Charge Back Hell

You'll need to do some phone time. I don't do FE, so I'm not sure how it works, but basically, you need to call those who had a bad EFT draft, caused a policy lapse, and see if you can get them reinstated. That, in turn, gets you you're money back.

P&C agents tend to do this daily, it really is about servicing the client. In this case, you might need to remind them why they have the policy in the first place.

Dan
 
no, no ... they are just deducting it from my next pay ... i had $4000 in EFT's these past two weeks ... it's out of control ... so my balance to the insurance company is eating away my pay ... in short, i aint getting nothin ... and i didn't expect it and i'm completely screwed ... so ... im thinking that this advanced bullcrap is not a good idea ... but when you're broke to start with, you got take chances ... it worked for awhile ... ha! until i had enough policies to increase my EFT odds ... then i had a slow month last month ... and BOOM ... BANKRUPT ... it was short and sweet ... now back to square one ...

I'm ready to bend over again ... :nah:

what state do you work in??? r u interested in the health market and life ins as a wrap?
 
Also you want to check your late pay report every week and contact people BEFORE they lapse.

With some companies, Forethought for one, I know if someone is one the books 9-months and lapses, and you reinstate it, you have started a NEW full chargeback period and you have 12-more months of potential chargeback. If you catch it and save it BEFORE it lapses, you avoid that.
 
Jamesflo is right.

If you need to take advances, just start a reserve account of your own. 20% SHOULD do it. Every time you get a check, 20% goes in your reserve.

It evens out any chargebacks.


With the companies that I take advances with, I make them hold 15% of my commissions on the side, to apply toward debit balances. It really helps me out a lot. I think any company you work with, will be willing to do this for you. Some will even give you interest on your holding account.
 
With the companies that I take advances with, I make them hold 15% of my commissions on the side, to apply toward debit balances. It really helps me out a lot. I think any company you work with, will be willing to do this for you. Some will even give you interest on your holding account.

I did that for years with Forethought but then I figured out that they don't have anyone there that can count. They kept mailing me thousands of dollars in overpayments and wiping out my reserve account.

Better off just doing it on your own. That way all the products you sell go into one pool of money. And you have control over it.
 
Jody,

I was just going to type the same thing and saw it here.
Since you have access to our training site, make sure you read this part in bold that starts with "Before you send your mailing, you will want to make the following changes:" on this site: FEbyPhoneTrainingSite

Basically you want to eliminate the $0 - $15,000 income bracket. Most FE mail houses will send out $0 - $40k for you as the standard FE mailing. After working too many projects in the Daytona Beach area, I quickly learned that I should try to control WHERE I'm going. It now works out that I'm spending my exact same amount of money ($400/1,000 mailed) to go into better homes. This translates into less wasted time and more stable folks. (You're also more likely to walk into homes with air conditioning.)

Another thing that is KEY to reducing chargebacks is "salting down the sale" as I was taught by the great Charlie Speller. Here is an excerpt, recorded with his permission, where Charlie first taught me about salting down the sale (and building persistency): Click Here to hear it.

Chris

If you are doing direct mail you may need to change the demographics your mailing to if it is that big of problem for you.
 
Jody,

I was just going to type the same thing and saw it here.
Since you have access to our training site, make sure you read this part in bold that starts with "Before you send your mailing, you will want to make the following changes:" on this site: FEbyPhoneTrainingSite

Basically you want to eliminate the $0 - $15,000 income bracket. Most FE mail houses will send out $0 - $40k for you as the standard FE mailing. After working too many projects in the Daytona Beach area, I quickly learned that I should try to control WHERE I'm going. It now works out that I'm spending my exact same amount of money ($400/1,000 mailed) to go into better homes. This translates into less wasted time and more stable folks. (You're also more likely to walk into homes with air conditioning.)

Another thing that is KEY to reducing chargebacks is "salting down the sale" as I was taught by the great Charlie Speller. Here is an excerpt, recorded with his permission, where Charlie first taught me about salting down the sale (and building persistency): Click Here to hear it.

Chris


Hey Chris...do you think the response rate is higher for $0-$15,000 income than higher income levels when doing Final Expense direct mail?
 
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