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It`s barely astounding that a CFA (Consumer Federation of America) study finds that insurance corporations which pay higher fees to agents and to brokers often have higher monthly payments.
CFA also found that higher prices for ins coverage don`t mean better service for customers.
"This research shows that customers need to shop very cautiously for coverage," said J. Robert. "The good news is that there are insurance companies that pay minimal or even no commissions, offer low ins coverage costs and have good consumer service."
"However, this study also found abundance of insurance firms in which high commissions translate into high rates, with no improvement in service quality," J. Robert claimed. "Great ins coverage rates and good service could be found in case customers take the time in order to compare insurance providers."
Findings
Consumer Federation of America (CFA) checked commission data from the twenty most popular writers of insurance for both individual passenger online insurance and homeowners insurance. This sum commission information integrated regular commissions and dependent commissions (paid after policies are sold and based on special sales or profitability goals).
The study compared sum commissions with cost, insurer profitability and service quality as measured by complaint data and customer satisfaction indices. Consumer Federation of America found that:
1. Insurers which have lower commissions usually have lower rates. This isn`t always the situation, so consumers should shop carefully.
2. There`s no proof that paying higher commissions to an agent or to a broker produces either improved service or higher customer satisfaction. In fact, there seems to be no correlation between the amount of commission paid and the value of service rendered.
3. Some insurers propose particularly good deals. Other providers have rates that are almost always high.
In less competitive businesses, several insurance firms might be enticed to interest market share by offering higher fees to agents or to brokers in addition to higher prices and, sometimes, higher gains for the insurer. Credit coverage is one area in which this kind of `reverse competition` is particularly frequent.
Tips for Customers
We suggest 6 advices for customers when shopping for insurance:
1. Shop around! This research revealed that premium charges often increase with commissions, though this isn`t always correct. Consumers must be certain to obtain quotes from several of the lowest monthly payment insurance firms, including the direct writers of insurance that typically do not disburse commissions.
2. Consumers don`t need to disburse more in order to obtain excellent service. Several of the firms which have the best service records have low prices and also low or even no commissions. It is worthwhile to shop between the insurers which have the lowest prices and the highest customer contentment/lowest complaint ratios.
3. In order to get information on ins rates, check country cost information guides. The majority of the states have price information guides. Normally, consumers can download these guides from the country`s insurance department website.
4. To receive grievance information on insurance providers, check with the National Association of Insurance Commissioners` site, www.naic.org.
5. Be careful with going to only a single agent or broker for online insurance, even in case that insurance agent represents a number of insurance firms. Customers should know that several producers representing more than a single insurer might put the customer in a higher priced insurance company with larger commissions even in case the consumer meets the criteria for a lower cost. States don`t necessitate agents or brokers to place the customer with the most excellent program for him.
6. Ask agents or brokers the important questions:
Do you act for me or do you act for the insurance company you are offering me?
What commission are you earning as a percentage of the price of the on line insurance policy you`re suggesting I buy?
Am I getting the lowest cost among all the insurance on line corporations that you represent for which I meet the criteria?
What other coverage online providers do I meet the requirements for that you represent? What are the costs I would pay at those companies and what fee would you get in each insurer?
Do you have a contingency commission arrangement with the insurance firm you`re offering? Please completely explain that agreement to me.
If I file a claim, do you represent me or do you act for the insurance provider in the claim procedure? Is your recompense in any way connected to claims filed by me and by additional clients of yours?
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