Willis Urges Risk Managers to Fight Against Contingent Commissions
Global insurance broker Willis Group Holdings, which has vowed to not accept contingent commissions, is urging risk managers to insist that all brokers they do business with also drop the controversial revenue source.
Willis has launched an Internet campaign, dubbed “Clients Before Contingents,” to educate insurance buyers about what it maintains are the conflicts of interest inherent in contingent commissions. The campaign is anchored by a new Web site, www.ClientsBefore Contingents.com.
Willis Chairman and CEO Joe Plumeri debuted the campaign at the 2010 Risk and Insurance Management Society (RIMS) Conference in Boston, where he urged risk managers to use their wallets to send a strong signal against the controversial payments.
At a press conference from the Willis booth at RIMS, Plumeri said: “Willis put its stake in the ground in 2004 and declared contingents a conflict of interest and not in the buyer’s best interest. We stopped taking them in our retail business and are a better company for it. Buyers of insurance should ask their brokers to follow suit.”
- Lloyd’s Insurers Don’t Expect Large Claims From Baltimore Bridge Collapse
- Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases
- An Origin Story: The History of the Professional Liability Underwriting Society
- Cracks in O’Hare Columns Aren’t Insured Property Damage, Just Bad Product – Court