First time I have heard this in thirty plus years.
Bank hires me to review their coverage and help with their renewal. I think we need to see other insurance companies, as it has been a few years since there was any competition on the account.
The bank tells me of an agent who is a depositor and seems to be good. I call the agent. I’m told that as the bank currently does business with his largest insurer that he will be unable to quote another insurer – for fear of retaliation by the bank’s insurer.
I don’t have enough info to reveal the name of the insurer yet.
How can you be an independent insurance agent (representing multiple insurers) when one insurer exerts such pressure on you? Most independent agents advertise that they match the insured with the right insurance company. Sounds like this guy’s clients get the right insurer except when it is not his right insurer.
Should anyone wonder why banks come to me to provide unbiased advice?
