Page 30 - Bird RFP Response_Burnham Benefits

Burnham Benefits Response to Bird
Request for Proposal for Benefits Broker

Services
All About Money

1. Describe how you would prefer to be paid for your services.

We can work either on a fee basis, commissions or both. We are open to accepting whatever
method the current structure is being paid under—fee or commission.

Burnham Benefits’ compensation intent is to be fair and offer an arrangement that is mutually
acceptable, comprehensive and transparent. This is one reason Burnham doesn’t sponsor its
own product pools, which usually contain margins and fees that are not reportable as
compensation and can be very profitable to the sponsoring agency.

2. Please specify if you offer additional services, not included in your standard compensation, that
require additional fees.

Burnham’s goal is to include all brokering services within our overall Scope of Services and
quoted fee. We want Bird to feel confident they are receiving a comprehensive Scope at an all-
inclusive price.

If a project arises that is clearly outside the proposed Scope, we will discuss with Bird to find a
mutually agreeable approach. Burnham will not commence any work without expressly
discussing with Bird why the project is considered out of Scope and any associated additional
fees.

3. Will you share info about commissions received from insurers?

Yes – we are an open book and transparent with our clients on our compensation. Burnham
receives commissions from most carriers as compensation for services, though we also have
many clients that are on a fee-for-service basis. Burnham, along with virtually every other
consulting firm, is eligible for supplemental compensation tied to new business and/or
retention. In our case, we don’t discuss these relationships with our employees, nor do they
benefit in any revenue received. Burnham does this to ensure that they maintain their
objectivity in evaluating solutions for clients. In addition, whereas some consultants restrict who
they will market to, we allow our consultants to market to all carriers on their clients’ behalf,
regardless of whether the firm has a preferred relationship or not.

30