Towards a Future-Proof Model for Authorized Insurance Agents

Publication number: 2011-49
Authors: M. Kerste, P. Risseeuw, M. Brandt, F. Kemper
With the cooperation of: B. Baarsma
Commissioned by: NVGA, Association of Insurers
Published by: SEO Economic Research 
ISBN: 978-90-6733-622-2

Authorized agents provide services on behalf of insurance companies in the areas of approval, policy management, portfolio management and claims handling. They act as the pivot between insurers and brokers, combining the responsiveness of insurers with the short lines of communication of brokers to the market. Authorized agents are remunerated for their services with various types of commission and fees. The Nederlandse Vereniging van Gevolmachtigde Assurantiebedrijven (NVGA, Netherlands Association of Authorized Insurance Agents) and the Verbond van Verzekeraars (Dutch Association of Insurers) consider that the current remuneration system is in need of revision. The NVGA and the Verbond van Verzekeraars therefore asked SEO Economic Research and SVC to carry out a joint fact-finding survey into the possibility of a uniform, appropriate remuneration system for authorized agents that meets criteria of transparency, suitability and usability. This report presents the survey findings. The results provide a framework for the industry to develop a new remuneration system.

Category: 2011