How does your company put forward a proposal for a strata insurance policy based on last year's premium from a competitor without full knowledge of the commission structure or even if there was any commission in the policy?
Any quotes we submit clearly spells out how we arrange our quotes.
We don't put forward proposals for last year's premiums. So, how we will put proposals forward is very simple. If they are available, insurers first seek to get quotes from the market. The second option that is available, and that I do talk to my clients about, is that there are certain insurers that will reserve to the holding broker.
Firstly, obviously, the holding insurer will do that, and there are some insurers that will only quote one broker at a time. We can still provide clients an indication of what our pricing would be for those policies if they provide us with a copy of the quotes that they've received from those companies. Any quotes we submit, obviously, clearly spells out how we arrange our quotes.
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Tyrone Shandiman is a seasoned professional in the insurance industry having embarked on his journey in 2004 within the financial services sector. In 2011, he established Strata Insurance Solutions, transforming a garage startup into a reputable firm servicing over 900 clients with a dedicated focus on strata insurance. Tyrone's role extends beyond managing operations and tackling complex insurance matters; he also founded the Australian Consumers Insurance Lobby, championing consumer rights within the insurance industry. Notably, his efforts and expertise have been acknowledged with numerous industry awards. Adding to these accolades, Strata Insurance Solutions was recently named an Australian Top Brokerage by Insurance Business Australia Magazine, a testament to the firm's excellence and leadership in the field. Tyrone is a regular contributor to LookUpStrata.
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