Tag: insurance brokers

Wholesale insurance brokers face investigation conducted by UK FCA

Logan B.
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

Nordstrom
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

Julie Campbell
life insurance plans

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

Marc
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

Julie Campbell
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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