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Wouldnt you think after all these years people would have figured these guys out? Does anyone see CONFLICT OF INSURABCE? Remember Elliot? Heard of DOUBLE DIPPING?
Besides the huge conflict of interest, and the greed factor, the one thing that will never ever change is that in house wholesale oerations (that are GIVEN vs earn the business) stink. There is no motivation to do the best job.
In a nut shell, this is what best for the founding members NOT their clients and NOT any new members.
yawn
It seems that who ever GIVES their Client the BEST option creates a WIN-WIN. Seems like they can still GIVE the business to the Wholesalers that “earn” the business, PLUS(+)the CHOICE to give it the Co-Op WTC…Am I missing something? Looks like the Clients that Lose are the ones working with Brokers that have only the standard options, and not the WTC option too!
Amazing that you guys are aware of the inner working of a new shop yet to open it’s doors. Are YOU one of them? I guess we should all feel blessed of the wisdom you have bestowed upon us. Problem is you are too ignorant to even read the article prior to commenting. The “10k” choices right now is the problem this new venture is trying to address. With so many brokers all chasing the same business the service provided to the retailers has diminished significantly. The idea seems to be get a core group of retailers who have their own wholesaler that is committed to the core members and is not chasing any other business and thus you get the full attention of them. Say this new shop hires talented brokers who are committed only to the group members. If you think that does not add value then what does?
This is not the same as AON owning Swett (or the other alphabet houses and their wholesaler) and pressuring their own employees to use Swett simply because it adds to the bottom line even if they are not the best broker for AON to use. How could you possibly know the ownership structure, commission agreements, etc? The only thing crooked here is your argument which is based on nothing more than speculation at best and flat out ignorance at worst.
Although from my experience IJ is the last to get the scoop on anything and the first to have the monday morning quarterbacks trash talk everyone. Hopefully your opinions are not solely based on trying to knock people off pedestals that you are angry you could never attain.
Jim–you know these guys??? I can smell it from here. Get a group of retailrs togther–open up whoolesaler—squeeze carriers for more comission and share the extra. Oldest trick in the book—its called GREED. No value to Insureds. Oh and by the way, its not equally owned and the hope is to build it up and spin it off.
Clients more choices?? Retailers more choices? I dont think so, and there are 10k choices now. Insureds more choices? Insured wont even know about the extra revenue the retails are making.
This whole concept is a crooked as a $3 bill.
Wake up Jim OR are you one of them?
It is interesting that the biggest wingers are the ones that will not give their real names.
If you read the article, it has to do with providing transparency (a new word to most), exclusive programs/binding contracts and reduction in frictional costs.
The brokerages that will be a partnered with WTC, will have the competitive edge in specific areas. Who doesn’t want that.