Broker Expo 2022: Insurers urged to ‘get rid’ of volume barriers on new broker agencies
Insurers have been urged to get rid of broker minimum premium commitment levels which ‘stymie consumer choice’.
Minimum commitment levels have been growing over the last five years, whereby insurers will only give brokers agencies if they promise to put through a minimum level of premium.
Speaking at The Insurance Age’s Broker Expo in Coventry yesterday, Toby Clegg, founder of Clegg Gifford and Co, pictured, was asked what would be on his top five wish-list from insurers.
An important one, was to ‘get rid’ of the minimum commitments.
“Get rid of minimum commitment,” he told the audience during the
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