Aon Chief Acknowledges Employee Violations with Business Conduct Code

December 8, 2004

  • December 9, 2004 at 1:04 am
    Jason says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Does this “clarified information” come as a suprise to anyone else…?

    …didn’t think so.

  • December 9, 2004 at 1:25 am
    Ryan says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    In the wake of the emails implicating Marsh, every insurance brokerage across the country was checking and double checking the cards in their hand. Marsh’s business plan allowed for this tampering to occur. Just as deadbolt locks on your home merely serve as a theft deterant on your home, the proper model within a large brokerage to disallow the ease of the opportunity is necessary. Marsh has been caught red-handed, and obviously set up their channel for procurement of insurance to maximize revenue to their organization, and not in the interest of maximizing client advantage.
    Simply put, if you look at the balance sheet of both companies, Aon and Marsh, you will see a significant difference in the amount of revenue collected in contingency fees.
    I feel that Aon has practiced ethical business practices throughout their tenure in the business. Furthermore, they will reap the benefits of the fall of Marsh.

  • December 10, 2004 at 7:42 am
    Jim Howse says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    How opportunistic misdirecting of you Mr. Ryan.

    The entire industry, the customers we serve and commerce in general will reap the benefit of the “fall=newly found ethical behavior” of Marsh, AON and all the others who cheat to win. Have a happy retirement.

    Jim Howse

  • December 10, 2004 at 2:30 am
    Ryan says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    FYI: The name is Ryan = First name, not to be mistakened with any other….

    As a matter of fact, I am a broker with another firm…. I look forward to business that will be available at the misconduct of others in our industry, but I believe that Aon has been proactive in preventing the oppourtunity for similar instances to occur.

  • December 13, 2004 at 9:40 am
    Matt says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    My you seem to know so much don’t you? You kind of sound like a sore loser or also ran that loses out the large brokerage houses and you are carrying this chip on your shoulder in particular for Marsh. Why don’t you explain why it is that Marsh has much more contingency income on their books than Aon? Could it be that the world’s largest insurance brokerage Marsh is more than twice the size of the second largest broker Aon? In any case both control premiums in the BILLIONS of dollars with carriers – they basically wave a loaded gun at most of the carriers they do business with due to the volume they have – so both firms probably collect placement fees from just about every carrier their holding company didn’t hold a large financial interest in anyway! I am willing to bet that they probably negotiated the most price competitive and comprehensive insurance programs for their clients 99% of the time even if they received contingent fees. Why is that we haven’t heard from the risk managers or corporate buyers regarding this so called scandal? Also lest anyone forget the contingent fee deals probably are never discussed with the client managers, marketing dept or placing brokers at any large broker since the firm does not want to share these fees with the employees and certainly does not want to share them with their contracted producers!! SO CAN ANYONE PROVE THAT PLACEMENT FEES WERE THE PREVALENT FACTOR IN SECURING INSURANCE PLACEMENTS THAT DID NOT BEST SERVE THE CLIENT? Bid rigging is quite a different matter than brokers merely collecting fees at the end of the year based upon meeting some production goal.

  • December 14, 2004 at 8:41 am
    Ryan says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    There is really no reason to lash out against me….

    It is true that Marsh setup their marketing function centrally in order to guide business to particular carriers. Producers and employees outside of the marketing department were not aware of how contracts were being placed. THAT IS HOW THEY WANTED IT!!!

    Aon on the other hand has multiple marketing sites in order to allow their clients further regional advantages.

    I am merely stating the facts as I see them. I don’t work for or with an ABC brokerage house.



Add a Comment

Your email address will not be published. Required fields are marked *

*