The Role of the WFII in Advancing the Global Insurance Industry
The World Federation of Insurance Intermediaries (WFII) serves as a critical global advocacy and representative body for insurance brokers and agents. I’ve seen firsthand how the WFII’s advocacy work is essential for protecting the interests of brokers and agents, ensuring our collective voice is heard in shaping the regulatory, legislative, and legal frameworks that affect the global insurance system.
By uniting insurance intermediaries from around the world, the WFII amplifies the collective voice of the insurance distribution system. This advocacy takes place with major international organizations such as the International Association of Insurance Supervisors (IAIS), the Organization for Economic Co-operation & Development (OECD), the World Trade Organization (WTO), the International Monetary Fund (IMF), the World Bank, and the Financial Action Task Force (FATF). Additionally, the WFII works directly with national regulators, legislative bodies, and other organizations influencing the global insurance market.
Through its global presence, the WFII promotes best practices, shares knowledge, and ensures high standards across the industry and individual countries, including the United States. This collaboration drives improvements in consumer protection, enhances market transparency, and makes the insurance market more efficient and accessible. I’ve personally seen how the WFII helps its members navigate the complex regulatory landscape, supporting the ongoing evolution of insurance laws and regulations across various regions.
My Role in the WFII’s Foundation
My predecessor Jeff Yates and I played key roles in the early formation of the WFII. As a former WFII Executive Committee member, I was able to help shape the organization and build its foundation. The vision of the WFII came from Ken Crerar, the recently retired CEO of the Council of Insurance Agents & Brokers (CIAB), who was truly the catalyst that made the WFII reality. He recruited me to help build the organization. Together, we focused on promoting the vital role of insurance agents and brokers, providing a powerful voice for their interests, and advancing innovative solutions for decision-makers.
Jon Jensen, a former WFII Chairman and CEO of Correll Insurance Group, kindly said “Bob Rusbuldt’s leadership was a key driver in the success of the World Federation of Insurance Intermediaries. His dedication to independent agents & brokers is legendary, and that clearly manifested itself during his 20 years on the Executive Committee of the WFII. Bob’s leadership and legacy continues to influence the WFII and the IA system, as does Ken’s and as will Joel Wood’s in the future.”
The WFII operates regionally, with North America’s agents and brokers represented by CIAB for the United States and the Insurance Brokers Association of Canada (IBAC) for Canada. BIPAR represents Europe, while Copaprose handles South and Central America. Several major broker associations, including the British Insurance Brokers Association (BIBA), the London & International Insurance Brokers Association (LIIBA), the National Insurance Brokers Association of Australia (NIBA), and the Financial Intermediaries Association of South Africa (FIA), are also heavily involved in the WFII.
Challenges and Advocacy in the Global Insurance Industry
Many independent agents and brokers in the U.S. may not fully realize the importance of the WFII’s work in advocating for their interests. Global regulatory bodies such as the IAIS, the OECD, the European Union, and countries like the United Kingdom influence the regulatory environment in the U.S. There are nations where insurance agents and brokers are prohibited from earning commissions, working instead on a fee basis (e.g., the Netherlands, Finland, Norway, and Denmark). Additionally, historical events like Eliot Spitzer’s campaign against contingency compensation have led to ongoing challenges for agents and brokers worldwide.
The WFII continually works to protect the interests of brokers and agents, advocating on issues related to agent/broker remuneration, education, multi-national insurance placements, regulations, and legislation. The WFII strongly believes that fair and balanced regulation enhances public confidence in the insurance industry. Proper regulation improves the relationship between insurers, intermediaries, and customers while strengthening consumer protection.
The WFII’s Future
My dedication to the mission and success of the WFII remains steadfast. Under the leadership of Nic De Maesschalck, the WFII has continued to thrive, advocating for the interests of brokers and agents on a global scale—and of course, right here in the United States.
This year, the WFII will hold its annual meeting in Washington, DC, providing further opportunities for industry professionals to engage and stay informed about regulatory changes.
Get Involved with the WFII
If you’re interested in learning more about the WFII or want to get involved in the organization’s work, please reach out at wfii@wfii.net. Join leaders like the new CIAB CEO Joel Wood and others in supporting the U.S. and global insurance intermediary community’s interests.
