Assurant Pulls the Plug Who's Next?

[goillini52]

Re: Assurant Drops Commissions to 0% Effective (almost) Immediately

Well, that sure didn't last long. Assurant didn't make it through two full months of open enrollment before withdrawing from the market in seven (out of 16) states.

On January 14, 2015, Assurant announced via email that it "has made the decision to reduce individual major medical commissions in Florida, Georgia, Indiana, Michigan, Nevada, Pennsylvania, and Texas to 0% for new business." This change in commission "will apply to all new business submitted on or after January 19, 2015 with an effective date on or after March 1, 2015."

In the same email, Assurant states that it "remains committed to the individual marketplace and" to its "valuable distribution partner." It also reiterates that the company is "looking forward to the next Open Enrollment" beginning Oct. 1, 2015 when it plans to offer a "full suite of ACA-compliant major medical plan options" to support its (ever-so-important) sales force.

To all the (incompetent) folks (trying to run the show) in Milwaukee (at Assurant), good night and would the last one out please turn out the lights? This party is so over.

You're a little to the game. There have already been 2 threads (that were merged) on this today. AARP's A.M. Best rating =

 

[jbage007]

my gawd, how far this company has disintegrated

people running the show in Milwaukee now clearly incompetent to be in the biz

 

[jbage007]

Re: Assurant Drops Commissions to 0% Effective (almost) Immediately

I was wondering why there was no thread over here. But why in the world are folks posting about commissions on individual health in the "reform" forum?

Well whatever - feel free to delete Mr. or Miss Mod

 

[URDRWHO]

Re: Assurant Drops Commissions to 0% Effective (almost) Immediately

You beat me to it. The email was in my inbox this morning and I just had to laugh. Who in the world will sell anything to earn $0?

Maybe Kathleen Sebelius and the ACA has some plan for insurance agents......ya think? Yep as Kathleen said --- need to find another job.

Meanwhile more and more people are on food stamps, less people are participating in the workforce and real wages saw a 5% drop. But the political class is doing just fine.

Well, that sure didn't last long. Assurant didn't make it through two full months of open enrollment before withdrawing from the market in seven (out of 16) states.

On January 14, 2015, Assurant announced via email that it "has made the decision to reduce individual major medical commissions in Florida, Georgia, Indiana, Michigan, Nevada, Pennsylvania, and Texas to 0% for new business." This change in commission "will apply to all new business submitted on or after January 19, 2015 with an effective date on or after March 1, 2015."

In the same email, Assurant states that it "remains committed to the individual marketplace and" to its "valuable distribution partner." It also reiterates that the company is "looking forward to the next Open Enrollment" beginning Oct. 1, 2015 when it plans to offer a "full suite of ACA-compliant major medical plan options" to support its (ever-so-important) sales force.

To all the (incompetent) folks (trying to run the show) in Milwaukee (at Assurant), good night and would the last one out please turn out the lights? This party is so over.

 

[somarco]

Re: Assurant Drops Commissions to 0% Effective (almost) Immediately

Isn't Assurant one of those A rated carriers that should always be recommended over lower rated carriers?

 

[RayNY]

Assurant Health remains committed to the individual marketplace and to you, our valuable distribution partner. We are looking forward to the next Open Enrollment period beginning October 1, 2015, and to offering a full suite of ACA-compliant major medical plan options to support you and your customers as we work together for your sales success.

This is some textbook "smile in your face while stabbing you in the back" garbage.

Any company committed to "valuable distribution partners" wouldn't pull all compensation on all products in the market with next to no notice, and then try to cover their backs with this half-promise of maybe not screwing you next year too.

 

[taterpeeler]

Re: Assurant Drops Commissions to 0% Effective (almost) Immediately

Isn't Assurant one of those A rated carriers that should always be recommended over lower rated carriers?

ahhh.... no, not in this market.

 

[timetopay]

Assurant Update

May be old news but just saw the memo Assurant is going to pay 0% in a lot of states on applications submitted after Jan 19th.

Im assuming that they are allowed to do this if they are but if every carrier made that choice currently what do you all think would happen next?

 

[GreenSky]

Re: Assurant Update

May be old news but just saw the memo Assurant is going to pay 0% in a lot of states on applications submitted after Jan 19th.

Im assuming that they are allowed to do this if they are but if every carrier made that choice currently what do you all think would happen next?

We'd have to step up and get more clients. Higher volume would make up for the drop in commission.

What do you think would happen?

Rick

 

[Newby]

We'd have to step up and get more clients. Higher volume would make up for the drop in commission. What do you think would happen? Rick

I was thinking about getting into selling health insurance. Is this a good time to get in?