Wharton Study Finds Agents, Brokers Play Critical Role in Buying Process
National News • June 8, 2005
Profit-based contingent commissions align the interests of independent agents and brokers and the insurer so that correct pricing of policies is achieved, thereby alleviating adverse selection, ...
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Subject: RE: RE: The Good the Bad and the Ugly
Posted On: June 9, 2005, 2:46 pm CDT
Posted By: Another Agent who cares
Comment:
Don,
For all our sake, it would be nice if it worked like your examples, and the shift occured, but not likely. It will always be the income that drives greed... and even in a flat commission environment bad guys will be bad. The other agents who care is right, there are many many state laws that deal with this now. What these big guys did was wrong and they got caught. Thats because there were laws already. They weren't bad because of a contingency agreement, they were bad people first.
Going forward it is the NAIC and NCOIL models on the table, not anything put forth by an AG.
What are your thoughts on the NAIC Model ? If adopted this will affect your agency, you know this right ?
Also, the attention is not just on the big guys. Most buyers just think of us as "insurance", it's up to the individual to build their own reputation regardless of the size of firm they are.
On a different note getting paid better for better performance is the basis of the whole free market system.
Subject: RE: RE: The Good the Bad and the Ugly
For all our sake, it would be nice if it worked like your examples, and the shift occured, but not likely. It will always be the income that drives greed... and even in a flat commission environment bad guys will be bad. The other agents who care is right, there are many many state laws that deal with this now. What these big guys did was wrong and they got caught. Thats because there were laws already. They weren't bad because of a contingency agreement, they were bad people first.
Going forward it is the NAIC and NCOIL models on the table, not anything put forth by an AG.
What are your thoughts on the NAIC Model ? If adopted this will affect your agency, you know this right ?
Also, the attention is not just on the big guys. Most buyers just think of us as "insurance", it's up to the individual to build their own reputation regardless of the size of firm they are.
On a different note getting paid better for better performance is the basis of the whole free market system.