Bankers Fidelity Marketing Ethics?

[VolAgent]

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.

That is class act right there.

 

[MedicareSolutions]

I'm getting extremely leary with Bankers Fidelity and my book of business.. All the good ones at the top are gone and now less experienced juniors are taking over. I smell rate increases and an unstable future coming for us agents. They told us they don't want more medicare premium at the last convention and left us with no direction... Ohboy!

 

[Northeast Agent]

"I smell rate increases and an unstable future coming for us agents."

What does that mean? BF just had big rate increases in IL and IA so of course, more are probably on the way from other states. They take conditions that most other carriers won't so now it's catching up.

 

[MedicareSolutions]

You've nailed it. We heard that the company is looking to make its money on Big increases. Your seeing them already. But it doesn't seem to phase the way they spend on those conventions.(wow) Plenty of money spent on the backs of policy holders and the expense of agents. I'm moving my book before the next AEP

 

[Northeast Agent]

Are your clients healthy enough to move? I only use them for the sick ones. They are really expensive in my state, but in the neighboring one they are good. But after this I may not be using them any time soon.

 

[VolAgent]

If a company says they don't want more of a certain line of business, I would take them at their word. It won't be pretty for those who stick around.

 

[somarco]

looking to make its money on Big increases

It never works that way.

Healthy people move.

Sick ones stay.

Once that starts it is impossible to raise rates enough to make the block profitable.

 

[Devin01]

So I was at the Convention in Italy for BF and I did not interpret it the same way as the poster did. Yes some internal folks have left BF and in some states we have seen rate increases. BF is a small compnay unlike Aetna or MOO. I perosnnly find smaller compnaies easier to work with if there is a problem . Recently BF updated their underwrtiting and are more selective in the underwrittien clients they accept they realize they took on some bad risk while they were trying to capture market share. BF wants Med Supp premium otherwsie they wouldbe resetting rates and rolling out their Assuance product.

As a general rule if you put alot of clients with a certain carrier our agencies tries to protect that carrier and not give them any bad business. In return I am prottecting my cleints from future rate increases and less work I have to do down the road in moving the block. If you dump un-helathy cleints into a carrier's lap and you are a big producer then you can skew their risk pool , and at the end of the day rate increases are a simple formula of Loss Ratios vs premium collected.

BF still wants Med Supp premium, you can tell because in certain states they have lowered/reset their rates, TX, NM MI MS LA they are very strong. Im sure there are other states. In NJ they are no longest the lowest price as we have 5 carriers coming in the state in the next 3 months and other ciarriers are pulling the shell game like MOO just did in NJ.

Its hard to predict when companies rates will blow up but we try to selectively work with companies and protect our clients but shielding them from bad risk or unhealthy clients

Just my 2 cents. I write everybody, BF is just one of the companies we work with they seem to be very repsonisve to agents.

 

[jemelton]

Driving yourself crazy analyzing a company's potential future rate increases is not productive. Write the client with a carrier that will accept them, save them $$$ and move on. Deal with rate increases if and when they come.

 

[rousemark]

Driving yourself crazy analyzing a company's potential future rate increases is not productive. Write the client with a carrier that will accept them, save them $$$ and move on. Deal with rate increases if and when they come.

They have gone from one of the low price leaders to mid pack in my part of TN..