- 26,140
Nice reminder to us all.
I'll add - work all your claims and orphan claims.
I'll add - work all your claims and orphan claims.
Embarrassing, Arrogant Newbie Mistake I Wish I Never Committed
- Thread starter Rearden
- Start date
Here is some free advice for you MGA's out there. Reardon's post is typical with FE agents. We invested in a Service Rep for our Agent's. Their sole job was to preserve FE business or any other Life Business (FE was 97% of the problem).
Well, it works and the money an MGA saves on Lapses pays for this individual without any problem.
Goes to show you, when a group of agents are able to give up some commission for superior service. Everyone benefits.
Well, it works and the money an MGA saves on Lapses pays for this individual without any problem.
Goes to show you, when a group of agents are able to give up some commission for superior service. Everyone benefits.
- 1,007
good stuff thanks for posting
profithuner
Expert
- 62
Depends. If it is a rewrite, then yes and we send out the original agent to do this. Most cases the answer is no. Mostly oversights and forgetting about it.
See most agents do not deliver the policy or sell on a true needs basis and because of this, it reduces the importance of the sale and the upcoming bills.
Our agents are trained to sell on a needs basis and then deliver each policy. This alone has increased our persistency, adding the Service Rep is just a trick I learned over the years in Selling to Businesses and seems to be working well in the Individual Life Market.
- 2,452
LOL. I'll keep my commission and hire my own service personnel, thank you very much. My agents don't pay for the help I provide either, they are all at the level that their production merits with the carriers.
I would have to agree, any good agent should be servicing there own clients and don't expect somebody to be calling trying to conserve business when the agent may not know what is going on. The only thing this is doing is helping the IMO on the bad agents and you should not be taking commissions away from the good agents. If anything, give them the option.....which most will not take and go for the higher %.
I am willing to lay odds that the first ones that would jump at the possibility of higher commissions if given a choice would be the bad agents.
I am willing to lay odds that the first ones that would jump at the possibility of higher commissions if given a choice would be the bad agents.
That is for sure open for discussion, would have to take a poll and see where it goes. I can see the heavy hitters that do 10k in annual prem per week it may be beneficial to have the extra support.
I guess it comes down to how much is it worth? 5points? 10 points? 20 points?
The reason I say the bad agents would be first to jump at higher commissions is they are out for themselves. They don't care if the client gets service or not. One lapses? Just go write it with anohter company and get a new first year commission.
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