Could complying with the DOL rule give insurers a competitive advantage?
December 20, 2016 by Warren S. Hersch
Among the industry’s many gripes about the Department of Labor’s conflict of interest rule, one that rises to the top is cost.
Industry estimates peg the cash outlay needed to align company operations with the rule to be in the billions — $11 billion for brokerages alone if a recent estimate by consulting firm A.T. Kearney proves accurate.
But there’s a flipside to the mountain of money. And that’s this: Companies that outperform with their compliance initiatives are more successful than competitors. Best-of-breed insurers do better financially their peers on key business metrics such as premium revenue, return on equity and the bottom line.
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