1 / 15

Insurance Brokerage

Insurance Brokerage. Review of the insurance distribution system The brokerage business Background Recent events View of a broker Scott Strickland Senior Vice President Brown & Brown of Washington, Inc. Thoughts for the future. Insurance Distribution System - Background.

cleo
Download Presentation

Insurance Brokerage

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Insurance Brokerage • Review of the insurance distribution system • The brokerage business • Background • Recent events • View of a broker • Scott Strickland • Senior Vice President • Brown & Brown of Washington, Inc. • Thoughts for the future

  2. Insurance Distribution System - Background • Independent agents and brokers • Agents • Brokers • Exclusive agency system • Direct marketing sales

  3. Insurance Distribution System – Background - 2 • Role of insurance producers • Some stats • How many producers in the U.S. • Is it changing • Personal lines v commercial lines • Agents • Brokers

  4. Insurance Distribution System – Background - 3 • Insurance distribution • Agent v broker • The distinction • Real v theoretical • What do customers think • Agent v broker • What do companies think • Agent v broker

  5. Insurance Distribution System – Background - 4 • Who are insurance brokers • There are national and regional firms • Names in the news • Marsh • AON • Willis • May others large and small

  6. Insurance Distribution System – Background - 5 • What is the role of an insurance intermediary • Traditional • Changing role of the intermediary • Responding to changing customer needs • Value added services

  7. Insurance Distribution System – Background - 6 • How are insurance intermediaries compensated • Who pays for all this • Commissions • Fees • Special arrangements • Customers • Insurance companies

  8. Recent Events -1 • Eliot Spitzer, New York Attorney General • Investigation into contingent commissions • Charges of bid rigging • Marsh & McLennan Companies • Other companies involved • AIG • ACE • Zurich American Insurance • The Hartford • Munich American Risk Partners

  9. Recent Events - 2 • Ending contingent commissions • MMC • AON • Willis • Refunds of commissions to clients • Employee terminations

  10. Recent Events - 3 • Transparency and disclosure • What’s important • Cost v benefit • Industry response • CIAB • RIMS • NAIC • Financial Services • Sarbanes-Oxley • GLB

  11. Recent Events - 4 • How are agents and brokers regulated • State regulation • Financial services modernization

  12. The Future of Insurance Brokerage • Some thoughts on changes in the industry • Products and services • Distribution channels • Intermediaries • The economics

More Related