Willis highlights contingent commission downfalls
Willis Group has stepped up its campaign against contingent commissions by having a report prepared by a third party published in this week’s issue of Business Insurance.
The work is written by Edwards Angell of law firm Palmer & Dodge and highlights the conflicts of interest created by contingent commissions, making the case for putting clients first.
Willis chairman and chief executive officer, Joe Plumeri, explains: “Willis has long opposed contingents because we believe they are at odds with the obligation retail brokers have to their clients to get them the best terms, conditions and price, and to advocate for them when they have a claim.”
He adds: “It’s important for insurance buyers to know about the conflicts of interest created when insurance companies pay retail brokers bonuses for increasing premium volume and profitability.”
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