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Willis can provide an overview of the ways that we currently get remunerated for the value we deliver. In our attached “How We Get Paid” document we focus on the retail insurance broking sector. However we also include a brief commentary on reinsurance and wholesale practices towards the end.

Our principal sources of revenue are:

  • Original commission which is a fixed percentage of the premium quoted by an insurer.
  • Fees negotiated with individual clients.

We detail other sources of revenue in our How We Get Paid document. Broker remuneration is a complex topic. Inevitably, in a global business, regional variations exist. While it is difficult to outline all these variations here, details of our remuneration policies and how they are disclosed to our clients are also set out in the Client Engagement Agreements, Terms of Business Agreements, and Standard Terms and Conditions provided to each of our clients based on their specific circumstances.

Willis’ remuneration principles are twofold:

  • To avoid any conflict with putting the clients’ best interests first.
  • Transparency of its remuneration to the client.

Willis’ commitment to transparency includes telling a client in straightforward and complete terms all of the relevant facts related to hiring or retaining the company.

These terms include:

  • Whether Willis is working for a client as a broker, or whether we are representing the insurer as an agent;
  • Exactly how Willis is being paid for a particular service or product;
  • Disclosing whether we have an ownership interest in a particular insurer or product.

Clients deserve to know this information up front.

Again, it is important to emphasize that there are significant variations between the applicability of these revenues to various regions and/or business segments and if in doubt a client should refer to their Client Engagement Agreements, Terms of Business Agreements, Standard Terms and Conditions, or direct any questions to their Willis Client Advocate®.

Click here to read the full How We Get Paid brochure.

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