I took the mile-long trek through the longest convention center in the country (or so it seems) to attend the Senior Executive Forum this afternoon.
Introducing the panel was Paul Winston, associate editor of Business Insurance, who recapped the five key issues from the past year — those being the continued financial recovery, the soft P/C insurance market, the AIG rescue, the regulatory reform of business and insurance and the return of broker comp models. He then handed the floor over to the panelists who were:
- Gregory Case — President and CEO of Aon
- Daniel Glaser — President and CEO of Marsh
- J. Patrick Gallaher, Jr. — Chairman, President and CEO of J.
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Arthur Gallagher
- John Lumelleau — President and CEO of Lockton, Inc.
As was expected, broker compensation was a major topic of discussion between these powerful figures in the insurance industry and all of them agreed that transparency is paramount.
“We incorporate full disclosure of what we earn,” said John Lumelleau of Lockton.
buy priligy online medilaw.com/wp-content/uploads/2015/03/jpg/priligy.html no prescription pharmacy“It is never a bad idea for our clients to know every detail of what we earn.”
David Glaser of Marsh added that he didn’t believe that contingent commissions is a”litmus test” for for whether or not a broker has a bias towards one company or another. J. Patrick Gallagher added that supplemental commissions are merely a replacement for contingents.
The panel also fielded questions regarding data analytics and how it effects pricing, industry innovation and luring younger generations towards the risk management industry (considering baby boomers are set to retire and that generation is what predominately makes up the risk and insurance industry).