Happy New Year!

[goillini52]

The term "debit" is an accounting term used years ago when companies would "debit" the agents account each week for the amount of premium due from the insureds. Now, the term Home Service is used by most of the companies.

Kind of like collecting on a paper route.

 

[goillini52]

Wow...agents still do that kind of thing? I would think that's time consuming as heck. If I get deeper into the FE market is this the kind of thing I'm gonna need to do or can it be avoided?

You have to do it. You have no choice.

 

[rousemark]

Wow...agents still do that kind of thing? I would think that's time consuming as heck. If I get deeper into the FE market is this the kind of thing I'm gonna need to do or can it be avoided?

No, it is not required. Most FE is written on bank draft. Some companies will not even accept direct monthly bill much less home service.

It can be time consuming but some agents prefer to work that way. A debit that is well managed can pay a couple hundred dollars an hour for collections. You also have the advantage of constant contact with your clients and you have new business opportunities with add ons and referrals.

 

[benneaf]

You have to do it. You have no choice.

I can hear the FE police coming my way already as I have absolutely no plans on doing this!!

 

[shonceman]

Wow...agents still do that kind of thing? I would think that's time consuming as heck. If I get deeper into the FE market is this the kind of thing I'm gonna need to do or can it be avoided?

Depending in where you live in TN, you might actually find it's helpful. There aren't many agents left doing it, so no it's not required by any stretch. But it is making a resurgence, as lower income clients become more concerned about ID theft and other security issues.

I got back into it when I first went independent, working DM leads. I kept running into people that either didn't have a checking account, or were unwilling to allow bank draft. I also couldn't keep myself from offering to collect cash for my first year cases that went NSF. I had been thoroughly trained in the debit system, and had managed a staff of agents in a career company using that system, so it didn't take much for me to discover I was back in it by default, even though it only represented a small percentage of my business overall.

I changed my focus a couple of years ago after I realized that although it was only a small percentage of my overall sales, my debit business was bringing in a significant amount of as earned income because of the high renewals. So I decided to focus on building up that book. As I've done that, my income has grown exponentially, even though my production numbers are consistent with prior years.

I also do it because I enjoy it! I like being the family and/or neighborhood insurance man. I like that I get to know my clients better than most agents. I like that I'm serving an underserved clientele. And I hardly ever buy leads anymore.

 

[benneaf]

That's good input. One of the main things I enjoy about this job is just visiting with people. Maybe I need to keep that door open.

 

[shonceman]

I can hear the FE police coming my way already as I have absolutely no plans on doing this!!

More for me! Haha!

 

[springbokhouston]

Happy New Year everyone. Long time no post, but thought I would log in and wish everyone a prosperous 2019.

 

[Life Hawk]

Happy New Year everyone. Long time no post, but thought I would log in and wish everyone a prosperous 2019.

Thought you had been shot and turned in to sausage by now?

 

[HoosierLife]

Good goal!

Just wondering: how many carriers will that be spread across, and will you push one carrier more than another?

We write mostly with Trans, RNA, Foresters, MoO, Americo and AIG.

Sentinel, AHL, Prosperity, AmAm and UHL get some too.

Then our Mortgage Protection agencies use LSW, Anico, NA as well as the aformetentioed.

We have a number of downline agencies and depending on where they came from and what carriers are locked up, determines their carrier lineup.

If final expense, it's pretty easy. They need someone good with diabetics, copd, takes DE, nitro, heart meds etc. We just want to cover all the health UW niches.

For MP, they just need a SI Term, non-Med and fully UW along with some solid IUL options along with an annuity or two.

That's the long answer. The short answer is we are spread out all over the place.