First day WIN!

[Life Hawk]

I track everything in a CRM. What’s the benefit of using excell?

Backup... I've used CMRs for years, I've had excel for decades. One of those hard lessons I guess.

 

[WinoBlues]

Who do you use to write GI?

These were GI?

 

[WolfOfInsurance]

These were GI?

I only use AIG for GI. I wrote two with SBLI that were preferred and two AIG GI’s.

 

[DonP]

I only use AIG for GI. I wrote two with SBLI that were preferred and two AIG GI’s.

What the posters are telling you is there’s a reason these people you wrote use direct express accounts . They couldn’t handle a checking account because of constant nsf’s and negative balances in their accounts . Their checking accounts were probably closed and they never paid the negative balances . They are terrible with money . Overall those people are not good business . First time your draft cause them not to be able to buy cigs your ins gone . Also another big issue is people lose their cards and your drafts bounce . Also sbli is bot true ss billing . It doesn’t draft on the 1st or 3rd if those dates are on the weekend . What that means is if the 3rd is on a sat . Your clients get paid on Friday the 2nd . sbli and I believe Aig ( I dont believe there true ss billing either ) won’t take that money until Monday . There’s a 98% chance by Monday that direct express card has zero balance and you draft bounces . Then you got to set up a double draft the next month . If they bounced 1premium what’s chances of them having the money for 2 premiums ?That’s if you can get them on the phone . Are you doing telesales ?

It’s great to be excited . But what posters are telling you this business has a lot of ups and downs in the first 1-2 yrs . For instance if you get a $1500 advance and 2 months later you get chargeback . That means the next 2 pieces you get no check as you clear the debit . Also what’s being told to you it’s very unusual for a direct express Gi to be spending $220 a month on a policy . There’s a great likelihood he lapses in the first yr . Overall Gi business has a very high lapse rate . I looked at my aig Gi book a while back . It had a lot of lapses in first yr . For me that’s throw away business . I don’t care if I write it .You need to learn to undersell premium vs overselling . Somebody with a direct express card overall should never be spending over $80 a month or so . They’re bad with their money so you think they’ll keep that $220 coming out of their check monthly ? Keep your head down and your emotions level . The journey ahead will have many bumps in the road . How you handle those bumps will determine if you make it in this business .

 

[DayTimer]

AIG has changed names to Core, put everyone as earned and done away with charge backs.

You can still get advanced AIG business. It isn't now and never was a good idea to take it advanced, but I took a contract with another IMO after the re-branding and I had to specifically request as-earned.

I haven't written a GI case in years. Probably won't unless someone close to me needs it. I refer all my GI cases to call @jdeasy so he can give them the MOO phone number.

 

[DayTimer]

I track everything in a CRM. What’s the benefit of using excell?

Are you with Digitial BGA by chance? I ask since you say you are tracking everything in a CRM.

Then benefit of using Excell is 1) it is yours and 2) you can customoize it to your business and capture stats that your CRM might not be programmed to report.

There is a good video on youtube by a DBGA agent that explains how he uses Excell to track and grow his business.

How To Gain Certainty In Your Life Insurance Telesales Business - YouTube

 

[jdeasy]

Thanks for your detailed analysis and I don’t mean that as a smart as.s comment lol.

I wrote another husband/wife SBLI + AIG combo today also again with direct express.

None of these people seem to have a bank account. But why is direct express so bad when they get paid on that card and I setup the billing to hit the same day as they get paid.

How does a bank account fix this issue as banks can go NSF just as easily..?

It seems I’m in the right direction if I’m only 2 days in and wrote 4 policies. Am I wrong? Serious question.

I’ve heard some people don’t write anything but direct debit/bank. Is this just bad business that’s in writing? How high of chargebacks can I expect with direct express business 20-25%? How does it compare to them using a bank account?

Don’t they keep 25% for chargebacks anyways?

One of the main things I’m worried about is chargebacks. Not because of the comments here. I’ve been in business all my life and know all about CBs.

Im just wondering if CBs are so bad that it can kill my business..?

thanks

DE in and of itself is not bad. It can be convenient for people.

The real drawback is that a person can’t add money to the DE. Like if they take to much out and want to put it back on so their insurance will be paid, they can’t.

The over riding problem is why they have the DE. With very few exceptions they have the DE card for a reason. Some just can’t open an account. They have burned every bridge at traditional bank accounts.

Number 1 reason they have it is because it can’t be garnished. So you are dealing with a person that’s in arrears with someone and doesn’t intend to pay them.

I remember at one time NorthStar wasn’t allowing agents to write DE in their call center. That might be different now?

 

[myinsurebiz]

Who do you use to write GI?

If I do - it's Great Western.

I've written maybe 3 GI's since 2008.

 

[Life Hawk]

If I do - it's Great Western.

I've written maybe 3 GI's since 2008.

Had a short, fatty yesterday, and wrote GW. I giver her 6 months before she screws it up again.

 

[goillini52]

What the posters are telling you is there’s a reason these people you wrote use direct express accounts .

Is Chime considered to be a DE card?