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.
