UK’s biggest Insurer says commission-chasing brokers are not acting in customers’ best interests
Aviva has cancelled agencies with brokers it believes are chasing commissions and not acting in customers’ best interests.
One of the brokers was a top 75 company, the insurer revealed.
The UK’s largest insurer is striking back against what it claims are brokers who are incentivised to transfer business away to other insurers who are offering higher commissions. It says this trend for commission-chasing brokers works “to the detriment of end customers”.
Aviva chief distribution officer Phil Bayles said: “These actions take no account of what is in the customer’s interests, just a narrow perceived gain by the broker or new owner. We have shut down agencies and we will continue to do so.”