Expertise in Action: Broker: Preferential treatment
Few clients are interested in commission disclosure, however, the issue of preferential treatment for brokers that produce the most business for insurers could soon face regulatory scrutiny.
Contrary to what some people would like to believe, the average commercial insurance broker doesn’t lie awake at night agonising over whether their remuneration model is appropriate. The simple fact is that the vast majority of their clients don’t give two hoots about the subject.
Brokers are unanimous in saying it’s extremely rare for a client to ask them to disclose their commission levels. Indeed, Higos Insurance services reports that its 20 000 commercial clients make no more than one request
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