Agent of Record Tactics

[AboutThatLife]

I don't like processed meats and I'm seeing a lot of bologna online about changing the agent of record on clients who don't benefit from a replacement but want you to be their agent. The point is that as the AOR, you then get the renewals BUT:

I've called several companies and they pretty much say NO. Even in the case the agent terms, then no one would get the commission.

So what is the point of this and who allows AOR's to receive renewals without being the writing agent?

 

[GoPokes]

I doubt anyone will want to answer this. It would be like potentially helping people take their renewals. It took me awhile to find the answer. Just call the companies you represent and ask them. I know of one or two companies.

 

[tlmarketing]

On the life side, a change of agent gives you access to their account/policy information for servicing purposes, but not compensation as that belongs to the writing agent.

 

[Bob_The_Insurance_Guy]

On the life side, a change of agent gives you access to their account/policy information for servicing purposes, but not compensation as that belongs to the writing agent.

To dovetail on this, I took over a 15 year Long Term Care policy, and have since written a Final Expense and Medicare Advantage Policy for the same woman. I now have all three lines.

They don't care how much you know, until you show them how much you care.

This bumps my client count up to two, now...

 

[rousemark]

I don't like processed meats and I'm seeing a lot of bologna online about changing the agent of record on clients who don't benefit from a replacement but want you to be their agent. The point is that as the AOR, you then get the renewals BUT:

I've called several companies and they pretty much say NO. Even in the case the agent terms, then no one would get the commission.

So what is the point of this and who allows AOR's to receive renewals without being the writing agent?

If the agent has vested commissions, then an AOR will not switch the commissions to you but it would allow you to service the business.. for free... The only commission you will receive will be the commission on any new business you generate as a result of the AOR

 

[Thad.Sipple]

You should aks this in the Senior Insurance forum. This happens a bit in the MA market and usually it is done just to take over renewals, from my understand the letter is supposed to be in the clients handwriting and mailed from the client etc. But I am not sure if the companies actually enforce this like they should.

 

[Glen Shelton]

The only commission you will receive will be the commission on any new business you generate as a result of the AOR

Even if you did NOT receive the renewals ...

You could still get referrals or cross sell them other policies down the road.

It's definitely not a "Get Rich Quick" scheme.

Spur in the FE forums has been doing AOR for MA policies recently, he might be a good one to ask.

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Even if you did NOT receive the renewals ... You could still get referrals or cross sell them other policies down the road. It's definitely not a "Get Rich Quick" scheme. Spur in the FE forums has been doing AOR for MA policies recently, he might be a good one to ask.

I accidentally quoted Old man rivers but that was meant for the OP.

 

[TFMSINC]

Why don't you like processed meats?

 

[bboman23]

Why don't you like processed meats?

Without a doubt this is one of the best posts I've read on here in so long!

 

[Tahoe Ray]

Without a doubt this is one of the best posts I've read on here in so long!

Asking the important questions.