tasks on behalf of the insurers, such as collecting the premiums, issuing the documents etc. As we charge the insurers by way of commission for performing these tasks, this enables us to reduce the charges that we levy on our customers . This is particularly relevant on the smaller more streamlined business classes. As a result the more we charge the insurers, the lower our charge to the consumer.
FEES
When looking at individual cases we establish the level of Income required based on the level of complexity involved. Where commissions are received from insurers, this allow us to reduce the level of fees that we charge. Fees will therefore be calculated on a case by case basis. The fee fee structure is set out below
o Household: €50
o Private/ Commercial Motor: €50
o Commercial Business: Up to 30% (dependent on level of commissions)
o Midterm Switches/Alterations: €40.00
WHOLESALE
There are certain classes of Insurance where we work with wholesale brokers in order to access the markets primarily in the UK. In these cases. We have only shown the commissions payable to us as we do not have any control over their charges. This would apply to both Capital Insurance Markets and Willis Towers Watson.
In relation to Willis Towers Watson, we have a unique arrangement, where we deal with the clients and they broke the business on our behalf. As we split the work load between us, we also split the commission on 50/50 a basis. This does not increase our charges over other brokers but does allow us access to a much wider range of markets and also give us access to other facilities such as access to their securities committee etc.
The commissions charged by the standard Insurers are fairly standard. When placing through the wholesale markets, we are dependent on the wholesale broker to check the wider market. While we have included the commission rates for the companies that we currently use, there are potentially other insurers that they may approach and that we may quote. As we become aware of such insurers, we will include these in the list. The wholesale brokers are also at liberty to renegotiate their commissions either entirely or on individual cases. Once again, these will be included as we become aware of such changes.
The most important factor in arranging this protection, is the choice of insurers.
CHOICE OF INSURERS
At Lir Insurance, we believe that choice of insurer is of paramount importance. We only work with a small number of select insurers. Our aim is to target specific industry sectors and identify the insurers who are most appropriate to that specific sector. We do not just rely on their Central Bank accreditation but also look at a number of other key factors, including their understanding of the Irish market, their understanding of the market sector, their long term commitment to the market, their underwriting standards and most importantly their process for dealing with claims
LIR INSURANCE COSTS
At Lir Insurance Limited we strive to keep our costs to our customers as low as possible. We strive to work to a margin of 30 percent on the smaller cases and this reduces substantially as the premiums rises.
These earnings are made up as a combination of commissions and / or fees.
COMMISSIONS
Our primary function is to act as your agent and this is enshrined in everything that we do. We do however undertake many tasks on behalf of the insurers, such as collecting the premiums, issuing the documents etc. As we charge the insurers by way of commission for performing these tasks, this enables us to reduce the charges that we levy on our customers . This is particularly relevant on the smaller more streamlined business classes. As a result the more we charge the insurers, the lower our charge to the consumer.
FEES
When looking at individual cases we establish the level of Income required based on the level of complexity involved. Where commissions are received from insurers, this allow us to reduce the level of fees that we charge. Fees will therefore be calculated on a case by case basis. The fee fee structure is set out below
o Household: €50
o Private/ Commercial Motor: €50
o Commercial Business: Up to 30% (dependent on level of commissions)
o Midterm Switches/Alterations: €40.00
WHOLESALE
There are certain classes of Insurance where we work with wholesale brokers in order to access the markets primarily in the UK. In these cases. We have only shown the commissions payable to us as we do not have any control over their charges. This would apply to both Capital Insurance Markets and Willis Towers Watson.
In relation to Willis Towers Watson, we have a unique arrangement, where we deal with the clients and they broke the business on our behalf. As we split the work load between us, we also split the commission on 50/50 a basis. This does not increase our charges over other brokers but does allow us access to a much wider range of markets and also give us access to other facilities such as access to their securities committee etc.
The commissions charged by the standard Insurers are fairly standard. When placing through the wholesale markets, we are dependent on the wholesale broker to check the wider market. While we have included the commission rates for the companies that we currently use, there are potentially other insurers that they may approach and that we may quote. As we become aware of such insurers, we will include these in the list. The wholesale brokers are also at liberty to renegotiate their commissions either entirely or on individual cases. Once again, these will be included as we become aware of such changes.
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