Debit and Direct Express

[PhxSunsFan]

I KNOW some senior agents dont even look at a de client.. but why?
If the carrier is tru ss billing and the money is scheduled to come out early am of day money received, how is this different from a regular checking account? and same for debit.. if the debit card is attached to the checking , and true ss billing carrier is used, what is the difference vs checking account? thanks

 

[jdeasy]

The difference is the agent. My DE persistency is north of 90% just like the rest of my non DE business with my primary carriers.

Biggest problem with the DE is cards expire or people lose them. So it's an extra layer of service work. If an agent decides they don't want that service work then give the prospects my number.

 

[DonP]

De business with Trans was awesome . I bet my persistency was as high as regular checking . Trans was ( haven’t written in a long time) #1 at getting to the bank . The problem with it now is they mail the client a form when it expires to get a token . Few people know how to do it . I’ll call the client to help and leave my # to call back .

 

[PhxSunsFan]

if the de card is expiring... do any agents keep track of this and remind them?

 

[PhxSunsFan]

and what about debit cards associated with the acct that gets the ss sent to?? any negatives on that??

 

[shonceman]

The difference is the agent. My DE persistency is north of 90% just like the rest of my non DE business with my primary carriers.

Biggest problem with the DE is cards expire or people lose them. So it's an extra layer of service work. If an agent decides they don't want that service work then give the prospects my number.

Or my number. As a debit agent, I’m used to doing extra service work!

I write a fair amount of business on DE people who lapsed because their previous agent didn’t care enough to follow up on a failed draft.

 

[noah]

The policyholder needs to be proactive and reach out to the agent for the biz to stay on the books. Most if not all will have a dead phone number when the agent attempts service.
Trans doesn’t make it easy to stay on the books. Most of our people have no idea how to fill out the SSBO form,tokenize the card and the policy lapses.
They need to do this over the phone with a voice signature.
I usually mail them the form,have them send it back to,get the card number on the form,tokenize it,send it to trans CS.

 

[shonceman]

The policyholder needs to be proactive

Proactive? FE policyholders?

 

[WinoBlues]

Proactive? FE policyholders?

In the last several years I have written maybe three DE. For that main reason. I don't want my book filled with high maintenance clients.

Of those three one died, wife lapsed, daughter took over and on PC, the other one charged to his bank PC.

I only write DE if it is a referral from a solid client. Otherwise it is better to refer them to a different agent

 

[shonceman]

I only write DE if it is a referral from a solid client. Otherwise it is better to refer them to a different agent

I completely agree. Send them on over to me!

Seriously, though, most FE agents aren’t equipped to deal with high maintenance, low discipline clients like you find using DE cards. Even though companies have gotten better at true SS billing, that particular clientele is better left to the debit agents, IMO.