- Thread starter
- #31
- 546
I believe being "vectored" means you were shown which direction you were going to be taking, rather than choosing the direction for yourself.
A question about captive contracts
- Thread starter The New Guy
- Start date
- 11,280
Great American
HEy NEwguy, I dont have their link but the phone number is1800 284 2898. Believe me you will have alot more succesws with them than bankers. Most of the agencies are using pre set appoinments for their agents too. The contracts are sweet though.
YOu will definetly thank me after you sign up with them.
HEy NEwguy, I dont have their link but the phone number is1800 284 2898. Believe me you will have alot more succesws with them than bankers. Most of the agencies are using pre set appoinments for their agents too. The contracts are sweet though.
YOu will definetly thank me after you sign up with them.
- 7,066
He wanted my commissions from the policies he sold to his clients to go through the agency and he paid me. Sorta, kinda captive I guess with him.
Besides having control over you because he has your money, what incentive would there be to keep things through his agency?
He turned his list of clients over to me. He was using YIO also and it was a simple matter to put all of his clients on my computer. He handed me about 800 people, not all Medicare age, who he already had credibility with and wrote them a letter introducing me. He got 2% of my commission for the first year only. After that 100% of commissions were mine. He wanted me to provide an additional service to his clients more than he was looking to make a lot of additional money from them.
Quote:
I told him I refused to give up my personal writing numbers. That would have been a deal breaker. The insurance companies said they didn't have any problems with that.
Why would somebody want you to give up your writing agent number?
I was anticipating that he might ask that so I said that before he asked. It wouldn't be uncommon for a broker to want you to put all business you wrote under the agency. How many people know a broker who will let you write business under two numbers. The true definition of captive is where everything you write goes to the agency/company and then to you.
Quote:
When he sold the agency I got all the business I had written for him put under my personal writing number. That was the agreement between us that if he ever sold out I would get what I had written.
I'm glad to see things worked out for you in the end.
Everything was working awesome. I called his clients, told them who I was and they were willing to share all of their current policy information. I wrote a lot of busniess with his clients. I still have a list of his clients and continue to write them Med Supp policies. It was the sweetest deal I have ever had. Not only did it work out, it still is.
__________________
The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man.
(George Bernard Shaw 1856-1950)
Besides having control over you because he has your money, what incentive would there be to keep things through his agency?
He turned his list of clients over to me. He was using YIO also and it was a simple matter to put all of his clients on my computer. He handed me about 800 people, not all Medicare age, who he already had credibility with and wrote them a letter introducing me. He got 2% of my commission for the first year only. After that 100% of commissions were mine. He wanted me to provide an additional service to his clients more than he was looking to make a lot of additional money from them.
Quote:
I told him I refused to give up my personal writing numbers. That would have been a deal breaker. The insurance companies said they didn't have any problems with that.
Why would somebody want you to give up your writing agent number?
I was anticipating that he might ask that so I said that before he asked. It wouldn't be uncommon for a broker to want you to put all business you wrote under the agency. How many people know a broker who will let you write business under two numbers. The true definition of captive is where everything you write goes to the agency/company and then to you.
Quote:
When he sold the agency I got all the business I had written for him put under my personal writing number. That was the agreement between us that if he ever sold out I would get what I had written.
I'm glad to see things worked out for you in the end.
Everything was working awesome. I called his clients, told them who I was and they were willing to share all of their current policy information. I wrote a lot of busniess with his clients. I still have a list of his clients and continue to write them Med Supp policies. It was the sweetest deal I have ever had. Not only did it work out, it still is.
__________________
The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man.
(George Bernard Shaw 1856-1950)
- Thread starter
- #34
- 546
Off and running
Senior,
Just got off the phone with your company. Have contract information coming in the mail. They directed me to their website. www.gafri.com
Let me know if this is the correct company. Thank you by the way.
Also spent an hour on the phone with a rep from Bankers Life. She said I asked her more questions than anybody she has ever spoke with. She danced around many of them, and didn't know many of them as well. She did tell me that she is just a recruiter, and was reading from a script, which I could tell, as soon as she starting talking. Have a meeting with them next Monday.
Have E & O insurance quote coming in the morning from my business insurance agent. He has already left for the day. I joked with his office assistant that it sounded like I was heading into the right profession.
Senior,
Just got off the phone with your company. Have contract information coming in the mail. They directed me to their website. www.gafri.com
Let me know if this is the correct company. Thank you by the way.
Also spent an hour on the phone with a rep from Bankers Life. She said I asked her more questions than anybody she has ever spoke with. She danced around many of them, and didn't know many of them as well. She did tell me that she is just a recruiter, and was reading from a script, which I could tell, as soon as she starting talking. Have a meeting with them next Monday.
Have E & O insurance quote coming in the morning from my business insurance agent. He has already left for the day. I joked with his office assistant that it sounded like I was heading into the right profession.
- 11,280
Yes that is the right site, but there isn't any info on there about the career side.? Make sure you tell them thats what you are interested in. The products we are using here in indiana are dental, med supp, ltc,med advantage, final expense, annuites(fixed and indexed). I might be leaving some out.
About your E&O, you should check into NAPA. If you contract with Great american senior benefits you can get NAPA's E&O for less than $40 per month. Thats OUTSTANDING. I don't think you can get anything better at bankers's but then again it probably depends on the office you are with. Bankers is not competitve with us in IN though.
Who did you talk to at gafri?
About your E&O, you should check into NAPA. If you contract with Great american senior benefits you can get NAPA's E&O for less than $40 per month. Thats OUTSTANDING. I don't think you can get anything better at bankers's but then again it probably depends on the office you are with. Bankers is not competitve with us in IN though.
Who did you talk to at gafri?
Question about Captive Agents..
In Ohio -- yes, it is public information as well as in many other states. In Indiana its not public really but there are ways to get the information if it is really needed.. I believe through the department of insurance you can pay for a listing of agents and who they are licensed with.
In Ohio -- yes, it is public information as well as in many other states. In Indiana its not public really but there are ways to get the information if it is really needed.. I believe through the department of insurance you can pay for a listing of agents and who they are licensed with.
- Thread starter
- #37
- 546
I believe her name was Teresa. Got bounced around a few times. Damn automated systems.
- 11,280
They are usually really good with customer service. you knw what? I was looking and I dont see any offices in MI. They might not have one. Surely they do. Did you ask?
- Thread starter
- #39
- 546
Didn't think to ask, and she didn't say anything to me, as I gave her my mailing address. I did find some agents in my area listed on one of their sister websites. Continental General Insurance Company
- 10,275
"Continental General Insurance Company"
Buyer beware.
Buyer beware.
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