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Editors Note

On Groucho Marxs long-running quiz show, You Bet Your Life, a scruffy duck dropped from overhead with a $100 reward in its beak if a ...

By Sharon S. Schwartzman, Editor-in-chief | Updated on April 30, 2005

On Groucho Marxs long-running quiz show, You Bet Your Life, a scruffy duck dropped from overhead with a $100 reward in its beak if a contestant said the magic word. The audience was clued in to the word from the start of each show.

The magic word in the insurance industry at this juncture is transparency, and if Grouchos program were on now, the audience could consist of any insurance customer. Each one would be clued in to the need for transparency, especially after watching the misconduct of industry behemoths, including Marsh & McLennan, Aon, and AIG, and the rise of regulatory requirements, such as Sarbanes-Oxley. The contestants would be the insurers themselves, playing for their continued existence.

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