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Risk Managers Take Strong Stand Against Contingent Commissions
National News • May 30, 2007
The largest association of commercial insurance buyers has stepped-up its opposition to the acceptance of contingent compensation by any agent or broker, calling such compensation "an inherent ...
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| Subject | Posted By | Posted On |
|---|---|---|
| Letter to Risk Managers | Roscoe | Jun 1, 2007, 4:46 pm |
| RE: RE: RE: RE: RE: RE: What's the right way? | Risk Manager in Florida | Jun 1, 2007, 1:28 pm |
| Let's step back and take a look at this... | James S. | Jun 1, 2007, 11:56 am |
| RE: RE: RE: RE: RE: What's the right way? | RNR_Risk | Jun 1, 2007, 11:30 am |
| RIMS should stay out of compensation debate | Seeman Waranch | Jun 1, 2007, 10:55 am |
| Risk Mgrs heads are in the sand | Eric Bolding | Jun 1, 2007, 8:47 am |
| RE: CONTINGENT COMPENSATION | merrill keller | Jun 1, 2007, 7:57 am |
| RE: RE: RE: RE: What's the right way? | Risk Manager in Florida | Jun 1, 2007, 6:16 am |
| RE: RE: RE: RE: RE: What's the right way? | PLJ | Jun 1, 2007, 3:49 am |
| RE: RE: RE: RE: What's the right way? | TX | Jun 1, 2007, 2:20 am |
| RE: RE: RE: What's the right way? | RNR_Risk | Jun 1, 2007, 12:40 am |
| RE: RE: RE: Third-Party Audits(tell me no) | PLJ | Jun 1, 2007, 12:27 am |
| RE: RE: RE: RE: Contingent Commisions(tell me no) | PLJ | Jun 1, 2007, 12:24 am |
| RE: RE: Third-Party Audits | In Favor of Audits | May 31, 2007, 9:17 pm |
| RE: RE: RE: Contingent Commisions | Please Tell Me, No | May 31, 2007, 9:07 pm |
| RE: RE: Contingent Commisions | PLJ | May 31, 2007, 9:03 pm |
| RE: RE: RE: RE: CONTINGENT COMPENSATION | TX | May 31, 2007, 8:25 pm |
| RE: RE: What's the right way? | TX | May 31, 2007, 7:52 pm |
| Premium Finance - Agency Fee Income on financing | Fly on Wall | May 31, 2007, 7:46 pm |
| RE: Contigent Commisions | jim | May 31, 2007, 7:06 pm |
| RE: What's the right way? | RNR_Risk | May 31, 2007, 6:09 pm |
| What's the right way? | Vince | May 31, 2007, 5:53 pm |
| Are you kidding me? | Risk Adverse | May 31, 2007, 3:04 pm |
| RE: Third-Party Audits | RM in NC | May 31, 2007, 2:57 pm |
| RE: RE: If we really wanted to see change... | Whirling | May 31, 2007, 2:50 pm |
| RE: RE: RE: CONTINGENT COMPENSATION | Risk Manager in Florida | May 31, 2007, 2:35 pm |
| Willis's position | mike | May 31, 2007, 2:07 pm |
| RE: Contingent Commisions | Contingent CEO's | May 31, 2007, 1:47 pm |
| Contingent Commisions | Kevin C. McAdams | May 31, 2007, 1:17 pm |
| RE: RE: CONTINGENT COMPENSATION | Clark Minton | May 31, 2007, 1:04 pm |
| how risk managers should pay for services | Jim | May 31, 2007, 1:00 pm |
| Semantics | CB | May 31, 2007, 11:26 am |
| Third-Party Audits | Chris at DHH Consulting | May 31, 2007, 11:09 am |
| RE: Lazy Risk Managers | mainemiss | May 31, 2007, 11:08 am |
| CONTINGENT COMPESATION | Bob Meeks | May 31, 2007, 10:22 am |
| RE: RIMS | Peter | May 31, 2007, 9:54 am |
| RE: It is truly amazing | mainemiss | May 31, 2007, 9:52 am |
| It is truly amazing | adjusterjoe | May 31, 2007, 9:14 am |
| What is the REAL issue? | Risk Manager in Florida | May 31, 2007, 6:52 am |
| RE: CONTINGENT COMPENSATION | Julie | May 30, 2007, 10:10 pm |
| Let;s be honest | Been Around Too Long | May 30, 2007, 9:59 pm |
| RE: Compensation | Ted Kluemper Jr. | May 30, 2007, 9:38 pm |
| RE: How is Regular Commission not a conflict? | Hans | May 30, 2007, 7:48 pm |
| RM's caused this problem- now have lace on their panties? | Mark Hutch | May 30, 2007, 6:50 pm |
| PUBLIC RM'S WERE THE ONES PAID BY BROKERS | PERMANENT JOB RM'S | May 30, 2007, 6:32 pm |
| RE: RE: RE: RE: Lazy Risk Managers | Casharoo! | May 30, 2007, 5:52 pm |
| RE: RE: RE: Lazy Risk Managers | DLK | May 30, 2007, 5:43 pm |
| RE: RE: Lazy Risk Managers | pinky | May 30, 2007, 5:40 pm |
| Compensation | Michael | May 30, 2007, 5:16 pm |
| Compensation | Michael | May 30, 2007, 5:16 pm |
| RE: This same defective thinking is dumbing down our schools | JAM | May 30, 2007, 4:56 pm |
| Boycott Rims Convention | Joe Neen | May 30, 2007, 4:56 pm |
| RE: If we really wanted to see change... | RNR_Risk | May 30, 2007, 4:54 pm |
| RE: If we really wanted to see change... | Ticked off in WA | May 30, 2007, 4:45 pm |
| If we really wanted to see change... | MD | May 30, 2007, 4:31 pm |
| RE: RE: Not in their best interest | RIMShot | May 30, 2007, 4:27 pm |
| RE: Lazy Risk Managers | Black Angus Corporate Laspe | May 30, 2007, 4:26 pm |
| How is Regular Commission not a conflict? | Buyer | May 30, 2007, 4:25 pm |
| RE: Not in their best interest | An old insurance hand | May 30, 2007, 4:21 pm |
| RE: RE: Not in their best interest | Joe Mach | May 30, 2007, 4:18 pm |
| Lazy Risk Managers | Your Bond Source | May 30, 2007, 4:17 pm |
| RIMS | DLP | May 30, 2007, 4:14 pm |
| RE: RE: Are risk managers that dumb? | Still in Denial of Calif. | May 30, 2007, 4:13 pm |
| RE: This same defective thinking is dumbing down our schools | Paul | May 30, 2007, 4:05 pm |
| federal regulated commission rates too.. | Same | May 30, 2007, 4:04 pm |
| federal regulated commission rates too.. | Same | May 30, 2007, 4:04 pm |
| RE: Are risk managers that dumb? | San Jose's CA. Regional Risk | May 30, 2007, 4:03 pm |
| RE: Not in their best interest | Tom Myers | May 30, 2007, 4:01 pm |
| RE: RE: CONTINGENT COMPENSATION | RIMShot | May 30, 2007, 4:01 pm |
| Are risk managers that dumb? | Clark | May 30, 2007, 3:57 pm |
| RE: CONTINGENT COMPENSATION | Kevin M. Ryan | May 30, 2007, 3:55 pm |
| This same defective thinking is dumbing down our schools | Realist | May 30, 2007, 3:50 pm |
| Contigent Commisions | RIMShot | May 30, 2007, 3:47 pm |
| Foxes want control of the hen house | Papa | May 30, 2007, 3:44 pm |
| CONTINGENT COMPENSATION | Fred DiMeo | May 30, 2007, 3:44 pm |
| Not in their best interest | TigerARM | May 30, 2007, 3:38 pm |
| Back to article | ||
Subject: Let's step back and take a look at this...
1) Maybe the wording "contingency" is the problem.
This type of practice is done amongst many different fields and disciplines. This is done with different names (i.e. Rewards or Loyalty programs) and different programs (increased marketing by many companies). Why target insurance companies? It is the producer's duty to might the needs of his customer, bottom line.
2) By "spreading the wealth" and using multiple companies producer's encourage competition and keep over price low.
The last thing we need in the insurance industry is monopolistic competition. Not only does this hurt the consumer (with lower prices) but more business would go to the few that dominate the market. Contingency plans promote competition and give equal opportunity, along with competitive priced products to those who need it the most. But overall, price remains low.