Bankers Fidelity Marketing Ethics?

[Glen Shelton]

Open question to all agents working with Bankers Fidelity -

I spoke with an agent this week who told me that Bankers Fidelity was marketing Part D sign ups for an independent contractor who sells everything, not just part D.

The concern from the agent was that his existing clients were being marketed to on behalf of Banker’s for another independent broker putting his Banker’s Fidelity B.O.B. at risk.

Has anyone heard anything about this?

Seems like a practice like this would be frowned upon ...

 

[somarco]

Don’t let prescription costs drain your wallet – let Bankers Fidelity help

For many people, prescription drugs are an important part of their health and well-being. According to statistics, as many as 60% of adults in America are taking some sort of medication as part of their daily routine – and 15% of them take 5 or more medications to treat conditions such as hypertension, heart conditions and diabetes.* The cost of medications continues to rise. A 2016 report found that Americans paid an estimated $457 billion on drugs last year. This figure represents almost 17% of all health care service expenditures.**

One of the added benefits available to you as a customer of Bankers Fidelity is a complimentary prescription drug (Part D) consultation. This consultation can help you determine if your current drug plan will fit your needs going into 2018. As part of this service, you will receive a comprehensive analysis of the top prescription networks available based on drug type and location.



IMO if the agent is doing his/her job there is nothing to worry about.

 

[rousemark]

Don’t let prescription costs drain your wallet – let Bankers Fidelity help

For many people, prescription drugs are an important part of their health and well-being. According to statistics, as many as 60% of adults in America are taking some sort of medication as part of their daily routine – and 15% of them take 5 or more medications to treat conditions such as hypertension, heart conditions and diabetes.* The cost of medications continues to rise. A 2016 report found that Americans paid an estimated $457 billion on drugs last year. This figure represents almost 17% of all health care service expenditures.**

One of the added benefits available to you as a customer of Bankers Fidelity is a complimentary prescription drug (Part D) consultation. This consultation can help you determine if your current drug plan will fit your needs going into 2018. As part of this service, you will receive a comprehensive analysis of the top prescription networks available based on drug type and location.



IMO if the agent is doing his/her job there is nothing to worry about.

Yeah.. But I would not want a company sending the client they would have no knowledge of had I not chosen to place their med supp with them a notice like this on behalf of another agent. If I also sell Part D, they are in direct competition with me and even if I don't, then the other agency has now an "in" in my house and who knows what they will offer them next year.. This not soem mail oder offer (which I also object to companies sending to my clients).. It is a "complimentary prescription drug (Part D) consultation", which means there is going to be a person to person contact.. either by phone or F2F.

 

[somarco]

I doubt BFLIC would do this if they thought they would lose the Medigap coverage. I don't know the particulars of their arrangement, perhaps something like what Ritter does with the PDP referral program.

I doubt they are referring it out to another agent. More likely handling in house.

When you consider PDP can only be changed (in most cases) during AEP what's the big deal.

Frankly I have more of a problem with PDP carriers that call my clients before and during AEP and pitch their "no premium" plans that are "better" than the Medigap. I lose a few clients each year to this BS. This year I had 3 people call me before it was too late and I was able to save the client.

And I doubt BFLIC is sending folks out in the field to see your clients and mine F2F. That is highly inefficient.

Maybe I am too forgiving or gullible, but I don't see the bogeyman trying to take my client away from me.

I still maintain if I am doing my job and helping my clients find the best PDP for their situation I am in no danger of losing them as a client.

I am very rarely replaced as the AOR and when it does happen it is usually because someone lied.

 

[cnovacek7]

Bankers Fidelity has launched a new campaign initiative to better serve our mutual customers and help differentiate our brand by adding more value to the customer relationship.

In January of 2018, we launched a new customer portal that will provide the customer access to;

1) Educational Articles (insurance, lifestyle and helpful guides)
2) Online Claims and Policy-Holder administration forms
3) Loyalty Offers include Part D, Telemedicine, Gym and Dental plans
4) Request for service - connect with writing agent or internal staff for service
5) Life Safe - downloadable planner
6) Request for policy review
7) Cancellation Counseling

The initiatives sole objective is to increase the retention and overall life time value of the policy holder which benefits all parties in the relationship (Customer, Agent and Carrier)

Our call center have service level agreements in place and do not get compensated commission but rather a fee to provide services for conversions, replacements and saved cancellations, they act as the company. The agent of record is always retained and we do this as a courtesy to the customer and to provide excellent service to customers when they need it most.

We are adding services to retain the longevity of your book of business, so there is no need to worry.

 

[VolAgent]

I doubt BFLIC would do this if they thought they would lose the Medigap coverage.

Pretty much my thought. This arrangement makes no sense for Banker's Fidelity if the agent is moving the med supp away now or later. If anything, it actually protects the writing agent's BFLIC med supps.

Now, other lines, who knows.

 

[Devin01]

This has been my personal experience as well, they have saved at least two cases for me. I am not worried about BFLIC taking my clients and I am hopeful these added benefits keep my clients on the books longer.

 

[rousemark]

The problem I have comes from a situation with a captive company. They marketed through the mail to our clients. They even paid us a tiny commission on it. Sounds good right? The end result was they took money how of the house that could have been used to buy products from the agent.. In the long run, it cost us money. If you only write the mid-summer business and are a one and done agent, then this won't hurt you. But if you are the type of agent that cross sells products, this can be expensive to you... JMHO.

 

[Matthew King]

We don't have a ton of agents that write PDP, so from my side, this looks like a really good thing. I also haven't heard of any "behind the backstabs" from BFLIC either. I can see Rousemark's defense on it if you do cross-sell those products already. Then it could take the business away from you with a customer that you solicited and not them.

Ultimately, I'm for it. However, I can see both sides.

 

[jdeasy]

BF and the new Eq Nat have become my go tos for med sups since Aetna got stupid.

I tried to use Thrivent too but I had to fire them.

No problems at all with BF except for slowness. I can get someone on the phone whenever I call and they will make the needed changes. They screwed up on a draft and they offered to pay any fees, as would most companies, but they also called the lady and apologized and asked what they could do to make it right.