Conflict of Interest!

[Scottyj]

So how many of you are running into this as of lately?

My agency is about 90% commercial lines and we specialize heavily in the contracting industries. So I call two of the major concrete companies here inUtah (will not name names) only to find out they are owned by the same company and insured by the same agency...with a little prying on my part with one of the office managers I discover they are insured through an owned agency... In other words they have written their own business and are collecting commissions off of their own premiums and I can guarantee you the agent of record is not one of their office producers.

I am at a loss for words... I run into the old "my bro insures mybusiness or my son-in-law is my agent" a ton of times and that does not bother me because I have a few myself, but never have I heard "WE OWN OUR OWN AGENCY AND WRITE OUR OWN POLICIES" wow.....

And I thought Utah's controlled business regulations were enforced???

Or maybe I am wrong... I do not presume to know it all... this just does not sit well with me...

 

[VolAgent]

Get over it.

 

[briko3]

Get over it.

............yep
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I'm self employed and have written insurance for myself. Is that a conflict of interest?

 

[Scottyj]

I guess it is time to brush up on the old CE you know that Ethics course you have to take?

 

[VolAgent]

No one said it was ethical. We said to get over it.

The world isn't fair. This isn't the first time the world has done you over, and it won't be the last. You can either waste your time crying about it, or you can go find some business you can write.

One is a productive use of your time, the other isn't. Up to you.

 

[Scottyj]

well my work day is over and I was under the impression this was a forum... Isnt this a place to discuss frustrations, brainstorm, and communicate ? I am little confused because your responses assume way too much. No one said I was sitting here in my office stewing over this one company that did this... I was simply speaking about something I ran into, have you ever done that as well? Maybe we could have started discussing how to overcome those situations or brainstorm new ideas on how to compete in today market where everything is conflict but right of the bat you sound like a troll, why not contribute and stop hindering. It is not your right to decide what threads live and what threads die if you dont have anything good to say then do not participate in this thread.

I will give you one thing. Get over it and Move on is one way to handle it... But isnt there opportunity in adversity or a challange?

 

[VolAgent]

I handle it by not wasting my time worrying about it. Its controlled business for a reason. You aren't going to suddenly win them over to you.

Also, there is no opportunity here. The more you try to butt in and win this business, the less likely you are to get it. Also, the DOI isn't going to give a flip if you report them. They are more interested in busting agents for illegal practices or insurers that aren't paying claims. As long as the taxes and fees are paid, a victim-less crime isn't going to get them excited.

 

[Scottyj]

I not so worried about reporting them at all. I find companies who have off color practices end up getting exposed in the end anyways, I was just hoping to find an opportunity out of challenge. The whole Carnagie mindset "Think and Grow Rich" Great book if you have not read it... changed my whole way of thinking. I am always looking for opportunity when others give up or say no way!

 

[FL P&C Broker]

I think in Florida there is nothing wrong with at as long it isn't more than 50% of your business.

 

[b61mack]

Welcome to the forum. it is nothing new, companies are always looking for ways to make money. Without the details, it is hard to say. Could be the owner set his wife up in the insurance business. You are right it is illegal for an agent to have only one client. But it is not worth the energy to be a policeman. History proves that whistle blowers, are the only ones that get punished