"The public isn't naive": The president of the Insurance Agents Association is convinced there's no problem with the compensation model

Moshe Ben Porat, president of the Insurance Agents Association, defends in his first interview the commission model in the industry and opposes a shift to direct client fees. He argues that commissions are a legitimate model and that the public understands agents are compensated for value. The article notes that insurance agents received 13.2 billion shekels in commissions over the past year, and that the Ministry of Finance is determined to advance reform.

In his first interview since being elected to the position, Moshe Ben Porat, president of the Insurance Agents Association, defends the current commission model in the insurance industry and opposes a shift to direct client fees. He argues that commissions are a legitimate business compensation model and that the public understands insurance agents are compensated for the value they provide. Ben Porat cites an example from Britain, where he claims 70% of the public did not receive treatment after a similar transition. The article notes that insurance agents received 13.2 billion shekels in commissions over the past year, and that the Ministry of Finance and the Capital Market Authority are determined to advance a reform that would shift payment directly to clients. Ben Porat denies that the association is blocking necessary reforms and emphasizes the role of agents in creating market competition.

"The public isn't naive": The president of the Insurance Agents Association is convinced there's no problem with the compensation model