EFinancial Vs National Brokerage

[redsquash]

I'm considering signing up with either EFinancial (EF) or National Brokerage (NB). They both appear to be providing the same kind of products/service. Which one would you go with, if you have to make a choice.

I'm getting more inclined towards EF. Does EF any advantages over NB?

I would prefer to submit the apps online. The less the paperwork, better it is. Also, I wouldn't mind paying for their backoffice support. I just want to sell, and let "someone (EF/NB)" take care of the rest. I understand I still may have to do some work - but thats fine. Mostly, I want to concentrate on selling. So keeping my situation in mind, which one should I go with - EF or NB?

 

[Norwayguy]

I'm considering signing up with either EFinancial (EF) or National Brokerage (NB). They both appear to be providing the same kind of products/service. Which one would you go with, if you have to make a choice.

Also, which carriers NB offer? I couldn't find the info on their site.

If your going to do a lot of Life via telephone then Aliss through Efinancial will probably be a be route...Otherwise I think National Brokerage is a better choice...You can still do life over the phone and their system is just not as good as Aliss on the initial taking of the app if you want to be done in a hurry...I think they are all over Efinancial on the backend....This is my experience and is not scientific in any way.

 

[redsquash]

Are National Brokerage and National INSURANCE Brokerage under the same umbrella or totally different organizations.

I saw the recorded webinar on National Brokerage website. It looks good, but doesn't show how the apps can be submitted online or via telephone.

Someone on this forum said that EF sux in backend support, and they are more interested in selling the leads and their own agents soliciting business. Do NB also has its own agents selling insurance? What is the quality of NB's backend support - they charge 25% of the commission, so I want to make sure its worthwhile.

For me, the Tele-sale will be approx 30-45% of the total sale, but the MOST important is to be able to submit the apps online.

 

[Norwayguy]

Are National Brokerage and National INSURANCE Brokerage under the same umbrella or totally different organizations.

I saw the recorded webinar on National Brokerage website. It looks good, but doesn't show how the apps can be submitted online or via telephone.

Someone on this forum said that EF sux in backend support, and they are more interested in selling the leads and their own agents soliciting business. Do NB also has its own agents selling insurance? What is the quality of NB's backend support - they charge 25% of the commission, so I want to make sure its worthwhile.

For me, the Tele-sale will be approx 30-45% of the total sale, but the MOST important is to be able to submit the apps online.

When you say Tele-sale and submitting the apps online, are you speaking of fully underwritten products? If so they way this works is you complete the app on the phone with the client and forward the app to the paramed via their website for the paramed to get the signature and collect the check...You can do this with Aliss/EFinancial or with the system on National Brokerage....You can do this with no system and just doing a paper app over the phone scanning it and uploading it to the paramed (Though I wouldn't recommend the third way if you will do much of this type of sale). The Aliss system really only makes the initial input somewhat easier in that most fields are in the Aliss system for you but when I used it I still needed to scrub the app for questions and things that Aliss didn't cover then save the app in PDF and upload to the parameds website...If you ask your rep at National Brokerage they have this ability as well, their preference is for you to mail the app to the client to sign and send back to you but you can still do it the same with the paramed....

The other option with National Brokerage is to use their Concierge system ( I have not used this system) You speak with the client get the basic info and get an agreement on the type of insurance plan and price and let them know your office will be in touch..National brokerage takes it from their once you enter that info into the concierge system...I have not used this for one major reason and one minor...First you take a cut on comp (which I wouldn't mind too much for giving up all the work). But my major issue is I'm hanging up the phone while the client is ready to buy, they will cool off to some degree while awaiting the call from concierge second I like to follow up my cases and have more control.

 

[redsquash]

When you say Tele-sale and submitting the apps online, are you speaking of fully underwritten products? If so they way this works is you complete the app on the phone with the client and forward the app to the paramed via their website................ The Aliss system really only makes the initial input somewhat easier in that most fields are in the Aliss system ..............ask your rep at National Brokerage they have this ability as well, their preference is for you to mail the app to the client to sign and send back to you but you can still do it the same with the paramed....

The other option with National Brokerage is to use their Concierge system.

Thank you so much for your help. You're right about my assumption on tele-sale/online. I dont like/want to write/print the app, mail to client etc. I prefer to submit it through website - either as pdf file or just populate the info into "broker's" website.

1) Have you heard any negative things about Concierge system? I have read all the +ve comments on their site :-)

2) Do you recommend any specific rep at NB, or they all are same?

3) Does NB also compete with me, like EF - by selling life.

4) I think I can use ALISS while contracting with NB. ALISS doesn't require the contract with EF. If I do that, what type of difficulties I can get into.

I'm planning to attend their live webcast later this week.

 

[Norwayguy]

Thank you so much for your help. You're right about my assumption on tele-sale/online. I dont like/want to write/print the app, mail to client etc. I prefer to submit it through website - either as pdf file or just populate the info into "broker's" website.

1) Have you heard any negative things about Concierge system? I have read all the +ve comments on their site :-)

I haven't heard any negatives about NB Concierge service, just my own fears of using it that I have already mentioned ie if they are ready to buy why am I not taking the app...

2) Do you recommend any specific rep at NB, or they all are same?

I believe they have a couple of locations, you might want to find a rep that is convenient to your time zone...I'm on the East coast my Broker Dealer is on the West it drives me nuts that I have to wait till noon to talk to my B/D and they sometimes call me late into the evening when I would most like to forget the office (Once again this is my B/D and not National Brokerage) You can give Corey a call (719) 623-5730.

3) Does NB also compete with me, like EF - by selling life.

No however they might also be the IMO/FMO to your competitor

4) I think I can use ALISS while contracting with NB. ALISS doesn't require the contract with EF. If I do that, what type of difficulties I can get into.

Are you certain about that? I would think you would have an issue with any carrier they do not carry and I know they charge $60 a month but I think they want a piece of the pie as well. You want to check into this because you are signing a contract for 12 months for the ALISS system.

I'm planning to attend their live webcast later this week.

If you mean a National Brokerage Webcast they have them all the time and always seem to be coming out with things to help the brokers that do business with them.

 

[Medigap]

From experience ... the EF back end support sounds great but is extremely ineffective. You might "sell" alot but you won't issue alot with their support. You can expect the average life case to take 2-3 months (sometimes longer) to underwrite. They recommend you set the paramed 2 weeks out. They do follow up with your clients but they leave voicemails as being with Efinancial and it seems like they rarely get in contact with your clients. If you're known as XYZ life agency the prospect can be confused. Also, it seems like the back end folks just go through the motions.

No one cares about getting that policy issued like you do. So, think twice about putting your success in the hands of a 3rd party.

We were issuing about 1 in 5 policies that we sold through them in which they handled the application process. We recently brought on our own admin and are issuing 4 of 5 apps we write.

Positives: EF has great contracts and we still use ALISS.

 

[redsquash]

From experience ... the EF back end support sounds great but is extremely ineffective. ....... They do follow up with your clients but they leave voicemails as being with Efinancial and it seems like they rarely get in contact with your clients.

Medigap/Norwayguy - If I use Concierge system from NB, and they contact the client - how do they represent? Calling from NB (confusing the client) or do they say 'calling from NB on behalf of xyz insurance agency". I noticed on the recorded webcast where NB said they dont market their names to the clients, even on the monthly newsletters - they put the agency name.

It seems like, NB has to be a better choice over EF.

I'm also on the East Coast. when you say your B/D is on West Coast, does it mean someone other than NB?

 

[redsquash]

I submitted the request on NB website to call me back for further discussion, and also left them a voice mail message. But no-one has returned the call yet.

Do they always take that long to return the call from their old agents as well?

Does "your rep" make money out of "your sale" or he just gets regular salary?

 

[Full Throttle]

I submitted the request on NB website to call me back for further discussion, and also left them a voice mail message. But no-one has returned the call yet.

Do they always take that long to return the call from their old agents as well?

Does "your rep" make money out of "your sale" or he just gets regular salary?

I've never had an issue getting a hold of someone when I've called. If your guy isn't in, ask for someone else. I have no idea how they get compensated nor do I care. If you are unhappy, go else where. MGA's are a dime a dozen.