Assurant to pull out of all quote engines

[Crabcake Johnny]

Word from a source has it that Assurant is done with all quote engines; Ehealth, Quotit, Norvax, Insurit, etc...

No quote engine will be running Assurant by month's end. Anyone can confirm - I'm trying.

 

[moonlightandmargaritas]

Word from a source has it that Assurant is done with all quote engines; Ehealth, Quotit, Norvax, Insurit, etc...

No quote engine will be running Assurant by month's end. Anyone can confirm - I'm trying.

I posted on this about a month, six weeks ago.

Their business plan is just to offer the "specialty" coverages, so this should not really be a big surprise.

Last case I checked 'em here in Florida (M&F both 51 n/t) HSA with about
a 5,800 deductible (H1 is $5,000);

GR $330
H1 $366
Assurant $679 (if preferred!)

Not even remotely competitive....

 

[somarco]

If true, the folks at Quotit will not be happy.

They have been working overtime trying to put the 300+ plans (out of 3000+ options) online.

Any carrier with that many options cannot be competitive. What were they thinking?

 

[Bob_The_Insurance_Guy]

Well, here in Georgia, they are competitive. I don't use Norvax, or any of that cr-p. I present one HMO Product (here, in Atlanta, it's Kaiser), one PPO Product (either Humana or Coventry), and one HDHP Plan (always Assurant One Deductible).

 

[jbage007]

Well, if true, this is great news, at least for those of us who throw Assurant into our marketing baskets.

What I have always hated about their participation in the quoting engines is a steadfast insistence on providing only preferred rates. Well, guess what? Looks good on paper, but only about 14% of all applicants will qualify for preferred rates (a 15% discount off of standard rates). Over and over again, you have to spin your wheels "reselling" the policy in an attempt to counter the impression (false as it may be) that their rates got bumped UP. (Technically, they just didn't qualify for the preferred rates that were quoted.)

My suspicion is that home office has had it up to their ears with applicants who have no idea what they have bought--due to a complete absence of intervention on part of any duly licensed, competent agent.

Frankly, I hope this is a trend. Those damn quoting engines have been more of a curse than a blessing (although they work well for really young punk clients who insist on doing it themselves and would prefer never to speak with an agent).

 

[TXINSURANCE]

Well, guess what? Looks good on paper, but only about 14% of all applicants will qualify for preferred rates

I do not sell Assurant. My preferred issue rate is over 85%. My assumption is you do not work waiver states.

Frankly, I hope this is a trend. Those damn quoting engines have been more of a curse than a blessing

With such a booming percentage of individuals doing Internet research you won't stop this freight train.

 

[dmiller90]

If true, the folks at Quotit will not be happy.

They have been working overtime trying to put the 300+ plans (out of 3000+ options) online.

Any carrier with that many options cannot be competitive. What were they thinking?

Quotit's been behind the 8 ball ever since they started.

 

[Bob_The_Insurance_Guy]

I never quote Preferred, even to those who will probably get it. I quote standard, and tell them IF they qualify, they MAY get a preferred rating.

Underpromise, Overdeliver.

 

[jbage007]

exactly, Bob
but the point is, it is impossible to do that with Assurant's insistence on providing only PFD rates to quoting engines (and of course they don't want to show standard rates--they're high enough on their preferred)

As for TX, what does this mean? An 85% preferred placement rate? Does that mean that 85% of your preferred quotes get placed as preferred? Or does it mean that 85% of ALL of your applicants are preferred? Because if it's the latter, then your typical client must be a 24 year old single male.

 

[TXINSURANCE]

I do not sell Assurant for a lot of reasons - rates being a big one.

Most of my main stream carriers issue preferred. My cases issued with a rate up are under 15% of my business.

I also work a lot of waiver states where they might be more likely to waiver than rate up additional premium. A lot of this is carrier and market specific.

But your point is a good one - even GR which has a $3 FACT FEE, $5 CHILD ADMIN FEE (WHY?), this is not included in the quoting engine either. Your point is valid.