Pay to play

Paying commission for the introduction of business is a tried-and-tested formula. It is a model that has formed the basis of the working relationship between insurers and brokers for many years, dating back to the days when insurance was transacted in coffee houses. As the cost of insurance is market-driven, so is the level of commission; however, over the years this model has not translated into the credit hire market.

Referral fees from credit hire operators (CHO) have risen to a disproportion