Willis CEO supports Eric Dinallo's campaign to bring contract certainty to the insurance industry in New York.
Joe Plumeri, chairman and CEO of Willis said today he applauds the efforts of Eric Dinallo, the superintendent of insurance for New York State, to bring contract certainty to the insurance industry in New York.
Dinallo issued a bulletin to insurers, agents and brokers, advising them to take steps to provide contract certainty. He specifically asked them to develop and implement practices within the next 12 months to assure that policy documentation is delivered to insureds within 30 days of the policy’s inception.
“I applaud the efforts of Eric Dinallo and the New York State Department of Insurance in urging that contract certainty becomes standard operating procedure in New York,” said Plumeri. “Willis has long held the belief that contract certainty is one of the basic principles of service and should be adopted across the industry. There is absolutely no excuse for policies to be delivered months after their inception, an all-too-commonplace practice in this business.
“Through the Willis Quality Index®, which specifically measures contract certainty as one of its key metrics, we have taken active steps to work with insurance carriers to make sure our clients receive their policies in a timely manner.” Plumeri added. “We’re in the business of keeping promises, and the insurance industry as a whole can do no less. We believe that the industry should police itself, take a principled approach to doing business, and adopt these measures as soon as possible.”
The Willis CEO noted that contract certainty practices are already commonplace in the United Kingdom after the Financial Services Authority (FSA) urged the industry to adopt such measures in 2004.
