Have You Gotten Paid on Your "On Exchange" Sales?

[somarco]

hundreds of thousands of people trying to fix problem pplications.

Shocked!

Even the govt can't screw things up that badly.

Yes, they can . . .

 

[Norwayguy]

Shocked!

Even the govt can't screw things up that badly.

Yes, they can . . .

Don't you remember when a bad customer experience with government services was a visit to the DMV....Bet those Motor Vehicle employees are grinning now "See we aren't that bad".

 

[sfabrocini]

I have gotten paid on my Exchange sales (California). I'm seeing a huge difference in the way that the various insurance companies are handling commissions.

 

[Nikita]

I have gotten paid on my Exchange sales (California). I'm seeing a huge difference in the way that the various insurance companies are handling commissions.

I've been paid for all of my marketplace "on exchange" sales here in Iowa and all of my friends who are agents have been paid as well.

 

[somarco]

This is April. So you are getting paid on Jan 1 eff dates for the first time?

 

[RayNY]

I figure it's time to chime in.
Not a cent on any on-exchange cases, from any carrier, even for 1/1/14 business.

My associates are reporting similar issues across the board. No one has received everything they're due, if anything at all.

We're having some serious issues in NY with GA's and Agent codes disappearing from apps. As I've posted before, this has led to a lot of sitting on hold and proving to carriers that the active clients you sent them, are actually your clients, and they should pay you for them.

(Full disclosure, I didn't write a ton on-exchange, and haven't yet sat on the phone with carriers to claim my clients. It's a lot of time on hold for 2-3 cases at each carrier, for the chump change comp they have.)

 

[Nikita]

This is April. So you are getting paid on Jan 1 eff dates for the first time?

My MGA advanced me the commissions for Jan and Feb. They told me that starting the first week in May, the insurance companies will be paying commissions directly for all exchange sales. There doesn't seem to be any problems here in Iowa with getting paid for exchange sales, thank God because I did sell alot of them and dedicated a significant amount of time and resources to this book of business.

 

[Post Quartermaster]

I have been paid for on exchange biz by 3 out of 4 of my carriers....



April 15, 2014
Update Regarding On-Exchange Commission Payment Delay


Dear Valued Broker,
This notification is to advise you that we are continuing to work diligently to resolve the issues impacting our ability to pay on-exchange market place commissions.

We apologize for these delays and any inconvenience that this may have caused.

We appreciate your continued patience and will keep you updated as we have more information to share on our progress and ability to pay.

Sincerely,
CoventryOne

 

[somarco]

My MGA advanced me the commissions for Jan and Feb. They told me that starting the first week in May, the insurance companies will be paying commissions directly for all exchange sales. There doesn't seem to be any problems here in Iowa with getting paid for exchange sales, thank God because I did sell alot of them and dedicated a significant amount of time and resources to this book of business.

Well, I hope it works out. Not just for you, but everyone that jumped in with both feet.

My personal opinion is advances, even only 2 months, is risky business.

 

[RayNY]

Somarco, I'm with you. The thought of an advance terrifies me.

(Then again, I'm strange, and the thought of credit in general terrifies me. Excellent for the credit score, however.)