Blanc warns on commission disclosure:: Insurance Age


I would like to be a bit more specific than Mr Blanc. THE ‘danger gap’ is the difference between what brokers are PAID and what their clients’ perceive they are worth!

That is, what value does a client place upon the quality of advice and service they receive from their broker?

It should tell the commercial/corporate insurance-buying public all that they need to know, that the industry has been trying to resist the “threat” of commission disclosure for a long time…

…surely TRANSPARENCY is only a threat if you have something to hide!?

For Mr Blanc the “danger gap” was the space between what brokers earned and what clients perceive that they earned.

via Blanc warns on commission disclosure Insurance Age.

Biba did disappoint (rather than surprise) when Eric Galbraith, at their conference in May this year, vowed to resist EU regulatory calls for “hard disclosure”. I was not impressed and voiced my opinion at the time!

For an industry involved in risk, we have become remarkably proficient at lecturing others on the subject whilst failing to take our own advice! Ignoring or avoiding inconvenient truths about our own shortcomings is standard practice.

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