- 10,275
The NAIC. I did. They were cordial and changed the wording as a result of my email. But there still should be some change in the wording.
Agent's Role in the Exchanges
- Thread starter insurehound
- Start date
The NAIC. I did. They were cordial and changed the wording as a result of my email. But there still should be some change in the wording.
- 10,275
Sometimes perception is the start of change...and implementation.
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I bet I've walked 20 or 30 seniors through signups for Part D plans through medicare.gov that I didn't represent because they could not figure out sign up for a plan that was priced better for the drugs they took than anything available to me.
If that is any indication, that's what people can expect with the exchange website.
The only reason that they wouldn't utilize us in the exchange is because they don't want people to sign up through them, or the carriers want to eliminate us from the profits equation on that side.
If that is any indication, that's what people can expect with the exchange website.
The only reason that they wouldn't utilize us in the exchange is because they don't want people to sign up through them, or the carriers want to eliminate us from the profits equation on that side.
- 14,808
Where there are commissions there where be a market. Looking to the comp structures of current GI states is not a good model. Most national carriers don't participate.
You can take a look at the auto market. The P&C agents can correct me but I think the comp is 10% to 15% and the average household premium is maybe $2,400?
Auto is fully underwritten, no subsidies, obviously they can only target drivers and in some markets 20%+ drive without insurance.
Yet I see no shortage of auto agents and in fact there seems to be enough money in it for Geico and Progressive's multi-million dollar ad campaign.
The individual market currently is rather small. I feel it's going to explode come 2014. A lot of people are trapped on their group plan. A lot of people would love nothing better than to quit their job but can't since they have a condition and simply can't risk trying to make a move.
However, there is one projection that I don't think will play out: That some companies will drop their plan and pay the fine. Companies always worry about their public image and I'm not too sure it would be a positive move for "Caterpillar" to call a company meeting and say:
"Ok, If you divide by two and carry the 3 our accounts have determined that the company saves 154 million by dropping our group. So effective the 1st of next month no one has coverage but if you look at the literature you'll see you can now go buy your own plan. Also, rumors have been circulating that since we're saving 154 million that we're going to give pay raises. Our executives almost blow coffee out of their noses when they heard that. Of course we're going to pocket the savings. Now get back to work."
You can take a look at the auto market. The P&C agents can correct me but I think the comp is 10% to 15% and the average household premium is maybe $2,400?
Auto is fully underwritten, no subsidies, obviously they can only target drivers and in some markets 20%+ drive without insurance.
Yet I see no shortage of auto agents and in fact there seems to be enough money in it for Geico and Progressive's multi-million dollar ad campaign.
The individual market currently is rather small. I feel it's going to explode come 2014. A lot of people are trapped on their group plan. A lot of people would love nothing better than to quit their job but can't since they have a condition and simply can't risk trying to make a move.
However, there is one projection that I don't think will play out: That some companies will drop their plan and pay the fine. Companies always worry about their public image and I'm not too sure it would be a positive move for "Caterpillar" to call a company meeting and say:
"Ok, If you divide by two and carry the 3 our accounts have determined that the company saves 154 million by dropping our group. So effective the 1st of next month no one has coverage but if you look at the literature you'll see you can now go buy your own plan. Also, rumors have been circulating that since we're saving 154 million that we're going to give pay raises. Our executives almost blow coffee out of their noses when they heard that. Of course we're going to pocket the savings. Now get back to work."
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- #57
- 500
Chumps...I am with you. I think that's a good idea.
