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Do Insurance Brokers Commit Corporate Identity Theft

Consider these scenarios, both seemingly innocent at first glance:

  1. Without any discussion, your broker gets you an insurance quote from a second insurer.
  2. 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



Licata Risk Licata Risk & Insurance Advisors, Inc.
137 South Street, Second Floor
Boston, MA 02111-2848
617-451-2140     advice@licatarisk
LicataRisk Advisors is an independent risk management and insurance consulting firm. We are not brokers and we do not sell insurance. We are not connected to any insurance company or product in any way and do not receive commissions. This is an important difference as you will have an expert on your side who is only committed to you.