Does Time in Business Equate to Being an Expert?

[Dave020]

In general, yes, I agree. However, you can still get thrown for a loop by claims processing procedures that stray from the norm. They are carrier-specific and while most general claims are adjudicated and paid a certain way uniformly, the more subtle ones are often the head scratchers.

In my example above, the process is specific only to that carrier. No other CA carrier handles a Remicaid claim that way on an HSA plan.

 

[somarco]

The only reason people buy health insurance is so it will be there when a claim is submitted. I have as much, if not more experience in dealing with claims as anyone on this board. Of all the claims I have reviewed, I can only think of one that was mishandled by the carrier. It was a relatively minor claim, less than $1500, but with some intervention on my part the claim was sent back through the adjudication process and paid properly.

Most of the problems with claims involve a lack of understanding by the policyholder. Once you explain the process, and why the claim was paid the way it was, things go smoothly.

If an agent doesn't understand the process, how claims are reviewed, why they are assessed a penalty for using non-par providers, and how the claim is paid they will be totally lost at the most important part of the sale. If you can't render service after the sale and walk your client through the process you are at a disadvantage.

And yes, this is not something you can learn from carrier brochures. It is part of living this business on a day to day basis.

I still run in to things from time to time that throw me for a loop, but not very often. Usually it is just a matter of getting the info from the client and walking them through it.

 

[WinoBlues]

""......Certainly a newer person can be a great sales agent and see the errors of others who care less or have not learned that aspect as well (and those can be very veteran agents)

Back end, not so much. That comes with experience only. .......""

Right on! I can take a car salesman and have him selling insurance in a week. Knowing how to service his clients is a whole different matter. That is one reason there are so many orphan policy holders out there.

If I was a recruiter I would take the Primerica model. Only hire hot shot FNGs/Greenies. Let them run like hell for a year then wait for them to fizzle, and fade to black. Then the orphans would be mine.

Some of us crusty old guys build our business from the backend. Not only servicing our clients but all the orphans out there. What do I consider an Orphan? Any client that has not heard from their agent in two years.

Five of the cases I did last weekend were conversions of cases I have been servicing. All had been written by agents that are still in the business. Not one had heard from their "agent" in years. 5 figures of income they missed out on, All are already Placed in Force. Commissions paid. Not because I am a good salesman, because I am not. But because over time I have learned to become a pretty good agent

It's specific to the product and specific to the front or back end of it.

Certainly a newer person can be a great sales agent and see the errors of others who care less or have not learned that aspect as well (and those can be very veteran agents).

Back end, not so much. That comes with experience only. Esp for health insurance.

While I agree with John P about studying and knowing, simply put, there are many aspects of health insurance claims that are in no way disclosed or addressed in any printed document available to an agent. EOCs are good, but not great, period.

Once you have dealt with the myriad of claims issues in something like health insurance, you know that your experience gives you a better perspective than that of the front-end agent.

Same with other types as well. Selling life insurance versus delivering multiple death benefits. The front end is "book learning", the back end is only through experience. Per stirpes, the agent actually set this up per stirpes?

And if you're not sure what I am talking about, I will ask any CA health agent to try and answer the following question correctly (and no, it is not covered in an EOC):

Health Net HSA HIPAA IFP $4000 PPO plan (or any of their IFP HSA plans) where client is pre-auth for an expensive self-injectible formulary medication to be purchased by mail-order through HNet's participating mail-order pharmancy. Client has only $200 until he hits his annual OOP on the HSA plan. He orders a refill costing $3,000. What happens and how much does he have to pay?

 

[CHUMPS FROM OXFORD]

"I can take a car salesman and have him selling insurance in a week"

What type of insurance?

 

[Crabcake Johnny]

Mega Life.

 

[WinoBlues]

Life Insurance. This in no way is a testament to me. Just about any one on here could. And it defiantly was not an offer.

Note that I did not say he would be a good agent, Only that he could sell. Huge difference.

"I can take a car salesman and have him selling insurance in a week"

What type of insurance?

- - - - - - - - - - - - - - - - - -

Mega Life.

Yeah, that is more "Here is a rate card a clip board and bunch of apps, now go'em tiger!"

 

[ABC]

I have noticed on this forum that most agents equate time in the business as knowledge and expertise. I have a couple of questions though:

1. If an agent has been in the business, for let's say 30 years, and has sit around and rested on his laurels, never taking the time to learn and grow, is he smarter than the guy that has been in the business a 1 or 2 that has invested hours and hours of time learning? YES. The agent should have more experience with sales cycles, clients, Carriers, and so on. That does not mean the agent with 2 years can't out sell him.


3. Can agents be successful in their first year of business? Yes but you will have to have that mad dog mentality and bite at everything that moves. Set realistic goals.




4. Is it possible for and agent that is completely new, let's say 1 week in the business, to be a better salesperson and closer, and more motivated, than an agent who has been in the business for 10-50 years?
NO. Your sales skills might be good but someone that has sold many many many more policies than you will have an advantage. Does not mean you can't out sell them.


7. Do you know agents that have been in the business for 20 years that just don't seem to have a clue? NO if an agent has been in the business for 20 years and its been their primary source of income they should have a clue. They might be very Lazy.

8. Does time doing a certain thing make you an expert, especially if you are not good at it? NO

 

[ergammill]

Does Time in Business Equate to Being an Expert?
YES and no

Time in the business would be at least 3-5 years of being able to pay your bills.

I know guys who have been in business for years, but survive off their spouses income. They are not experts.

I also know guys who have made money right away, but don't last more than a couple years, just because they made money and sold policies does not make them an expert.

Time and success combined make you an expert in your area, don't know anyone who is an expert in ALL types of insurance.

I would take very little advice from someone who has not been making an income for at least 4-5 years, there's too many successful agents with years of experience who are willing to help you and mentor you, than to take advice from someone who found a "system" that is working now, because it probabaly won't be working a year from now, things change and I want mentoring from those who have survived the changes.

(By the way, I have been paying my families bills since 2001 in this business, debt free since 2006, try to take an online ce class every 3 months or so, attend all my carriers web trainings, and still learn something everyday. (I have met a few experts, BUT have never found anyone who claims to be an expert, that really was.)