Hylant is committed to providing the highest level of service in bringing the best insurance products, coverages and solutions for the unique needs of our clients. We are also committed to full transparency for the services provided, including the ways in which Hylant is compensated so clients have a complete understanding of this process. The following are the various ways in which Hylant is compensated:
Hylant may receive commission payments from insurance carriers or wholesalers for policies placed with them. Commissions are paid as a percentage of premium charged for the policy placed and can vary by the line of coverage and the carrier.
A fee-for-service arrangement can be made in lieu of or in addition to commissions paid by insurance carriers. When a fee structure is in place, a written Broker Services Agreement is typically put in place outlining the services to be provided, the compensation to be paid to Hylant and other pertinent terms of the agreement.
Several insurance carriers have contingent commission programs in which Hylant is eligible to participate. Contingent commissions are not paid on single policies, but are based on Hylant’s performance with carriers over the course of a year. Performance metrics that typically are utilized to determine payments include volume, year-over-year growth and profitability.
Some insurance carriers and wholesalers have supplemental commission programs in place. This payment is typically dependent on Hylant’s prior-year performance with a percentage of premium payment determined at the beginning of the year that applies to eligible policies. Performance metrics that are typically utilized to determine payments include volume and year-over-year growth.
For further clarification clients need regarding our compensation, we encourage you to contact the lead member of your team.