Like the proverbial skunk at a garden party, I spoiled a perfectly civil panel discussion among three mega-brokers on “leveraging innovation as a market differentiator” by asking what innovations were ahead to replace the billions their firms surrendered in contingency fees to settle bid-rigging allegations. Their responses showed there are indeed still hard feelings on the subject.
“The playing field is ridiculously unlevel,” grumbled Don Bailey, CEO of Willis North America, during the 19th Annual P-C Executive Conference, sponsored by the National Underwriter Company and a host of top rating, consulting, private equity and law firms.
“Four people gave up contingency fees, while thousands of brokers did not,” he added, noting that some insurers and brokers are scrambling to come up with new forms of compensation that will pass muster with regulators and buyers.
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