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Archive Stories
Archived stories from Nov 2010

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'Opacity is the way forward' - brokers

A survey of insurance brokers in Europe and in the US has revealed that the majority would prefer a full return to their old way of doing business. Over three quarters of brokers polled by Vacuosity Consultants said they would prefer to spend more time with their clients and markets over lengthy lunches or at social occasions rather than by exchanging emails using standardized data formats.

Seven eighths said they think that opacity in remuneration is more healthy for the market than full transparency and a further nine and half tenths said they wanted a return to bid rigging ?with the consent of participating insurers?.

?Insurance is a people business that needs face time and requires gut instinct. Insurance brokers have got big guts and er, faces,? said Kevin Woppah, ?We serve our clients better face to face, gut to gut. We know what makes them tick ? and it isn?t standardized data formatting. It is grub, booze, golf, gee-gees and footer. And some more booze.?

Brokers responded to the Vacuosity survey saying that clients and markets are confused by too much transparency on remuneration. ?It makes their heads ache, all that transparency,? Woppah said. ?They just want to know that the policy documentation will reach them within the next couple of years and how much it will cost, bottom line. Also they need to know that we are getting well paid otherwise we won?t be able to take them out on any more jollies. End of.?

Questioned on whether brokers would put contingents ahead of clients, five fifths said they would. ?If we don?t get a contingent commission then the insurer isn?t going to get the business, the client will be off cover and no-one benefits. In fact society loses out. Simples. Now, what are you having? The usual??

Other news from Nov 2010
Travelating the Wave of Insurability
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