What is an Insurance Consultant?
Insurance Consultants are professional advisers with a depth of experience of the insurance industry and insurance products.
Do I need to use the services of a Consultant?
Depending on the nature of your consulting practice there may be some particular specialist risks to which your business will be exposed that may warrant engaging the services of an experienced Consultant.
For example, you may be working on a proposal for a new assignment where there is potentially exposure to a particular or unusual risk. In this circumstance you may seek expert guidance from a Consultant who has proven experience in that particular situation or challenge.
How is an Insurance Consultant remunerated?
Consultants in the Insurance profession are likely to operate very much on the same basis that you will operate your own consulting practice.
It is likely that such specialist input and advice will be required relatively infrequently, therefore, to keep things simple, fees are likely to be charged on a daily rate basis. If you do have an ongoing need for input then a retainer fee model might work well.
It is important to establish whether the consultant is independent prior to engaging his services.
It is possible that the consultant will have associate relationships with a number of insurance brokers and possibly with insurance underwriters under which he receives commission payments.
You should establish the basis upon which the consultant is paid and ascertain whether he is truly independent.
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