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Our Fundamental Ethos: Unwavering Client Focus
Our Fundamental Ethos: Unwavering Client Focus
At Independent Insurance Brokers (iiB), our entire operation is singularly built upon an unwavering commitment to you, our client. We believe that true insurance broking demands an uncompromisable commitment to transparency, independence, and a focus on your best interests.
This is more than a service promise; it's the core principle powered by our transparent fee-for-service model. Unlike many traditional brokers, who, by their own Financial Services Guides (FSGs), declare they are 'not independent, impartial, or unbiased' due to remuneration sources, restrictive insurer partnerships and restricted market access, iiB stands apart.
We are legally committed to avoiding such arrangements. Our business model is built on unwavering independence, a commitment that is central to our identify and detailed in our FSG. Our model is designed to eliminate conflicts of interest, ensuring our incentives are aligned with acting on your behalf. This inherently differentiates us, enabling us to rectify the deep-seated issues that have long impacted the industry. Down to our core, we are designed to combat and render the traditional broker business model a relic of the past.
Why Your Current Broker May Not Be Working Solely for You
Why Your Current Broker May Not Be Working Solely for You
The Unseen Conflict – the 75/25 Challenge with Insurance Broking
The Unseen Conflict – the 75/25 Challenge with Insurance Broking
For CFOs and C-suite leaders, understanding the financial incentives that drive your partners is paramount. In the current insurance broking world, a significant, often unspoken, conflict of interest can exist, which we term the 75/25 Challenge.
In the current insurance broking model, a significant portion of revenue can come from insurers through commissions and other payments. This has the potential to create a material conflict of interest, as a broker's financial rewards may be tied to the insurer rather than solely to the client's best interests.
This disproportionate reliance on insurer revenue fundamentally skews their operational priorities. If a broker's primary financial rewards are tied to the insurer, their advice, market approach, and even claims handling can be subtly (or overtly) influenced to favour insurer interests over your own.
The Implications for Your Organisation:
Compromised Independence: Can advice truly be impartial when the advisor’s income is heavily dependent on the product provider?
Suboptimal Program Design: Are you receiving the absolute best terms and coverage structure, or one that aligns with preferred insurer arrangements?
Inflated Costs: Is there a genuine drive to reduce your premiums if it also reduces your broker's commission?
Lack of True Advocacy: When a claim occurs, whose side is your broker truly on if their long-term relationship with the insurer outweighs their direct accountability to you? Whose agent is your broker - the insurers or yours? Is your broker really your broker?
This systemic issue means that many businesses and organisations are unknowingly navigating their risk and insurance needs with an advisor who is not their partner, and whose interests are not fully aligned with theirs.
1. Unwavering Independence through a Fee-for-Service Model:
1. Unwavering Independence through a Fee-for-Service Model:
Our remuneration comes exclusively from you, our client, for the expert advice and services we provide. We receive no commissions or payments from insurers. Our structure is designed to ensure our advice is objective and data driven, with a focus on optimising your insurance outcomes and strategically reducing your Total Cost of Risk to achieve better value.
Our loyalty is to you.
2. Radical Transparency in All Dealings:
2. Radical Transparency in All Dealings:
We believe you have an absolute right to know precisely what you are paying for and why. Our fee structures are always clear, agreed upon upfront, and directly reflect the measurable value we deliver.
Crucially, there are no hidden charges or opaque insurer-funded incentives influencing our recommendations whatsoever. All of our cards are on the table.
3. Real Client-First Incentives – Our Success is Your Success:
3. Real Client-First Incentives – Our Success is Your Success:
Because we are not rewarded by higher premiums, volume bonuses, or profit shares from insurers, our incentives are strongly aligned with yours. (best cover, optimal cost).
This drives us to relentlessly find efficiencies, secure the most competitive terms, recommend optimal programme structures, and champion your cause tenaciously during claims. We actively pursue strategies to reduce your claims, creating a direct win-win: significantly lowering your Total Cost of Risk while benefiting insurers through a more efficient, healthier portfolio.
Your success is, quite literally, our only measure of value.
4. True Advocacy, Unwavering Support When It Matters Most:
4. True Advocacy, Unwavering Support When It Matters Most:
We are singularly dedicated to managing the process and fighting relentlessly to achieve the optimal financial outcome for your business.
Our commitment at iiB is to be the partner you trust implicitly – one that unreservedly champions your financial well-being and strategic objectives above all else.
By choosing iiB, you are not just selecting an insurance broker; you are making a strategic investment in an unbiased, transparent, and independent relationship designed to deliver superior value and lasting peace of mind.
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