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The Evolution of Insurance Compensation Will Shape the Future of Insurance

When theaverage person thinks of insurance, they have an effective preconceived idea as to how to shop and purchase a policy, have coverage, or get administrative questions answered, and what to do in the event of a claim. But it wasn’t always that easy to navigate the insurance-buying process. From a historical perspective, the first insurance agents in the United States began operating some time around the War of 1812.

From that early beginning—when insurance companies contracted with individuals to work as agents—to today, the primary way people manage their insurance affairs is by working with an agent. Yes, direct-writing carriers have their own exclusive agents, and companies use independent agents as their representatives. Nonetheless, whether an insurance buyer is working with an independent agent or a direct-writing agent, the insurance transaction will result in an agent getting paid. Unfortunately, that simple act of paying an agent a certain percentage of the premium isn’t that simple. In fact, it can be mind-numbingly complex.

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