Online Bidding Aids Businesses’ Search For Insurance Quotes
With the ongoing scandal over alleged insurance bid rigging, electronic bid-tracking systems might be the answer for corporate insurance buyers.
By Charles Babcock
The ongoing scandal over how bids are obtained for corporate insurance couldn’t happen if the bidding were done through a competitive electronic bid-tracking system, suppliers of software for online insurance quoting say.
New York Attorney General Eliot Spitzer has charged that corporate insurance broker Marsh & McLennan Cos. steered customers to insurers who offered Marsh & McLennan the largest contingency fees, not those offering customers the best deal.