Sep 11, 2021

Aor Agreement

A «preferred agency» rather than an AOR can sometimes occur due to the growing influence of new digital/social channels in which an agency might not be able to work effectively in one or more of these new emerging practices. A registration agent (AOR) is a natural or legal person with a contractual agreement duly concluded with a policyholder, complying with the legal standards and applicable rules of the region in which the contract was concluded. The Agent of Record is legally entitled to commissions from the relevant insurance policy. Another obvious path to growth (and more common today for agencies) may be in the form of mergers. Agencies can acquire other agencies with complementary skills, integrate their processes, break down silos and thus increase their skills, so that they can become AOR for their clients. In recent years, the future of the AOR model has been the subject of wide debate. Some think it`s almost over for the registrar. Others believe that the imminent death of the AOR model is not yet so close and that it will continue to live in other forms…