Genworth Wants Your $101,000 Life Cases

[tlmarketing]

Genworth recently announced that they will no longer pay agent commissions on life insurance cases of $100,000 or less...if you submit a paper application to them.

Genworth, like a number of other life insurance companies have invested heavily in the electronic application process....and it's not being used as much as they would like.....

So how do the executives at Genworth address this...they stick it to you the agent, that's how. There is definitely a lack of original thought taking place in the home office...

Genworth wants to serve the "Main Street Americans" as they say...They could do this by becoming a leader.

Instead of Genworth screwing agents, they can take a leadership approach......Set a minimum premium of $300-$500 per year for their policies....OR they can provide incentives to agents who step out of the comfort zone and pay them more for using the e-app process.

And if that doesn't work, agents should just start submitting applications for $101,000 in order to get paid!

 

[Mattschmidt]

WoW!!! Glad you posted that! This might back fire as I come across alot of people that do not want to give you all their info over the phone or computer.... E APPS are only as good as the clients who want to use them....Can't believe they will keep the commission...

 

[lqdirect01]

Genworth is also discontinuing the sale of their 15 year term as well

 

[Norwayguy]

You mean Genworth actually paid a commission on such small sales...It certainly seemed like they didn't before

 

[GoCubsGo]

Genworth recently announced that they will no longer pay agent commissions on life insurance cases of $100,000 or less...if you submit a paper application to them.

Genworth, like a number of other life insurance companies have invested heavily in the electronic application process....and it's not being used as much as they would like.....

So how do the executives at Genworth address this...they stick it to you the agent, that's how. There is definitely a lack of original thought taking place in the home office...

Genworth wants to serve the "Main Street Americans" as they say...They could do this by becoming a leader.

Instead of Genworth screwing agents, they can take a leadership approach......Set a minimum premium of $300-$500 per year for their policies....OR they can provide incentives to agents who step out of the comfort zone and pay them more for using the e-app process.

And if that doesn't work, agents should just start submitting applications for $101,000 in order to get paid!

You say "life insurance" but I believe it is only Colony Term UL and not GenGuard UL.

 

[BNTRS]

The horror! No commission on that $100,000 term case?!

So much for that coffee I was going to buy tomorrow morning...

 

[Larry Tew]

I don't see the big deal. They could have just as easily said they simply wouldn't accept paper apps on those cases. Same difference.

 

[Full Throttle]

The horror! No commission on that $100,000 term case?!

So much for that coffee I was going to buy tomorrow morning...

Say what you want, but I just submitted a $50,000 10 year term policy for $1,400 in annual premium. Big case, not at all. However, it's at least a couple cups of coffee.

That being said, I agree it's not a huge deal if they no longer take paper applications on small face amount policies. That being said, if they are close to another carrier on the same case, I'll likely go with the other carrier. Not that they care, if they cared, they would not have put the policy in place.

 

[NinjaNic]

I spoke to our RVP about this, they say that their interview completion rates are hovering right at 80%. But they harp on their placement ratios of the business being 8% higher if they do the app vs. the agent. Good sales guy, so--if your numbers are correct, the total placement of a case that an agent submits via LQR is actually 72%, vs. submitting it themself and it being 85-90%?

And, they will pay commissions on reissued cases. Apply at $101k and reduce face upon approval...

 

[Mattschmidt]

Another crappy thing about this change...Exam One, which is the only paramed exam company they do their Eapp thru, will contact the client TWICE...If they don't get in touch with the client, they close the case...they you have to resubmit everything again...This is just plain stupid