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Insurance Business | 11 Oct 2017, 10:59 AM Agree 0
Company looks at changes in broker roles
  • Bigred | 11 Oct 2017, 01:03 PM Agree 0
    Agree but a guaranteed cost workers compensation policy is not complex and rate does need to be negotiated. The broker value is there but more importantly is in driving indirect costs down with resources. Challenge us not the broker but expectations brokers have given their buyers over the years
  • Susan Toussaint | 11 Oct 2017, 01:11 PM Agree 0
    I respectfully disagree. Guaranteed cost IS complex. While the broker role will change significantly in the future, especially with smaller, less complex risks, small guaranteed wc accounts still have risks that frequently go undiscovered, putting business owners personal assets, reputation, and objectives at risk. For example, when we say it is complex, business owners still expect agents to address multi-state risks, federal risks, coordination of benefits, etc.
  • | 11 Oct 2017, 04:31 PM Agree 0
    I would agree with what you are saying if I was witnessing complete abdication which I am not. Competent agents get multi states coordination of benefits etc. Where they fail is addressing costs outside an insurance policy in the form of indirect costs. Such as loss of economic opportunity, additional training, OSHA fines, etc. An OSHA study determined for every dollar spent by an insurance carrier on a claim cost the insured $1.10 in the firm on indirect costs not covered by insurance.

    Real value from broker is reducing those indirect costs as long as they are competent with basic work insurance coverage.
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