Despite the recent controversy over contingent commissions, consultants believe incentive payments play an important role in the insurance industry in promoting a company's interests and helping a carrier to differentiate itself from its peers.
In a Webcast last week entitled "Contingent Commissions: Growth and Distribution for Insurance Companies," members of Deloitte Consulting discussed contingent commissions and why they remain an important sales tool for the industry.
Howard Mills, chief advisor for the firm's insurance industry group, and former New York insurance superintendent, said the primary concern among regulators when it comes to contingent commissions is transparency.
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