As the Landscape Changes, Agents Cite Challenges
American Agent & Broker › Vol. 76 Nbr. 9, September 2004
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Summary
Agents and brokers operate in a challenging climate today. A softening market dictates a change in tactics, as do such developments as the continuing squeeze on commissions and New York Attorney General Eliot Spitzer's investigation into whether brokers' contingent-commission agreements with insurers represent a conflict of interest. A panel discussion at the Aon Specialty Product Network's Resource Fair, an event held in July in Banff, Alberta, Canada, for ASPN's top producers, provided some insight into how agents and brokers are coping with the pressures of today's marketplace. The panel consisted of executives from several US insurance agencies, and excerpts from their responses to several questions are presented. Topics discussed include: today's soft market conditions, emerging risks for new products, compensation arrangements, and agent concerns relating to the current climate. Scott Addis, president and CEO of the Addis Group, said that a major problem is information overload: It's difficult for agents to keep with technological changes.
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As the Landscape Changes, Agents Cite Challenges
AGENTS and brokers operate in a challenging climate today. A softening market dictates a change in tactics, as do such developments as the continuing squeeze on commissions and New York Attorney General Eliot Spitzer's investigation into whether brokers' contingent-commission agreements with insurers represent a conflict of interest.
A panel discussion at the Aon Specialty Product Network's Resource Fair, an event held in July in Banff, Alberta, Canada, for ASPN's top producers, provided some insight into how agents and brokers are coping with the pressures of today's marketplace. The panel, which was moderated by Ross Smith, president and CEO of K&...See the full content of this document
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