Bankers Life Charge Back

[Newby]

why do agents contract with bankers. I havent heard 1 good thing about them

Same as Lincoln Heritage. Just real active on Craig's List and sounds like a turn key opportunity.

 

[JimmyUt]

Same as Lincoln Heritage. Just real active on Craig's List and sounds like a turn key opportunity.

I will admit like many others that I was clueless as to the bad organizations til I found this site.

 

[axeman462]

I will admit like many others that I was clueless as to the bad organizations til I found this site.

Exact reason I joined Bankers.

When I went on the interview I was more concerned whether or not they were a real company (because I never heard of them before) I did a quick internet search before going to the interview, and yes saw some complaints but brushed it off because, as I thought "well, every company is going to have some complaints, and haters"
Bankers is what brought me into this industry, and if it weren't for their training, I probbly wouldn't have stayed in the industry. They showed me the basics that everyone here needs to know. I think they are a decent starter company, but definately not where I would want to have a career.
Although I will say this, I wish I had found this site a few months sooner than I did. I stay with bankers for about 1 year...after 6 months I felt they had nothing more to teach me. now that is not because I feel I know everything there is to know about insurance and the industry, but because after 6 months I was the 4th most senior agent in the office...

 

[lgerria]

Exact reason I joined Bankers.

When I went on the interview I was more concerned whether or not they were a real company (because I never heard of them before) I did a quick internet search before going to the interview, and yes saw some complaints but brushed it off because, as I thought "well, every company is going to have some complaints, and haters"
Bankers is what brought me into this industry, and if it weren't for their training, I probbly wouldn't have stayed in the industry. They showed me the basics that everyone here needs to know. I think they are a decent starter company, but definately not where I would want to have a career.
Although I will say this, I wish I had found this site a few months sooner than I did. I stay with bankers for about 1 year...after 6 months I felt they had nothing more to teach me. now that is not because I feel I know everything there is to know about insurance and the industry, but because after 6 months I was the 4th most senior agent in the office...

If you had it to do again, what company would you get started with? If I may ask, what company are you with now?

Do you have any suggestions for a brand new agent?

 

[axeman462]

If you had it to do again, what company would you get started with? If I may ask, what company are you with now?

Do you have any suggestions for a brand new agent?

If you are new to the industry or new to sales in general I think its a good idea to start with a captive company. they will show the basics (phone calls, getting comfortable talking to people, learning the concept of insurance, products, prospecting etc..) I personally needed this training, I never had a sales job before entering this industry.
Right now, I am independent. I sell for several carriers. The only person I answer to is the guy in the mirror (I dont like him, he is too hard to please).

If your new to the industry, I would recomend working for a captive company (whether its bankers or another company) for about 3-6 months, to learn the basics. Then decide if going independent is right for you. Being Indy is not right for everybody. Here are some things to consider if it is right for you:

- Are you self motivated?
- Do you need structure provided for you?
- Do you have money saved up?

If you answered yes to all those questions, it might be the right direction to go. But starting in this industry entirely on your own, in my opinion, is asking to fail. There is just too much to learn. I say start captive for a few months, and when you realize you know than half the office, its time to leave and go indy.

 

[HomeService]

I think it's a great idea to start with a captive and let them train you. Picking a good one is tricky.

 

[USVision]

What I feel and what is the legal truth are two different things.

I feel that my clients are just that, my clients. Legally they are the insurance company's. Every contract you have is an agent's contract, not a broker's contract. You are acting as an agent for the company to procure business for them. Most of us on here are independent, but we are still agents. As long as you are receiving a commission from the company and not a fee from the insured you are an agent of the company.

Sure, he could pay them back all commission and be free to flip the book, if only Banker's would accept that. Of course they won't because they want the policy on the books generating premium.

Why Banker's tolerates agencies constantly re-writing business is beyond me. Why they want to pay FYC on a policy multiple times is crazy. Each re-write just adds more time to the period they are paying FYC.

20% of their business (according to them) is first year newbie business. They are only paying one time, charging back agent number one, while paying agent number two who explains to the client that agent number one was a crook, or made a mistake.
Has agent number one churned the policy, and thus owes the chargeback? or was agent number one robbed by his peer, under the direction of management? Those policies written by agent number one may have not been issued or delivered before agent one has gone broke and quit/terminated. Agent two kindly cancels them, and resubmits 'new business', after all 'it's just business, right?' In fact, it's so lucrative, let's just give agent two, three, four all the written business and see if there's more to be voided and rewritten.
It's possibly to think that the 'system' doesn't see it, but not, the ss#'s are there, the commission is subtracted, then applied for this week's numbers, and a happy sales meeting is had by all.
Do you think another 20% is rewritten business? What does that do to their reserves? What is the attrition rate on new business, after the free look period, normally/comparatively? The agent debt at Bankers is probably 10x the industry normal. What does that do to the Conseco K-8? Money on the books.
Bonus round- extra time on the two year contestable calendar for the client to lose the game. Actuarial smooth move when you 'specialize in seniors'.
Interestingly when those chargeback notices arrive at agent one's house, they contain no accounting of who or what. That's confidential, right? Only at Bankers. Any company that has a death claim, or cancelation is upfront about owed commission. Key word 'owed'.

 

[xrac]

I think it's a great idea to start with a captive and let them train you. Picking a good one is tricky.

Tricky is the right word especially with outfits lke Bankers, AIL, NAA, Primerica, etc.

 

[GInsGrp]

I worked at bankers for a few years. Its been over 12 years now. managers were paid based on new agents writing a certain amount of FYC. It was common after someone left to keep the agent number active and write under it. I would ask for policyholder names at your branch office and I bet the charge would go away! FYI' Im proud to say i was not in management.

 

[axeman462]

So I had to bring this thread back up. I checked my mail this evening, like i do everyday. And I had another letter from Bankers dated September 13 (today is September 20) and it now says my balance is $900 and if i dont pay off the balance by September 23, they will Vector list me.
Well, can't call them today, because their home office closes early on fridays...(not that I had any time either, since they are only giving me three days, I'm pretty sure they held that letter for a week before mailing it.)

When I got the first letter, I decided to wait until my one year mark before paying anything off; I decided there will probbly be more chargebacks and the balance would go up (which it did), and because I was newly independent i figured I would be in a more financially stable place in a year (because of renewals kicking in). I emailed bankers explained my situation, and the only option they gave me were: 1) pay in lump sum now 2) 6 month payment plan. I bassically said screw that, I'll pay you next year, I need more time to get back on my feet.

For record, I have every intent of paying the debt off, I just have other priorities right now.

I will call Bankers Monday morning to try and work out some sort of deal with them. But before I do, i was wondering if anyone else who has been in a situation like this could answer a few questions for me:

1) Will being on the Vector List hurt my credit outside the insurance industry? (ie: getting an auto loan (i need to buy a new car soon, I'm not sure how much longer my current junker will last))

2) I understand being on the vector list will make it hard or impossible to get appointed with new companies. After I pay off the debt I assume I would be taken off. After being taken off, will it still be hard/impossible to get appointed? (I do not plan to pick up any new companies until around this time next year)