Currently the way insurance renewals works at companies is that carriers won't bid for business unless they see the renewal rate your current carrier gives you. This seems broken. How would we solve this through the market so there is true market competition.

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It’s

Is this true even when using a broker?
Simplest solution would be to make it illegal for them to ask for that info. State insurance commissioners could probably pass regulations prohibiting it, but lobbyists would scream.
In theory blind bidding could help, where they are forced to submit bids without knowing what anyone else bids so they are incentivized to bid low. But it only works if there are truly multiple competing providers in the market, which is less and less true these days.

That is wild. I had no idea that happened. What’s their justification for asking for this, if any? And for what types of insurance have you seen this happen?

This was my question: OP, what kind of insurance are you talking about?

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Apologies in advance for the rambling post. Maybe more of a confession but feels better to post here. There are a few people in my life (either family or acquaintances) that have become beyond successful. I strive to follow in their footsteps but have no clue how to do so. I am “successful” as an attorney and am doing my MBA, but have long wanted to start my own business and have no idea what that would be. I noticed two of the people I referenced above have become successful due to their…contd

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