Willis Group Holdings sees an opportunity for insurers to make lemonade with the proverbial lemons the industry has been handed. In a time of financial turmoil, the insurance industry faces an unprecedented opportunity to begin selling on value—not on price, Joe Plumeri, chairman and CEO of the global insurance broker, told delegates at Insurance Day's Summit Bermuda.
Plumeri said that the need for greater transparency in business transactions that have comes as a result of the financial crisis has given the insurance industry "a perfect opportunity to showcase all that we do and the value we provide, because we will need to explain why we charge what we charge, and what it is that clients get for their money,” he said. “We are not just buying policies at the best price—we offer analysis and fight for the best possible terms. We are selling an experience, not a commodity. Now is our time to prove that insurance is more than a retail transaction, insurance is a partnership."
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