Commission Summary DocumentWe, Hive Insurance Services act as intermediary (Broker) between you, the consumer, and the product provider with whom we place your business.
What is commission?
Single commission model: where payment is made to the intermediary shortly after the sale is completed and is based on a percentage of the premium paid/amount invested/amount borrowed.
Trail/Renewal commission model: Further payments at intervals are paid throughout the life span of the product.
General insurance products
Other forms of indemnity commission are advances of commission for future sales granted to intermediaries in order to assist with set up costs or business development.
Profit Share arrangements
Life Assurance / Investments / Pension products
Trail commission, bullet commission, fund based or renewal commission are all terms used for ongoing payments. Where an investment fund is being built up though an insurance-based investment product or a pension product, the increments may be based on a percentage of the value of the fund or the annual premium. For a single premium/lump sum product, the increment is generally based on the value of the fund.
We are remunerated by commission and other payments from product providers. When assessing products, we will consider the different approach taken by product providers in terms of them integrating sustainability risks into their product offering. This will form part of our analysis for choosing a product provider.
Examples of products include Life Protection, Regular Premium Life Assurance Investments, Single Premium (lump sum) Insurance-based Investments, and Single Premium Pensions.
Sustainability Factors - Investment / IBIPS / Pension Advice
The firm may be remunerated by means of a fee or a non-monetary benefit by the product producer, such as:
- where we arrange premium finance on your behalf with Premium Credit Ltd, we may receive commission from the provider for doing this
- attendance at, and participation in, conferences, seminars and other training events on the benefits and features of products or services we provide to consumers.
Click on a link below to access a list of the providers that our firm deals with.