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HSMAI hosted a Distribution Executive Roundtable during Commercial Strategy Week. Distribution experts discussed how to effectively manage and control rate distribution.
Here are three ways the group discussed maintaining rate parity.
1. Enforcing Vendor Agreements
Vendor practices also play a crucial role in impacting rate integrity. It is important that vendors to adhere to agreements and avoid leaking rates to unauthorized channels. Better management and enforcement of vendor relationships are necessary to maintain rate integrity.
2. Legal and Compliance Standards
Establishing industry-wide legal standards and certifications was seen as key for navigating the complex legal landscape. The legal challenges in enforcing rate distribution agreements highlight the importance of having clear and enforceable contracts. Additionally, there is a need for education on handling legal and compliance aspects within the industry.
3. Technological Advancements for Transparency
Rapid changes in technology affect how rates are distributed and monitored. While new tools can improve transparency and control in rate distribution, they also introduce complexities. The industry must stay updated with technological trends to maintain compliance and competitive advantage.