Debit Routes - Independent Agent Review

[shonceman]

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!

SS billing helps. But I've noticed my DE clients seem to change their cards a lot more often than my bank account clients. The DE people are apparently more vulnerable to ID theft fir some reason. At least I hear about it more from them as to why their draft didn't go through after they forgot to call me or the company with their new card info. Seems like I have to babysit my DE clients nearly as much as my debit clients!

 

[TripleH]

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.

Good info - there are also bad info. Definitely a lot less ability to steal from clients when using EFT

 

[TripleH]

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!

WOW! If someones going to commit fraud, they'll do it regardless of where they work I guess.

 

[TripleH]

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.

Yes, I could not agree more. This is something that I have run into quite frequently and that why I always like to call their existing carrier on speaker phone to get all the information for the client with them hearing. "So they owe you guy $6,000 on their $10k policy? - ok great, so if they died today how much would their beneficiary get? ONLY 4k?!" then I explain to Ms. Mary we can do a lot better

 

[TripleH]

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.

Correct, that is why using true SS Billing carriers is so incredibly important for this replacement situation

 

[TripleH]

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.

Interestingly enough - I also find that 5-6/10 of those clients with debit routes also have another carrier that is already set-up with EFT. Odd!

 

[Life Hawk]

Interestingly enough - I also find that 5-6/10 of those clients with debit routes also have another carrier that is already set-up with EFT. Odd!

I have followed very few debit agents... but I can tell you this, if they were good to their clients, your not going to change that business over. There is a bond like none other with these folks if their agent is any good at all. And I respect good debit agents for that.

 

[tribetime32]

I have followed very few debit agents... but I can tell you this, if they were good to their clients, your not going to change that business over. There is a bond like none other with these folks if their agent is any good at all. And I respect good debit agents for that.

Agreed! I ask for the agent's number in those houses to see if I can put them in a better situation. This also goes to show that if you take care of your clients they will be loyal and not leave you no matter how good that new program sounds.

 

[TripleH]

I have followed very few debit agents... but I can tell you this, if they were good to their clients, your not going to change that business over. There is a bond like none other with these folks if their agent is any good at all. And I respect good debit agents for that.

I completely agree! If I stopped by and saw my clients each month, we would probably have the same relationship as well. It's our job to sell them in 45 minutes to an hour and have them pay for the rest of their life

 

[rousemark]

I have followed very few debit agents... but I can tell you this, if they were good to their clients, your not going to change that business over. There is a bond like none other with these folks if their agent is any good at all. And I respect good debit agents for that.

That doesn't just hold true of debit agents. If ordinary are good to their clients, check on them occasionally, etc. other agents won't be able to drive them out of the house. Back when I sold Med Supp, I seldom lost a client except through death. But, I called on them to follow up on claims, stopped by just to say hi (and get referrals) etc.