I guess Ms. Cogswell is of the belief if no one complains then all is well.
There is no question that bid rigging takes place in CT. I think this abuse is done on all brokerage size levels. The broker has a quote from Company X for $50,000 and tells two or three other companies to send a memo reflecting higher premiums. The broker never formally submitted the account to any other carriers for a quote. This has been going on for 30 years.
Dear NoName;
Yes I am cynical and jaded and not everyone is bad. After 30+ years in the p/c business I would conservatively estimate that 60% of those selling p/c insurance (corporate p/c consulting is my bag)are more interested in their commissions than they are interested in their customer’s (I won’t call them clients because I reserve that term for professionals who serve them)best interest.
It is a sad commentary on the industry, but true.
By the way, I love what I do and as long as I’m told by clients that I’ve helped them, why should I retire?
Even after 30+ years in the insurance business I believe that a public official can have an unbiased opinion about an industry such as ours. I applaud the Commissioner for balancing the interests of both the consumer and the industry.
A few bad apples are the ones causing the problem, not the majority of the industry that operates on a fair and level field. Congratulations to the Commissioner.
Mike,
No problem with the Commissioner. I still think its more than a few bad apples and I’m not against true contingency fees by the way. It’s the fixing of premiums, the blocking of markets, the bidding of an insurance program by the incumbent that roils me. It is the fault of the industry that keeps the insurance buying public “in the dark” and uneducated about insurance.
Thanks for taking time to express your comments.
I guess Ms. Cogswell is of the belief if no one complains then all is well.
There is no question that bid rigging takes place in CT. I think this abuse is done on all brokerage size levels. The broker has a quote from Company X for $50,000 and tells two or three other companies to send a memo reflecting higher premiums. The broker never formally submitted the account to any other carriers for a quote. This has been going on for 30 years.
Dear Doubtful:
You need to retire! You are jaded and cynical, not everyone is BAD.
Dear NoName;
Yes I am cynical and jaded and not everyone is bad. After 30+ years in the p/c business I would conservatively estimate that 60% of those selling p/c insurance (corporate p/c consulting is my bag)are more interested in their commissions than they are interested in their customer’s (I won’t call them clients because I reserve that term for professionals who serve them)best interest.
It is a sad commentary on the industry, but true.
By the way, I love what I do and as long as I’m told by clients that I’ve helped them, why should I retire?
Even after 30+ years in the insurance business I believe that a public official can have an unbiased opinion about an industry such as ours. I applaud the Commissioner for balancing the interests of both the consumer and the industry.
A few bad apples are the ones causing the problem, not the majority of the industry that operates on a fair and level field. Congratulations to the Commissioner.
Mike,
No problem with the Commissioner. I still think its more than a few bad apples and I’m not against true contingency fees by the way. It’s the fixing of premiums, the blocking of markets, the bidding of an insurance program by the incumbent that roils me. It is the fault of the industry that keeps the insurance buying public “in the dark” and uneducated about insurance.
Thanks for taking time to express your comments.
Susan Cogswell has done a fine job with the current resources at hand.
There has never been a price fixing issue here in Connecticut for the 35 years that I have been a broker and educator within the insurance community.
The entire body of staff has always been helpful and professional. Call the New York department for help and then try Connecticut…world of difference
Keep up the good work Connecticut