Closers versus Insurance Salespersons ???

[senior-advisor-indiana]

Why would your closers want to lose 25% commission just to have an agent look over the app? Getting appointed with multiple carriers is not that hard. If you are that flustered with paperwork maybe you should forget about insurance. It's going to be hard to keep your closers happy anyway. They are just going to be glorified telemarketers.

 

[STIBROKER]

 

[Dave020]

The closer takes the app and closes the deal. The WA just reviews it for accuracy. The best plan for the client was formulated by the closer or the closer in concert with the writing agent. In this scenario - the WA does very little - reviews, signs and submits.

This is specifically prohibited in California. And any agent found to be doing what WA does in your scenario will lose appointment with that carrier, face contract termination, disciplinary action, fines and revocation of insurance license.

I spoke with Blue Cross CA about what would happen if they found out about this being done and was told straight out that the agent would be terminated immediately and reported to the CA DOI for disciplinary action. Immediate contract termination!

 

[LTCiPro]

Tom, if you are as good as you say you are, and I have no personal dog in this hunt one way or the other, getting licensed is a no brainer for anyone with an avg. 10th grade level aptitude...that's the level most states must meet or state insurance exams...some an 8th grade level.

Why avoid the very simplest part of this equation when there is so much more inportant issues to focus on. Are there personal issues that prohibit your getting licensed in any state?

If you're the "dirt road sport" you say you are, do it right and go make that fortune. The MDRT has a really well defined, scientific schedule on Splitting Commissions. Look it up. It will bring you back down to earth.

I'm really interested in some specifics about how good you are at closing. Without revealing dollar amounts, how bout some stats on your past closing experiences, including product sold?

I have no reason to doubt you...let er' fly, Dude!

Blessings!

 

[Delta76]

It's not that hard. I've been licensed for 3 weeks.

That sums it up for me. You have all these experienced people telling you why what you are planning to do isn't a good idea and you are taking your vast 3 weeks of experience and telling them why they are wrong. You don't know how much you don't know.

bob said - " If you can make it 3 yrs in this business, you are on your way. "

I hope I've made enough by then to pass on the operation and just make a little slice of the pie until I eventually end up selling it.

You're right, 3 years should be plenty of time to build this into a self sustaining business that can run on autopilot. Our mistake.

 

[gradyinsurance]

dave grady - the client will be better served by our concept than perhaps an agent that only carries 2 or 3 companies. We will have them all. If I didn't care about the clients needs first - I would just get the highest paying policies and sell them to everyone. We will actually be like a cafeteria for the client to indulge themselves with the best plans.

In response to insurance not being the right product for "salesman" - I disagree. The commissions are excellent, requires very little service and has renewal and add on abilities. It's not that hard. I've been licensed for 3 weeks - last week I closed 4 MA's paying over $500 a pop, 1 Health on a couple with 2 children paying 25% with 9 months advanced @ $533 a month and did it all in one day. I made over $3300 and gave the client the best deals in their area . . .

Okay, that all sounds good. Usually, however, when a insurance agent focuses on a subject like "closing" or hiring "professional closers" (IIRC, the only time I ever heard the term professional closer in a business enviroment was in the car business.), he isn't too interested in the client's best interest, or which policy is the best fit for the client. He's interested in selling the policy that he gets paid the highest commission to him. If you aren't doing business that way, good for you.

IMO, you would save yourself from lots of headaches down the road, (E&O Claims, etc.), if each and every closer/producer/agent is appointed with all of the companies he is representing. Let me give you a for instance:

One of your producers sells Mrs. Smith a Medicare Supplement, that is a Part D. She gets the misconception that she has Part F supplement, and when she goes to the hospital after she breaks her hip, she ends up owing the Hospital several thousand dollars. Mrs. Smith's son-in-law, who just happens to be a personal injury-medical malpractice attorney, calls the Department of Insurance, and gives your producer's name as the agent who sold this product. When DOI investigates the complaint, they find that your 'closer' was not licensed and appointed to represent this carrier. Best case scenario, your producer loses his/her license. Worst case- you both lose your licenses, and are fined. The potential liability for not get each and every producer appointed far outweighs the time and money it takes to get it right.

Good luck,

Dave

 

[moonlightandmargaritas]

the client will be better served by our concept than perhaps an agent that only carries 2 or 3 companies. We will have them all.

No you won't - at least not here in Florida anyway.

This statement really shows how "wet behind the ears" you really are.

Why not go back to the car business? It really seems like you're more suited for it...

 

[Dave020]

When DOI investigates the complaint, they find that your 'closer' was not licensed and appointed to represent this carrier. Best case scenario, your producer loses his/her license. Worst case- you both lose your licenses, and are fined. The potential liability for not get each and every producer appointed far outweighs the time and money it takes to get it right.

I think that the point here is that this guy has zero interest in any writing agent's career that he ruins with his "JT Marlin"-like operation. He is setting this up so that neither the closer nor he are ever disclosed to the subscriber. Only the writing agent (who will eventually be caught and canned and may face serious E&O issues) will put his/her name on the application. It's a great scheme, highly unethical, seriously risky to everyone but this person and his closers, and without a hint or morals, ethics or values (except the almighty dollar). By actually getting appointed with carriers, he would bear a level of liability and responsibility. This way, no liability since some dumbass agent was stupid enought to put his/her name on the application. The buck stops at the application's agent statement page.

 

[arnguy]

Color me ignorant, but what the hell is this?

A new kind of health plan? Are they admitted in Florida?

Paul, the stuff is a miraculous health drink that allegedly can improve your looks, well-being, immune system, etc. Sounds like the perfect sales opportunity for this guy.

 

[arnguy]

IMO, Tom's "ilk" would seem to be like Ali and the "zero premium life insurance" deal!