Golden..

[VolAgent]

However, ROP has more adverse risk to the business and that makes it more important that business evaluation is done on a regular basis. If the company is taking too much loss there, they might consider limiting that business sector all together.

I sold Shenandoah... they didn't evaluate their business practice or investments very well.

Oh definitely. You are going to get a lot of deaths with ROP, both within and out of the limited benefit period. That is part and parcel of the business. And any company that is not evaluating the profitability of a line is remiss.

My opinion is that it would be cheaper AND more effective not to investigate claims, but instead to monitor claims and business mix. See who is writing a lot of ROP and are they an outlier in mortality. Also, is the mix of ROP versus level getting out of line and endangering profitability. You'll find the bad apples, but it won't cost as much and won't put as big a black eye on the company's reputation.

 

[Life Hawk]

Oh definitely. You are going to get a lot of deaths with ROP, both within and out of the limited benefit period. That is part and parcel of the business. And any company that is not evaluating the profitability of a line is remiss.

My opinion is that it would be cheaper AND more effective not to investigate claims, but instead to monitor claims and business mix. See who is writing a lot of ROP and are they an outlier in mortality. Also, is the mix of ROP versus level getting out of line and endangering profitability. You'll find the bad apples, but it won't cost as much and won't put as big a black eye on the company's reputation.

I am with you on the companies rep. I regularly use BBB reports to sell my companies... I prefer where I can to use companies with few and in one case (member since '52) no complaints. People respect that, and companies would do well to look for ways to keep a positive image as much as possible.

 

[Gooner]

I am with you on the companies rep. I regularly use BBB reports to sell my companies... I prefer where I can to use companies with few and in one case (member since '52) no complaints. People respect that, and companies would do well to look for ways to keep a positive image as much as possible.

BBB reports to sell DR? I'm really interested in your presentation...there was once a poster here who was adamant about companies having A ratings...even that Salty dog changed his mind if you're selling on ratings...imho...you have missed the mark in your presentation.

 

[shonceman]

I am with you on the companies rep. I regularly use BBB reports to sell my companies... I prefer where I can to use companies with few and in one case (member since '52) no complaints. People respect that, and companies would do well to look for ways to keep a positive image as much as possible.

I don't use that type of info in my presentation. But my state does publish a justified complaint index, that shows whether a company has more or fewer "justified" complaints compared to other companies in the same line of business. When I check out a company to decide whether to write them, I definitely consider their complaint record. I only bring it out to a client if an agent is attempting to replace me with a company with a higher index. (Remembering these are for "justified" complaints after DOI investigation & mediation.)

 

[Life Hawk]

BBB reports to sell DR? I'm really interested in your presentation...there was once a poster here who was adamant about companies having A ratings...even that Salty dog changed his mind if you're selling on ratings...imho...you have missed the mark in your presentation.

Perhaps you need further explanation. I was working with a company not well known... by using the BBB report I could introduce a company that was over 118 years old, and has been a member of the BBB since 1952... no complaints closed in last 3 years and 0 in last 12 months. Yep, that's good as gold there with Mildred who is 74 herself.

Regardless the rating of A+, most carriers are dealing with complaints... look it up. Not that they are bad they just have complaints... clients aren't happy, "You want to be happy with a company your are paying your money to don't you Mildred?"

Your assumption that I only sell companies with A+ ratings is incorrect... but you bet your bottom I pull out the ratings sheet on this company and if I find another down the road be sure I will do the same.

Find ways to build a connection and trust with your client. Those are just a few of my tricks. Oh, I forgot to mention that I also pay them for their signatures!

 

[Mattschmidt]

Perhaps you need further explanation. I was working with a company not well known... by using the BBB report I could introduce a company that was over 118 years old, and has been a member of the BBB since 1952... no complaints closed in last 3 years and 0 in last 12 months. Yep, that's good as gold there with Mildred who is 74 herself.

Regardless the rating of A+, most carriers are dealing with complaints... look it up. Not that they are bad they just have complaints... clients aren't happy, "You want to be happy with a company your are paying your money to don't you Mildred?"

Your assumption that I only sell companies with A+ ratings is incorrect... but you bet your bottom I pull out the ratings sheet on this company and if I find another down the road be sure I will do the same.

Find ways to build a connection and trust with your client. Those are just a few of my tricks. Oh, I forgot to mention that I also pay them for their signatures!

What exactly does the BBB do again in regards to regulating insurance companies, making sure they are solvent, and making sure they pay claims?

 

[Life Hawk]

What exactly does the BBB do again in regards to regulating insurance companies, making sure they are solvent, and making sure they pay claims?

Ever heard of "Consumer Reports"...

In sales you must understand the minds of your clients... what are their reasons to purchase are, not your well informed understanding of the industry. They don't care about the industry... they just want the feeling of knowing they have purchased financial protection for their loved ones.

If you are selling off of balance sheets and industry reviews of companies your not selling FE...

Meet your clients where they are... both of you will be much happier.

 

[VolAgent]

Ever heard of "Consumer Reports"...

In sales you must understand the minds of your clients... what are their reasons to purchase are, not your well informed understanding of the industry. They don't care about the industry... they just want the feeling of knowing they have purchased financial protection for their loved ones.

If you are selling off of balance sheets and industry reviews of companies your not selling FE...

Meet your clients where they are... both of you will be much happier.

If consumers were smart, they would completely ignore BBB and Yelp. They are too busy selling their services to the businesses reviewed and a business relationship with BBB or Yelp definitely impacts reviews.

While Google also sells services to many business that it hosts reviews for, it seems much more separated and less conflict of interest.

But consumers aren't always smart, so they continue to listen to what BBB and Yelp have to say.

 

[Life Hawk]

If consumers were smart, they would completely ignore BBB and Yelp. They are too busy selling their services to the businesses reviewed and a business relationship with BBB or Yelp definitely impacts reviews.

While Google also sells services to many business that it hosts reviews for, it seems much more separated and less conflict of interest.

But consumers aren't always smart, so they continue to listen to what BBB and Yelp have to say.

It's not always a matter of what is best (not talking product here) but tapping into the psyche of your client. Some agents cannot well distinguish between sells of product, sells of process, and sells of proposal (emotional tie in's).

As agents I believe we can use the ignorance of our clients in such a way as to redirect them (if needed) in a direction that is very beneficial to them.

Ignorant people die too...

 

[Mattschmidt]

Ever heard of "Consumer Reports"...

In sales you must understand the minds of your clients... what are their reasons to purchase are, not your well informed understanding of the industry. They don't care about the industry... they just want the feeling of knowing they have purchased financial protection for their loved ones.

If you are selling off of balance sheets and industry reviews of companies your not selling FE...

Meet your clients where they are... both of you will be much happier.

Hate to say it, every insurance company has a fictitious complaint from some knucklehead who wants to make up a story, and post an online review. Should I not have life insurance with a company because somebody does this? If so, no one would own coverage.