Debit and Direct Express

[WinoBlues]

"To each his own".

Many ways to do what we do.

Would you really like to sit at home all day ?

Who works all day? Hell, who puts in a solid 5 hours every day?

To make matters a little easier at the gas pump,I've simply cut back on eating out,drinking alcohol,hanging out at strip joints.

Wait, wait, those are my remote offices.

I have been 100% F2F, I have been 100% phone only. The best method was what worked for me and what I wanted to do at the time at the time I wanted to do it.

I work the business, the business does not work me, now.

Unfortunately, that was not always the case. While my kids were young I was a road warrior. Many times leaving the house early and getting home late and road weary.

Phone sales and working my book, built F2F, changed that. I was able to drive my kids to school or functions, teacher meetings (my boys gave me gas), mid day movie and lunch with the wife, taking care of issues in the middle of the day for my mom (because jr doesn't work) in her last years.

Weather is getting really nice so I will be doing mostly patio office work in the morning. If I get bored I do some F2F. But it is my choice.

I am really thinking I am going to do a hybrid model of what you do and travel nomad work. Except mine will be mostly digital and AirB&B.

Covid lock downs and remote work has broaden digital work being accepted as normal.

Maybe I am going to start a Van Life Life agency.

Many ways to do what we do.

 

[Tahoe Ray]

Maybe I am going to start a Van Life Life agency.

 

[WinoBlues]

Oh snap!

I would give up one my strip club offices for that.

 

[Tahoe Ray]

Oh snap!

I would give up one my strip club offices for that.

There may be a stripper pole in the back as well.

If you hire her as a W2, that would be a valid business expense.

 

[WinoBlues]

There may be a stripper pole in the back as well.

If you hire her as a W2, that would be a valid business expense.

For my OnlyFans page.

 

[WinoBlues]

There may be a stripper pole in the back as well.

If you hire her as a W2, that would be a valid business expense.

Would that be considered digital work?

 

[shonceman]

So typically the agent can't get the DE client on the phone to resolve. Let's say the policy has been on the books 15 months.

That's the problem . When you work over a large area you don't have time to go 100 miles one direction to save 1 policy paying you $4 a month on renewal

Guys, I totally understand that you're working a business model that's reliant on FYC's, and that protecting your renewal base might not be a high priority. But when I talk about agents who make little to no effort to prevent lapses, a significant portion of those are 1st year lapses. Many are still within the chargeback period!

Out of curiosity, I made a quick study. My main debit company also has a separate division for FE. They sometimes give me a list of FE lapses in my wider area in the hope that I'll reinstate a few of them, or rewrite them as home service when appropriate. They give the original writing agents several months to conserve the business themselves before they release them to me. (This company actually allows a one time reinstate by redate for 1st year lapses. I don't understand why more agents don't take advantage of that!)

The last list I got was for the 4th quarter of 2021. Last year was a record setting year for life insurance, both in production and retention. So I didn't expect to see many lapses from that quarter. But there were183 total. 13 of those were surrendered, so I won't count those for this exercise. That leaves 170.

Out of 170 lapses:
136 were first year lapses (80%!!!)
124 lapsed within 9 months or less (73%!!!)
73 lapsed within 3 months or less (43%!!!)

I do run across people who were replaced by another agent, or maybe the original agent rewrote them with another company. But the majority never heard from their agent at all when they lapsed.
Oh, well. More for me!

 

[WinoBlues]

But the majority never heard from their agent at all.....
Oh, well. More for me!

The majority of my book had or have insurance with another agent.
I love those guys.

 

[noah]

Guys, I totally understand that you're working a business model that's reliant on FYC's, and that protecting your renewal base might not be a high priority. But when I talk about agents who make little to no effort to prevent lapses, a significant portion of those are 1st year lapses. Many are still within the chargeback period!

Out of curiosity, I made a quick study. My main debit company also has a separate division for FE. They sometimes give me a list of FE lapses in my wider area in the hope that I'll reinstate a few of them, or rewrite them as home service when appropriate. They give the original writing agents several months to conserve the business themselves before they release them to me. (This company actually allows a one time reinstate by redate for 1st year lapses. I don't understand why more agents don't take advantage of that!)

The last list I got was for the 4th quarter of 2021. Last year was a record setting year for life insurance, both in production and retention. So I didn't expect to see many lapses from that quarter. But there were183 total. 13 of those were surrendered, so I won't count those for this exercise. That leaves 170.

Out of 170 lapses:
136 were first year lapses (80%!!!)
124 lapsed within 9 months or less (73%!!!)
73 lapsed within 3 months or less (43%!!!)

I do run across people who were replaced by another agent, or maybe the original agent rewrote them with another company. But the majority never heard from their agent at all when they lapsed.
Oh, well. More for me!

If a guy is as earned or advanced makes a difference in conservation. If a guy just got a 9 month advance on biz that goes NSF in month 2 he's trying to save his skin.

As earned guy may have fresh leads he would rather run,look for better quality of business.

If a guy just wants to write anything,rewrites,he can go work in the hood and stay busy.

No one size fits all here because of different stages of life,years in the biz,commish structure……maybe a wife who wants a new car,house,upgraded diamond anniversary ring,a new agent with a wife and 3 kids depending on him.

In my case I'm just trying to get enough for the poker games,nude bars,dog track……you guys get it,right ?

 

[WinoBlues]

In my case I'm just trying to get enough for the poker games,nude bars,dog track……you guys get it,right ?

My Goals!