- 7,790
Ask Rick if he is willing to help you!
Are Insurance Agents & Providers Doing Deals?
- Thread starter capemilo
- Start date
Ask Rick if he is willing to help you!
- 1,473
You can offer the $5 gift card with every new quote on yelp.com. It's no big deal.
- Thread starter
- #13
capemilo
New Member
- 8
So it looks like it could work like this then:
agent, broker or provider provides a reward for policy, e.g
$100 gift certificate for anything, eg gas, shopping travel, business equipment, gadgets, whatever..
consumer has to spend $10 to buy the deal, platform takes the $10 as revenue for introduction, consumer goes ahead and redeems voucher to buy policy at whenever date and gets gift voucher reward.
What I'm trying to demonstrate is thinking out of the box to create scale. Everyone wins! Agent broker gains new clients, client gets policy and a reward and DailyInsuranceDeal.com makes some money. In the end, we help agents build an ongoing database of new clients.
Your thoughts?
agent, broker or provider provides a reward for policy, e.g
$100 gift certificate for anything, eg gas, shopping travel, business equipment, gadgets, whatever..
consumer has to spend $10 to buy the deal, platform takes the $10 as revenue for introduction, consumer goes ahead and redeems voucher to buy policy at whenever date and gets gift voucher reward.
What I'm trying to demonstrate is thinking out of the box to create scale. Everyone wins! Agent broker gains new clients, client gets policy and a reward and DailyInsuranceDeal.com makes some money. In the end, we help agents build an ongoing database of new clients.
Your thoughts?
Oh my god, I think this sort of s---t would make Amway Vets blush a bit.
First, what you're proposing is illegal in the insurance biz as any gratuity offered as a contingency on purchasing a policy is classified as rebating premium and is a huge no no.
Second, why the (this section edited for younger audience members) would I pay $10 to buy insurance off some blowhard who has obvious credibility issues if he needs something like Groupon to market his practice and lure me in with $100 in free gas?
Call me strange, but I'm more worried about my agent's being competent than I am some free gas (or whatever else you have). And if a prospect values $90 in free gas (give it a minute, take as long as you need) over my expertise on the subject of insurance, I'll walk them out the door and drive them to the guy who's handing out the cards. The free car ride will be the only nice thing given to him or her.
- 4,132
Basically most everything you're mentioning is illegal in one state or another. This kind of thing would also bring your business under review of the Office of the insurance commissioner as basically you're attempting to sell insurance without a license. Fines could be in the 6 figures.
Capemilo - I applaud you for trying to think outside the box, problem is, you have to realize insurance agents are NOT allowed outside the box, we get our licenses suspended for that type of stuff.
Bottom line: We cannot give away ANYTHING based on buying a policy. We can give away minor incentives to get a quote (i.e., the $5 Starbucks gift card), but if its more than that we would go bankrupt quickly.
We cannot discount the price of the policy. Huge no-no.
Your out of the box thinking has been suggested many times before and it still doesn't work either legally or financially for an agent.
I applaud you for taking the time to ask, but the reason you don't see this already is it simply doesn't work for this industry.
Dan
Bottom line: We cannot give away ANYTHING based on buying a policy. We can give away minor incentives to get a quote (i.e., the $5 Starbucks gift card), but if its more than that we would go bankrupt quickly.
We cannot discount the price of the policy. Huge no-no.
Your out of the box thinking has been suggested many times before and it still doesn't work either legally or financially for an agent.
I applaud you for taking the time to ask, but the reason you don't see this already is it simply doesn't work for this industry.
Dan
- 15,319
G
Guest
Guest
WOW, Is Capemilo really this nieve?
I will tell you what, any agent see this "ad" they will report you to DOI cause I know I would.
In MY state, you can only give up to $10 for a quote, but you can pretty much give whatever for a REFERRAL
There is a ginormous difference.
Call your DOI and ask, print up your "idea" and let them approve it and/or ask your DM/mentor if it is OK.
I will tell you what, any agent see this "ad" they will report you to DOI cause I know I would.
In MY state, you can only give up to $10 for a quote, but you can pretty much give whatever for a REFERRAL
There is a ginormous difference.
Call your DOI and ask, print up your "idea" and let them approve it and/or ask your DM/mentor if it is OK.
- Thread starter
- #19
capemilo
New Member
- 8
I want to thank everyone for all the replies. As you can see, I know nothing about how insurance works, which was the whole point of coming here to ask candid questions and address feasibility.
I have no interest whatsoever in doing something illegal, all my web businesses are above board. However to venture into something new one has to find out albeit any negative feedback. but all the feedback here has been very positive. Thank you!
I have no interest whatsoever in doing something illegal, all my web businesses are above board. However to venture into something new one has to find out albeit any negative feedback. but all the feedback here has been very positive. Thank you!
G
Guest
Guest
Nievemilo, you SHOULD have learned all this stuff when you got licensed, you did pass the license test? You did take a class to pass the test?
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