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RIMS President Urges Risk Managers To 'Walk The Talk' On Brokerage Fees

Looking to lead by example, Risk and Insurance Management Society President Terry Fleming urged his members to "walk the talk" and emulate his practice of prohibiting brokers from accepting any contingent commissions on his account.

By Caroline McDonald | Updated on May 09, 2010

Boston

Looking to lead by example, Risk and Insurance Management Society President Terry Fleming urged his members to “walk the talk” and emulate his practice of prohibiting brokers from accepting any contingent commissions on his account.

Broker compensation was a hot topic here during the RIMS annual conference, with Willis launching a Web-based campaign (www.ClientsBeforeContingents.com) to “educate” buyers about the bonus fees paid on the volume and profitability of business delivered to a particular insurer. Willis CEO Joe Plumeri said his goal is to convince risk managers to “vote with their wallets” by working with brokers that don’t accept such incentive payments. (See “Pay Your Own Bills” on page 5 for more on this controversy.)

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