Bankers Life and Casualty

Nov 20, 2008

  1. lacy_amy
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    lacy_amy Expert

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    Does anyone have any opinions and/or experiences being an agent with Bankers Life and Casualty?
     
    lacy_amy, Nov 20, 2008
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  2. The Rabbi
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    Re: Bankers Life and Casualty.....

    Do a search of their name on this forum and at www.ripoffreport.com They don't have a favorable rating among agents.
     
  3. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    Re: Bankers Life and Casualty.....

    Ohhh Rabbi...I love it when you're.....revealing.
     
  4. Reuben
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    Re: Bankers Life and Casualty.....

    Use the search engine on this site and you'll find one of several threads on the subject.

    Try this one out for starters and then take it from there:

    Bankers Life and Casualty?
     
    Reuben, Nov 23, 2008
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  5. Cricket
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    Re: Bankers Life and Casualty.....

    Google jobvent or scams and you will find opinions from agents and clients.
     
    Cricket, Nov 25, 2008
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  6. halis
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    Another thing you can do to get a picture of a company in your state is to go to the state department of insurance and look at the market share reports.

    In this report you can find what rank they are in premium in various lines in the state. For instance, in Missouri Bankers is 22nd in the state for Accident & Health in gross premium.

    You can also see their net change in premium from 2006 and their loss ratio. This is actually very helpful as it will many times give you an idea what kind of environment agents are working in (how competitive the carrier is).

    In their case the net change is 2.36%, pretty much no growth, and their loss ratio was 68.72% which is pretty decent. In all likelihood this tells you that they are losing about as many people as they are writing, and with a decent loss ratio they are charging fairly high to keep their profit up.

    I'm not saying to sign with a small outfit that's just buying up business and has $1 for $1 loss ratios, but you don't want to be with a company that's losing premium by the truckload either (ie they are priced way too high).
     
    halis, Nov 27, 2008
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  7. Frank Stastny
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    Although I have never worked for Bankers I have replaced a lot of their Med Supp policies. Because I can only share with you what I have been told by the seniors I have talked to in Missouri. Bankers may do things totally different in other areas.

    The prospects I have talked to who either had a Bankers Med Supp or have had Bankers agents set appointments with them in general were not pleased with the way their agents handled the appointment.

    Seniors have told me that many times two agents showed up for the appointment and when one got tired of talking the other one picked up the conversation. They said the agents were pretty high pressure and many times people told me they only signed the app to get them to leave.

    I have also been told that the agents are very bad about returning phone calls and providing service when needed. However, that is a common complaint that most seniors have about the agents who sold them their Med Supp policy. (This is the biggest mistake senior market agents make in my opinion.)

    When I learn that a prospect has Bankers Life for their Med Supp it is not terribly difficult to move them to another company at usually a substantial savings with a great improvement in service.

    Bankers Life is not a company I would ever be interested in representing.
     
  8. xrac
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    Pretty much the same story here in Indiana!
     
    xrac, Nov 27, 2008
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  9. insuranceexec
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    I worked for this company for almost 3 years out of college. This is by far the WORST company an individual could ever be involved with.

    After being there almost a year I was DEMOTED and offered a Manager position with them. It was actually explained to us in the management meetings that it was in our best interest to be a manager so that we could not have DOI complaints filed against us. Terrible company!!!
     
  10. insagent220
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    Working for Bankers has been a major eye opener. I started like most agents, with high hopes of making a career with Bankers.
    The first week of training was done by veiwing Videos. Then the so called trainer went in the feild with you. If you sold a policy, the trainer took half of the commision,for thier time with you.

    Being New to the insurance business, I reseached all the plans in and out. The trainer knew little to nothing of what they were talking about. If you asked the manager about information. Thier answer was always ask the trainer. Which of course knew nothing. Or the Better answer was I don't know.

    Then we are told to contact Agent care for answers( which is worse then the manager and trainer).

    When hired , we were told the leads would come as a direct contact list. Folks calling in for the info. Yet our leads were no more then the office asst, going through the phone book and printing up call list.

    If you did get a T65 list, you can bet you and 3 others in the office got it as well. So 4 or more agents were calling these poor folks.

    My manager won't assist me with questions or problems. So I have to seek advice or knowledge elsewhere.

    I have refused to take other agents with me on my calls. Due to the fact I don't like the pressure tactic. ( yes I am the looked down on as a agent) I won't or refuse to follow the norm. Not to mention I have to share what I have made in commision.
    I won't presure seniors into buying something I feel they truely don't need. When I go into the homes of Seniors. I first see what knowledge they have of Medicare. Then I go over the entire program with them.

    If I make a sale fantastic, if not at least I left the house knowing the senior has a better understanding of Medicare.

    I have made a decent amount of sales, since starting with Bankers. Which should make me very Happy Right? Wrong!!!

    I have made a lot of sales, then have Bankers cancel the sales and give me tons of charge backs. Sales which were inforce and stilling standing got canceled. Policy's canceled due to non payment(which the ma plans- were to be taking from the SS check each month) . Life policy's canceled due to non payment( when clients clearly had the returned checks posted to thier accounts).

    Refund checks due to client that can't be cashed -because Bankers never insured the checks had routing # on them.

    When you seek help from the manager, you get nothing. There is no line of command you can get help from. You are pretty much on your own.

    I am still with Bankers for the time being. I want what is owed to me. So I am still fighting to be paid.

    Not to mention, to become an agent. You had to sign a non- compete contract with them.

    So Now I am trying to find other lines of work in the Insurance Business. Which will safe guard me for the next 2 years. Untill I can go to another insurance company and sell the senior plans.

    Best advice I can give any New agent considering Bankers is Runnnnnnnnnnnnnnnn

    I just wish I had found this forum, before I had this Huge Mistake
     
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