Broker Remuneration is a complex topic which varies from carrier to carrier. Inevitably, in a national business environment, regional variations will exist. Therefore, it is difficult to cover all of the eventualities in one document. However, it is important to set out as clearly as we can some of the principles that guide us within ZAS and how our revenue is derived.
Some of ZAS’s guiding principles:
- Integrity: We treat everyone in a fair and honest manner. We comply with all applicable laws, regulations and internal policies.
- Compliant and Fair Conduct: In all aspects of our business we ensure we know the legal requirements and comply with them. ZAS has an unwavering commitment to fair and responsible business conduct.
- Customer Centricity: We put our customers at the heart of all we do while offering transparency of our remuneration process.
Our principle source of Revenue is
- Original Commission which is generally a fixed percentage of the premium quoted by an insurer. These commission schedules vary and are provided directly by the insurer.
Another source of Revenue for the agency is
- Contingent Commission. Although this is a very small percentage of ZAS’s revenue it is important to note some insurers, both nationally and regionally, provide this additional form of compensation to their brokers. Generally this form of compensation is based on, but not limited to, the following:
- Set premium volume thresholds
- Set thresholds for policy retention and acquisition
- Set thresholds for profitability as assigned to the agency’s book of business
Again, it is important to emphasize there are significant variations in remuneration that can occur as a result of the product offered and the insurer offering the product. Therefore, if a customer has a question regarding ZAS’s compensation on an individual basis they should contact us at 800-840-8842. It is always ZAS’s intent to offer transparency and clarity in regards to this topic.