Commission disclosure
Editor's comment - January 2011
Here we go again. Another year, another set of woes. The economy has only improved slightly, premium rates still show no sign of real hardening and insurers still seem hell bent on self-sacrifice in the name of growth. I feel for you brokers, I really do…
Reportage - Setting up a scheme: A scheming mind
Louise Meeson uncovers what a successful scheme looks like and offers practical advice on how brokers can identify and run one - should they find an existing niche or create one, how do they sell it to the insurer and is it possible to win schemes from…
Agenda: Hopes for the New Year
Ten years have passed since the dawn of the new millennium. The predictions of economic meltdown because of the millennium bug were false but we have seen crises that have had enormous impact on the global economy: 9/11, the crash of the dot-com bubble…
Product launch: Biba and Broker Direct unite
The British Insurance Brokers' Association (Biba) has appointed Broker Direct as a scheme provider to offer access to its private motor and light commercial vehicle products to all members.
Editor's comment - December 2010
As our front page shows, the prospect of mandatory commission disclosure appears to be receding. I'm not a broker so I can't really make any truly informed comment on the rights or wrongs of this. However, I'm a journalist and, by extension, nosey.
Threat of enforced commission disclosure fades as European bodies follow UK lead
An agreement between European broker and risk management associations is the clearest sign yet that the revised Insurance Mediation Directive (IMD) will opt for commission disclosure on request rather than making it compulsory, according to regulatory…
PB December 2010: News round-up
Apple iPhone apps continue to be all the rage in the insurance industry. Aviva launched MyClaim, a free app enabling policyholders to file a motor insurance claim remotely from their iPhones.
The PB Interview - Laurent Matras: Through the storm
Laurent Matras, managing director at Groupama Insurances, tells Andrew Tjaardstra about the state of the insurance market and how he is working closely with brokers to give his firm a competitive advantage.
Market Watch - Networks: Opening connections
Emmanuel Kenning argues that broker networks are becoming more popular, though managers need to think carefully about the offerings available through them before committing their firms.
The PB Interview - Nigel Barton: Boutique beat
Emmanuel Kenning speaks with a DJ'ing broker who mixes passion with honesty in his search for talent.
Management Clinic - Due Diligence: What's in the box?
We have the opportunity to make our first acquisition of any size and it looks like a good fit. How can we be sure of what we are buying?
Reportage - FSCS redress: Speak now...
Colin Darnell gives practical advice on how brokers can act to mitigate the significantly increased FSCS levy as well as potentially help shape future funding arrangements.
Select commission uplifts risk breaking new bribery laws
Insurers offering brokers increased commission rates for new business must ensure they have adequate procedures in place or they could risk breaching the Bribery Act 2010, according to legal experts.
LV Broker sets sights high on £1bn worth of business in first decade
LV Broker has revealed it is aiming to write £1bn worth of business by 2015, less than 10 years after its launch.
Editor's comment - November 2010
Brokers love a bit of commission don't they? And why not? They work hard and put up with a lot of hassle and jumping through insurer hoops to get it. It's how the market is geared to remunerate brokers, but outsiders have always looked upon the structure…
Agenda: Commission disclosure
The European Union (EU) is now putting together its consultation paper on a revised Insurance Mediation Directive and this will include their views on commission disclosure.
News Analysis - Broker growth: A step up before the cuts
In the last three months, the financial sector grew at its fastest since June 2007 according to research from PricewaterhouseCoopers and the CBI, which was good news for brokers.
Broker claims debate - roundtable: A case of too many cooks?
The friction between brokers, insurers and accident management companies is well documented, but what has come under less scrutiny is the underlying reason for this tension. Martin Friel reports on this special roundtable debate.
Broker claims debate: Restoring relations
With insurers under-resourced to cope with growing credit-hire volumes, the industry is feeling the strain. Chris Shaw asks how relations can be improved.
Broker claims debate: Giving credit where it's due
Credit-hire organisations step in to provide replacement vehicles to not at fault drivers when insurers fail to serve their needs. Unsurprisingly, the relationship between the two industries has always been tense. Edward Murray asks where brokers fit in…
News analysis: Brokers can choose their commissions (to a point)
This year, brokers have been given the opportunity to choose their commissions by two insurers.
Viewpoint: The pros and cons of commission disclosure
Evolution Underwriting CEO Paul Upton evaluates the pros and cons of commission disclosure for large and small brokers as the transparency of the current model comes under scrutiny by professionals in the US and the UK as well as by the European…
Product launches: MMA initiates variable rates
Broker-only insurer MMA has introduced variable commission rates for brokers transacting new business for MMA's Master Tradesman product.