HONOLULU–Risk managers face an ongoing battle to make sure their brokers and carriers offer more than lip service in terms of improved service and transparency, leaders of the top commercial buyers group warn.
"To a certain extent, we're still being held hostage to the process," said Ellen Vinck, outgoing president of the New York-based Risk and Insurance Management Society. "We have to keep getting the message out that we won't tolerate business as usual."
Her comments came a day before authorities announced that ACE Ltd. had agreed to pay $80 million in the latest settlement to emerge after investigations that turned up evidence of bid-rigging schemes involving carriers paying hidden contingent fees to brokers who steered business their way.
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