Free Lunch - Anyone?

[somarco]

The P-Cat plan is a simplified issue major med plan. They will issue coverage on folks that cannot qualify for traditionally underwritten major med. Some examples . . .

Aneurysm, 5+ years

Angioplasty, 5+ years

Anorexia, 5+ years

ASHD, 5+ years, no symptoms or meds

Internal cancer, 5+ years no treatment

Crohn's

 

[Crabcake Johnny]

But the client picks up the 1st $25,000? This is like the difference between getting hit by a train or a bus:

http://www.hms.harvard.edu/news/releases/2_2Himmelstein.html

Many families were bankrupted by medical expenses well below the catastrophic thresholds of high deductible plans that are increasingly popular with employers

 

[somarco]

Which is better on a $100,000 claim?

Carrier covers xs of $25k.

Carrier covers $0.

I have a handful of clients who requested $25k SIR's in traditional major med plans. Most are with World but just put one with Time since they now offer SIR's above $10k.

 

[Crabcake Johnny]

Go to work for a company that provides benefits and pay next to nothing. Get into the high risk pool and pay nothing. Write yourself a small group plan and pay next to nothing.

 

[Mike_Golden1]

I'm pretty sure I know this story: 10% commish and you deal with live transfer leads. They either have a telemarketing dep't or buy internet leads for live transfer.

In telemarketing, as soon as the marketer gets someone on the line who wants a quote they simply transfer that call to you. For internet leads, the second the lead is submitted the lead company calls the client. When the person answers they simply transfer the call to you.

Believe it or not, it's not an entirely bad system. The leads are expensive so the commish is low - however if you can't stand prospecting then you might want to look into live transfers - many internet lead companies offer them.

Some points:

1) The quality is not better or worse then any other lead.
2) Most of these outfits teach "one shot one kill" closes and it's purely a price-based sale. That leads to a lot of laspes/charge-backs.
3) If the company is fronting the leads you'd better be a good closer.

I got the whole story today, here it is in a nutshell:
1. The carrier you represent is GTL
2. Commission levels are 20% with an 8 month advance
3. they claim their telemarketed lead program works really well and it can be turned on and off to fit your schedule

The recruiter claims some agents working full time on the telemarketing program are making $6-8K a week, that seems rather high to me.

GTL isn't real competitive in Florida with Assurant, Aetna, and Golden Rule so I don't know if this would be viable here

Here's a little more information:

The live transfer service isn't connected to one carrier, it is through a company called Leadpod in California
1. It is $10 per live transfer and you supply the leads (shared are fine)
Leadpod calls each lead 9 times before abandoning
2. You can sell whatever product works best for the client
3. According to one agent who has been doing this for 2 years, 30% of the leads turn into transfers and the closing rate is 25-75% depending on whether you close on the phone or set an appointment.
4. The average monthly premium for this kind of business is about $250, so, if you buy 20 leads a day, get 6 transfers and 1.5 sales, the net daily would be $900-20*7.50 (average shared lead cost) -6*10=$690[
5. Full time agents do about 2X this daily/list]

I just signed up to take the plunge for a few days, with a 4.5 to 1 minimum expected return ratio and one sale being breakeven for the three day evaluation I don't see any downside and tons of upside potential.

 

[Crabcake Johnny]

I'm honestly confused. I pay for the leads initially. Then I send the leads to this company and if they get someone on the line they tranfer that person to me for an added $10. Why don't I just call the leads myself?

I can "maybe" see this as useful if you had a ton of very old leads that you don't have a chance to call.

 

[natem2112]

I'm honestly confused. I pay for the leads initially. Then I send the leads to this company and if they get someone on the line they tranfer that person to me for an added $10. Why don't I just call the leads myself?

I can "maybe" see this as useful if you had a ton of very old leads that you don't have a chance to call.

I talked to the gent this morning after asking for more info from this company, seems that you cannot use your lead database...you have to buy leads from 4-5 of THEIR sources for a DISCOUNTED price of $8.00-$10.00...then pay an additional $10.00 if they get a jack rabbit on the phone to transfer to you.

Wasting $$ gets easier every day it seems....

 

[vito molfetto]

Can anyone tell me of a really good lead company

 

[somarco]

What kind of leads?