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Ohio is also 15% for Aetna, although last year their "reward" program wasn't too bad.
Health Insurance Question
- Thread starter Krono
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- health insurance
300 deals in 2007 will net me a trip for two to some exotic location I cannot recall. Do they have some special programs where you are at?
- Thread starter
- #13
- 190
Thanks for all the info!
Here's my situation:
I have a friend that has a decent p&c biz, and is looking to get into health. He does not have the time to manage it himself, so he wants me to help him.
He will supply me with free leads. Everything I close, I earn 75% of the commissions paid. 50% on commissions paid for renewals.
Comments?
Here's my situation:
I have a friend that has a decent p&c biz, and is looking to get into health. He does not have the time to manage it himself, so he wants me to help him.
He will supply me with free leads. Everything I close, I earn 75% of the commissions paid. 50% on commissions paid for renewals.
Comments?
Most life/health + P&C marriages are made in Hell. Sometimes it works, but rarely.
I can put you in touch with a guy who has made it work for 15+ years. That is the longest anyone I know has stayed in a P&C shop.
Email me if you want his contact info.
I can put you in touch with a guy who has made it work for 15+ years. That is the longest anyone I know has stayed in a P&C shop.
Email me if you want his contact info.
- Thread starter
- #15
- 190
Thanks for the info.
Why do they fail? Are they two totally different animals, therefore different cultures?
- 10,275
It's under the "Rewards" program. You can earn gift certificates to many places (I picked Target last year). Also, you earn points to exchange for custom Aetna products (shirts, mugs etc...). In 2007, however, they reduced the prizes. I assumed it was the same for every State, but maybe not.
- 14,809
Aetna has a few things working. One is their bonus program; 20 deals per quarter is $100 per app and $10 deals per quarter is $50 per app. Then they have the broker rewards where, like mentioned above, you get money to shop. They also have co-op marketing money where you can get discounts towards marketing expenses.
Cultures mostly.
P&C agents are generally order takers with no idea how to sell. They look for the lowest price, are reluctant to suggest additional lines of coverage for fear they will be priced out of the business and are content to collect their level annual commission.
Anything that involves a claim or ruffled feathers on ancillary lines (such as health insurance) potentially can jeapordize their PC business. A business account that generates $50/month in group commissions can easily be worth several thousand dollars per year to them for property, casualty & WC.
You lose the account, through no fault of your own and there is a danger the PC will go as well. Unless this is a loyal client, they may think you weren't doing such a hot job for them on the health, maybe they can save even more money by moving the PC lines.
Commercial lines can be very profitable to a good PC agent. The money you can earn is peanuts compared to what the PC agent earns.
You write a group that pays 5% on $10,000 per month and think you did well. That same account could generate well over $2M for property, casualty & WC at 10%.
Not saying you shouldn't do this. Just saying you need to know what you are up against.
P&C agents are generally order takers with no idea how to sell. They look for the lowest price, are reluctant to suggest additional lines of coverage for fear they will be priced out of the business and are content to collect their level annual commission.
Anything that involves a claim or ruffled feathers on ancillary lines (such as health insurance) potentially can jeapordize their PC business. A business account that generates $50/month in group commissions can easily be worth several thousand dollars per year to them for property, casualty & WC.
You lose the account, through no fault of your own and there is a danger the PC will go as well. Unless this is a loyal client, they may think you weren't doing such a hot job for them on the health, maybe they can save even more money by moving the PC lines.
Commercial lines can be very profitable to a good PC agent. The money you can earn is peanuts compared to what the PC agent earns.
You write a group that pays 5% on $10,000 per month and think you did well. That same account could generate well over $2M for property, casualty & WC at 10%.
Not saying you shouldn't do this. Just saying you need to know what you are up against.
- Thread starter
- #19
- 190
Understood...thanks for the info.
How about the numbers...percentages he is willing to pay?
How about the numbers...percentages he is willing to pay?
You're not the only one getting screwed John, it's 15% here in Colorado as well. I spoke to a district manager for Aetna yesterday and he said it's 15% because there are 2 GA's here in Colorado. I told him I don't use either GA, why should I take a hit? He said if you submit 100 app's a month I can get a GA. I told him that "I'll get right on that". LOL!
The states that offer 20% don't have a GA I guess. Anyone else hear of this? Am I close to being accurate?
So the moral of the story is that the states where they start up or don't do a lot of business they bring on a couple of big GA's and screw independents right?
The states that offer 20% don't have a GA I guess. Anyone else hear of this? Am I close to being accurate?
So the moral of the story is that the states where they start up or don't do a lot of business they bring on a couple of big GA's and screw independents right?
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