We will disclose to you:
- the role or roles we perform in an insurance transaction,
- a list of the insurers we propose to approach on your behalf and,
- any equity interests we may have in those insurers.
In common with many financial organisations, we provide a range of services to a large number of clients. We also provide certain services to insurers. Situations may arise in which the interest of a client may conflict with those of another client or with our own interest. Accordingly, we have policies and procedures in place to ensure that should such circumstances arise, they are managed appropriately.
You can read further details about how we manage conflicts of interest and the Marsh and McLennan Companies Code of Conduct – The Greater Good.
In addition, we aim to be clear with you as to how we are paid. We receive income in the following ways:
- From you - for our services in placing your insurance policies. This may be by way of a fee, or by us retaining commissions/brokerage on your premiums.
- From insurers – we may receive fees for consulting services provided to insurers which are aimed at improving their offering to our clients and for the administration of certain facilities. Insurers may also pay us for tasks we undertake on their behalf, such as the binding of cover and the issue of documentation. For certain types of business, we may earn an additional commission based on the profitability of a book of business to insurers.
- From other sources – from investment, interest and currency fluctuations related to the handling of client money. We also receive payments from the providers of premium finance facilities to our clients.
Marsh is part of the Marsh & McLennan group of companies, which includes Mercer and Oliver Wyman. It also includes Guy Carpenter, a specialist reinsurance broker, which may place reinsurance for one or more of your insurers.
For further information on this subject you can read our Guide to How We Are Paid.
Contractual Arrangements with Insurers
Marsh has agreements with certain insurers pursuant to which Marsh provides services to them and for which Marsh is compensated. Examples include captive management services, claims administration services, claims management software and associated services, mergers and acquisitions due diligence services, managing general agent and managing general underwriter services and insurance brokerage services regarding insurers’ own insurance programs. Marsh is also party to agreements with insurers that facilitate insurance transactions, including agency agreements, agreements to administer facilities, and agreements to operate internet-based insurance placing facilities.
Marsh routinely enters into various types of agreements with insurers that are ancillary to the insurance broking process, or other services performed on behalf of clients. Examples include confidentiality and non-disclosure agreements for the release of data relating to insurance placements, claims handling and loss control programs, non-disclosure and/or non-competition agreements relating to the development and disclosure of new insurance products and services, and licensing agreements governing access to and use of data management systems and databases.
Foreign Account Tax Compliance Act (FATCA)
The Foreign Account Tax Compliance Act (FATCA) is a new regulation in the United States with global implications for Marsh and Marsh’s clients.
To support our clients and other parties that make in-scope premium payments to Marsh, we are making the W-8IMY and W-9 forms of many of our companies available for download.
If we revise any form due to a change in circumstances, the revised form will be uploaded within 30 days of the change. You are encouraged to check this site prior to remitting in-scope FATCA payments to us to ensure you have the most current form available.
Please direct questions and requests for forms not included in this site to fatcainformation@mmc.com.
Use of Client Information
Data Analytics: Marsh may include, on an anonymous basis, information relating to its clients’ insurance programs in benchmarking, modelling and other analytics. Marsh offers an array of analytics capabilities to clients, insurers and others. For clients, these offerings include benchmarking databases, analytics and modelling tools, surveys and other compilations of information, which are designed to help clients more effectively assess their risks, make more informed decisions and construct insurance programs and other risk mitigation strategies. Marsh or its affiliates may in some instances receive compensation for its analytics offerings from clients, insurers and others. For more information about Marsh’s analytics capabilities and services, review information within Services - Analytics.
MarketConnect: MarketConnect is Marsh’s industry leading proprietary technology suite that allows Marsh to assist insurers in their efforts to improve their performance and create superior solutions for our clients. Within MarketConnect, Market Match is a proactive tool that allows insurers to identify business opportunities in advance of renewals, enabling them to be considered for risks for which they historically had not been considered. In MarketMatch, client names and certain other information are provided to insurers when viewing upcoming renewals that meet their stated risk appetite. MarketConnect is part of Marsh’s insurer consulting offering for which Marsh receives compensation from insurers.