- Thread starter
- #21
Not understanding... if you aren't collecting cash, how can you steal their cash and cause a loan on their policy based on my original post?
Debit Routes - Independent Agent Review
- Thread starter TripleH
- Start date
Agent can always go by because an unsuspecting client needs to sign something..... Just happens to be a policy loan form … Many companies have all service requests on one form, from beneficiary change, address change, loan request, cash surrender, etc...The client signs to change beneficiary but the form is sent in with address change and loan request checked. A crooked agent can always come up with a scam. There was a guy from around Chattanooga that stole millions from corporate clients by routing the premium deposits to his bank account to pay premiums for policies that he had made up himself.
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So shonceman... which of the three did you choose?
Or was it a combination of the 3...
- 4,306
So shonceman... which of the three did you choose?
Or was it a combination of the 3...
- 4,306
The home office of a small regional carrier (not a debit company) where I have a significant amount of business is not far from my home. I stop by a couple times a week on my way to and from the field to handle paperwork, phone calls, etc. I'm often there after normal business hours. A few years ago the customer service manager was terminated. I had noticed that she was always the last of the office personnel to leave most evenings, working behind her closed office door until quite late. I thought she was a really hard worker! Turns out she was behind her closed door processing fraudulent policy loans and making the checks payable to several of her friends and family who then split the proceeds with her. I've always been amazed by how many creative ways people can come up with to steal somebody else's money!
- 4,306
Just a quick caution to you: If you find yourself running into debit policies a lot, you may want to change your lead areas. I've seen many FE agents come and go in my debit neighborhoods. They're lured in by how easy it is to get sales in those parts of town, only to find out too late that there's a reason some people really need an agent to collect their premium. When the chargebacks start hitting due to poor persistency, they're often run out of the business.
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Yes! Advances will kill you. I went as earned YEARS ago. Even still, if it pays it stays. Only get paid on the stays
CasualT
Expert
- 46
Debit agents and carriers don't die off easily. Sometimes you're dealing with 3 generations in one family who have paid the debit agent for premiums. They don't like to move unless you can show them how they can get more face value for the money. But when they do they'll refer out to other friends.
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The other secret when dealing with debit clients is to STOP looking at the whole group of business. Mary will tell you that she has $30,000 and pays $100.00/month.
If you look at her payment book, you may see two $10,000 policies on her from 30 years ago and a $5,000 policy from 10 years ago. But that last $5,000 was purchased 6 months ago and it is 4x the price you could get for her.
Focus on that last $5,000 if you can't help her switch all.
If you look at her payment book, you may see two $10,000 policies on her from 30 years ago and a $5,000 policy from 10 years ago. But that last $5,000 was purchased 6 months ago and it is 4x the price you could get for her.
Focus on that last $5,000 if you can't help her switch all.
tribetime32
Guru
- 377
There's also true SS billing. Don't oversell and make sure the company gets their money before the client can beat them to the bank!
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