PLUS Symposium: Greater Transparency Will Change the Way Industry Does Business
National News • March 21, 2005
Transparency will reportedly bring fundamental changes in how the industry operates, resulting in more open communication between the client, the broker and the underwriter.
A change in the ...
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Subject: RE: RE: Transparency in Business
Posted On: March 23, 2005, 9:42 am CST
Posted By: Charles Smith
Comment:
Yes, it is amazing that so many of these CEO's would have to stop and think, "hey, is this right for the customer AND the company?" But as we have all seen, many of them do.
Think for a moment, how many states now require insurance agents/brokers take an ethics course for each renewal of their license. In Texas it is a requirement. In many B-schools now, ethics is a part of virtually every course, including typically an entire course focusing on ethics in the work place as well as the business environment. Your new MBA's of today and the future will have a closer eye on ethics, but is ultimately up to the individuals making the overall decisions that will decide how far transparency will go, and how it will be "allowed" to be utilized.
Most states to the best of my knowledge, do not require insurance company employees to be licensed, but I agree that they are in fact transacting the business of insurance, so yes, service/underwriting/management personnel should be subject to the same sort of regulation that agents/brokers are subject to.
I agree it will interesting to see how this issue continues to develop.
Subject: RE: RE: Transparency in Business
Think for a moment, how many states now require insurance agents/brokers take an ethics course for each renewal of their license. In Texas it is a requirement. In many B-schools now, ethics is a part of virtually every course, including typically an entire course focusing on ethics in the work place as well as the business environment. Your new MBA's of today and the future will have a closer eye on ethics, but is ultimately up to the individuals making the overall decisions that will decide how far transparency will go, and how it will be "allowed" to be utilized.
Most states to the best of my knowledge, do not require insurance company employees to be licensed, but I agree that they are in fact transacting the business of insurance, so yes, service/underwriting/management personnel should be subject to the same sort of regulation that agents/brokers are subject to.
I agree it will interesting to see how this issue continues to develop.