Almost all insurance companies include a load (usually 7% to 10%) in what they charge their policyholders to compensate insurance agents or brokers for their time and expenses. This is often a “hidden” cost that physicians pay every year in their premiums .

At MIEC we do not “load” our rates to pay for commissions nor do we have an in house sales staff. That is because we want to keep both our overhead costs and premiums as low as possible. So, while we are unable to compensate a broker or agent, we welcome the opportunity to work with a broker if you prefer to work this way.

We have a document that outlines how this works. We leave the arrangements for the broker’s annual compensation to be agreed upon between yourself and your broker.

Our secret: word of mouth.

So how exactly do we grow without brokers or sales staff? We have grown almost entirely through word-of-mouth – the referrals of physicians that have recommended us to their friends and colleagues. It is not the easiest way to market our services and capabilities, nor is it especially quick. But it is effective and much less expensive than the alternatives.