Wholesale insurance brokers face investigation conducted by UK FCA

Wholesale insurance brokers market investigation

The Financial Conduct Authority held a much anticipated examination of that brokering market. The United Kingdom’s Financial Conduct Authority (FCA) started an investigation into wholesale insurance brokers. This long anticipated examination of the insurance brokering market is expected to find answers regarding a number of reports. This includes claims from a top executive that there is “abusive behavior” going on. The FCA said the review’s terms of reference would be published today at 7:00 GMT. The FCA promised that it would look into the wholesale insurance brokers market as early…

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Insurance brokers start charging fees to compensate for missing commissions

insurance brokers agents stress

These industry professionals have also been limiting their new clients as a strategy to keep up their incomes. Traditionally, insurance brokers have made a significant portion of their earnings via health insurer commissions. However, when it comes to the sale of health plans, considerable changes have been made recently in Massachusetts. Health insurance companies have either eliminated or sizably reduced their commissions to brokers. Therefore, this has forced many brokers to seek new ways of generating an income for the first time. For a large number of brokers, this has…

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Life insurance industry experienced worldwide growth last year

life insurance rules market statistics

A new Swiss Re report has shown that there was a global gain in this sector, despite only slight economic improvement. Swiss Re, the global reinsurance company, has recently released a report that has shown that the global life insurance industry had managed to gain momentum in 2014, even though the economic situation saw only the slightest growth. The total number of direct premiums that were written increased by 4.3 percent. This is particularly notable following the trend in 2013, in which the total number of direct premiums written had…

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Insurance industry may not be living up to expectations

California health insurance industry agent

Insurance agents and brokers are falling behind when it comes to meeting consumer expectations The insurance industry may be having a problem with providing consumers with a favorable experience, according to a report from Market Insight Group and Applied Systems. The report shows that independent insurance agents and brokers are failing to provide their clients with an experience that they have come to expect, which is leading to a disconnect between consumers and the insurance industry. A poor experience could lead consumers to seek coverage from other companies. Report highlights…

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Insurance news for drone pilots shows coverage to get them flying

commercial drones crop insurance industry news

Many insurers are now writing their own rules to cover pilots who are finished waiting for federal regulations. Every day, thousands of drones fly low and high in the sky without receiving government approval, so the latest insurance news has shown that insurers have come up with their own safety regulations to help to fill the gap that has been left in place by official regulators. These drones are being used by movie studios, real estate companies, and other businesses and industries. The devices provide, among other things, an inexpensive…

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Health insurance brokers in Washington D.C. are still waiting to be paid

Health Insurance funds pay

Insurance brokers have yet to be paid for the services they provided and the policies they managed to sell Months after health insurance exchanges began operating in the U.S., many professional insurance brokers are still waiting to be paid for their services. In Washington D.C., this issue is beginning to cause serious problems for these brokers. District officials had gone to great lengths to win the support of insurance brokers that were concerned for their livelihood and how it would be affected by insurance exchanges. A special website and phone…

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Insurance news in Uganda shows trend toward oil sector risks

oil insurance news

Brokers are focusing on the opportunities that the new industries are providing in the country. The recent insurance news that has been arriving from Uganda has been based on the interest that brokers have been taking in the blossoming oil and gas sector in the country. Training has been started to ensure that insurance brokers understand the risks and how to mitigate them. The Uganda Association of Insurance Brokers (UAIB) chairman, Maurice Amogala, who is also the CEO of AON Uganda, Ltd., has stated that they are already dedicating themselves…

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Insurance brokers feel the struggle in online health plan enrollment process

insurance brokers agents stress

Bulky, clunky systems online have made it challenging to complete smooth signups. While insurance brokers are supposed to be acting as “middlemen” in the enrollment process as Americans sign up for health plans to comply with the Affordable Care Act, these professionals are finding themselves struggling just as much as everyone else when trying to battle with certain clunky parts of the online system. These professionals are finding that they must still refer customers to HealthCare.gov to verify subsidy eligibility. While working to assist customers in being able to determine…

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Insurance brokers are looking to the marijuana “green rush”

medical marijuana - insurance policy

As a growing number of areas start to legalize medical and even recreational use of cannabis, a new market is growing. Many areas across the United States – as well as in various other parts of the world – there has been a growing momentum on a political and cultural front to legalize both the medicinal and recreational use of marijuana, and insurance brokers are among those who have spotted a considerable change in business that is now on its way. There are a number of opportunities that could rapidly…

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Insurance jobs change focus with improvements in U.S. housing market

housing market insurance jobs

The state of real estate across the country is causing brokers and agents to change gears. The insurance industry and the housing market are very closely related and individuals in insurance jobs, such as brokers and agents, must keep on top of the latest movements in that marketplace in order to ensure that they are spending their time and energy on the products that will be most beneficial to their customers and that will generate the greatest revenues at the same time. Good or bad, the sale of homes has…

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