Do Insurance Brokers Commit Corporate Identity Theft
Consider these scenarios, both seemingly innocent at first glance:
- Without any discussion, your broker gets you an insurance quote from a second insurer.
- You call in another insurance broker (other than your incumbent) to get you insurance proposals, and that broker says he or she is “blocked” from one or several insurers that other broker approached.
In both cases, what has happened? Your existing broker has gone to the insurance industry in your name without your authorization. Your broker thinks this is just fine and that it the way it is done. Your broker may say he or she is just trying to help you.
But in reality what has happened is that the broker, without your authority, has weakened your position to obtain quotes in the future, has hurt your current chances by having competitors blocked, and ultimately has usurped your corporate identity to further it’s own agenda.
This has to be controlled. Controlling the marketing of the insurance is one of the key principles in risk management. It is how we operate.
Frank Licata FLicata@LicataRisk.com
Dec 06, 2017