CommissionLadder?

[IndyAgentIDTMY]

Has anyone heard of Commissionladder.com?

Supposedly they offer a contract matching service similar to lending tree (submit a request, get IMO's bidding for your business, get three offers in 24 hours, blah blah blah)

I had a link emailed to me earlier from an Agent asking me what I knew about them, and quite frankly I'm clueless.

However, I just submitted a request on their site, so I will report back on what I find on my end.

Any thoughts or information on this outfit would be greatly appreciated.

 

[agentjaf]

I haven't heard of them. Is the contract for P&C, life, health? I am interested to find out more and what you learn from submitting your app to them.

 

[IAC.Ryan]

Looks like the domain was only registered a week ago. (10/5)

I'm not so sure how much I'd like to be hounded by IMO's desperately trying to out pay each other. Seems like too much of a headache when you can probably get the same contract by going through the normal channels.

 

[IndyAgentIDTMY]

Got a response just a bit ago from these folks.

For fun, I asked for a non-med term at 120. They sent back one offer for 120 contingent upon showing proof of production, but they are not yet telling me the Carrier or the IMO/MGA.

I then asked for more specifics by reply, and got a response saying it was a blind match process, but if interested return proof and they would send me the contracts.

I'll send them a "Sure, I'm interested!" reply with proof and see what company comes back and through who. Either way I'll report back....

P.S. Their site is looking a little too cartoonish for my taste....

 

[Josh]

Just looked it over and it seems interesting, but it doesn't look like anything I think makes much sense. I'm a bit old school and I like to have a relationship with my upline. There is a lot more to a contract than an extra couple of points, but even if the commission level is the most important aspect of the contracting arrangement an agent or agency is looking for then they're always going to want production history if they're legit. It wouldn't surprise me if this was three guys (and/or girls) with decent contracts that put a website together and just treated everything that came in as a recruit so they knew that regardless of who the agent signed up with it all stayed in the family so to speak.
---------------------------
Scratch that, just looked at it a bit more and they're still looking for IMO's/NMO's so I doubt they're trying to do what I suggested before. Seems like a neat idea, but I'd surmise that asking around this forum would give agents/agencies a better idea of what's available with different carriers that something like that website.

 

[IndyAgentIDTMY]

Well, I got back two blind offers; one for 120 and another for 110. I replied asking for the 120 offer. Their email said that once I accepted an offer, they would email the contracts and tell me who the NMO would be.

Now I'll wait and see what they send me and from who and report back...

 

[Josh]

Well, I got back two blind offers; one for 120 and another for 110. I replied asking for the 120 offer. Their email said that once I accepted an offer, they would email the contracts and tell me who the NMO would be.

Now I'll wait and see what they send me and from who and report back...

Are they telling you the carrier? Did you show them any production?

 

[IndyAgentIDTMY]

Are they telling you the carrier? Did you show them any production?

Yes, I just got the contracts and the carrier is "large fraternal life company based out of Canada". I spoke with the guy on the phone earlier and he asked me not to share the name of the Carrier on any websites or forums.

He said they created this as a blind match/blind offer service since they don't want to piss off any other IMO's or Carriers who may make a stink about people offering out higher contracts. When I really thought about it, its just a different road to the same destination, only someone else doing some of the footwork for me. Quite frankly, I kind of wish I would have thought of this idea first.

Anyway, I showed them some production on the life side so they offered me a 120. Overall, surprisingly pleased with what I have seen thus far with these guys....I might even request bids on a health contract and see what they come back with.

 

[Josh]

Yes, I just got the contracts and the carrier is "large fraternal life company based out of Canada". I spoke with the guy on the phone earlier and he asked me not to share the name of the Carrier on any websites or forums.

He said they created this as a blind match/blind offer service since they don't want to piss off any other IMO's or Carriers who may make a stink about people offering out higher contracts. When I really thought about it, its just a different road to the same destination, only someone else doing some of the footwork for me. Quite frankly, I kind of wish I would have thought of this idea first.

Anyway, I showed them some production on the life side so they offered me a 120. Overall, surprisingly pleased with what I have seen thus far with these guys....I might even request bids on a health contract and see what they come back with.

Doesn't seem like you'd be getting a square offer if you weren't comparing apples to apples. A 90 point contract with Pres is a more difficult contract to get than 110 with Americo, so what does the spread really matter if they're just throwing you to different carriers that may or may not have as competitive product? I think there is more to contracting on life products than just the commission level, what about the companies financial stability? How quickly they pay the life claim? Rates? Underwriting? Maybe I'm a bit too skeptical, but I'm not sold on it yet.

 

[IndyAgentIDTMY]

Doesn't seem like you'd be getting a square offer if you weren't comparing apples to apples. A 90 point contract with Pres is a more difficult contract to get than 110 with Americo, so what does the spread really matter if they're just throwing you to different carriers that may or may not have as competitive product? I think there is more to contracting on life products than just the commission level, what about the companies financial stability? How quickly they pay the life claim? Rates? Underwriting? Maybe I'm a bit too skeptical, but I'm not sold on it yet.

I'm not I think you can ask for bids for a specific company....I just asked for a good non-med term.

So far I have only sipped the KoolAid and it doesnt taste too bad. I'm still proceeding with caution either way....