But hey, the invisible hand of the market is going to be enough to drive down costs right?
Oh wait. Like I said before, these companies are not in true competition with each other. It's more like they're following the rules set down by the Nash equilibrium. You don't need to socialize it but you need to get rid of rescission, you need to give everyone access to it and you need to have accountability.
There is more than one company giving promotions based on rejection (see statements before Congress 1996) and the minimum rejection rate at this companies is 10% with a preferred 15-20% rate when possible for individual agents. So these companies can go to hell for the way they run themselves.