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July 25, 2005 in News
WSSLC Interview with Jerry Sullivan
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A big topic of discussion at the Western States conference was broker disclosure. One issue that has been overlooked is public versus private ownership. Insurance is a personal service business, Jerry says. Over the last 15 years, the emphasis has been on what's good for the owner. More recently the pendulum has swung the other way: now more emphasis is being put on what is good for the client.
A brokerage firm has to serve two masters. In order to serve both, Jerry says the industry needs to take a much longer-term perspective. Insurance can't improve results on a quarterly basis while concurrently meeting the needs of the client base. Public ownership may not be the best mechanism for a long-term perspective.
