New York–The inability of the U.S. insurance industry to ensure contract certainty in a timely manner is an embarrassment for the industry, and if a solution is not found regulators will impose their own timetable, a brokerage executive from Willis Group Holdings said.
Speaking to members of the Conference of Special Risk Underwriters here, Mario P. Vitale, chief executive officer of Willis North America, said the problem of contract certainty–the client having a signed policy in hand–is a major problem that should not exist for the industry.
Mr. Vitale said surveys done by Ernst & Young and the Risk and Insurance Management Society Inc. strongly indicate many clients are not receiving their contracts in a timely manner, a situation that results in great dissatisfaction among clients.
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