How often to policies get replaced?

[rousemark]

MY purpose for asking the question ,without causing a storm, is I like the simplicity of SL and am considering asking them to join,, Many have said they are easy to replace so that changes my thoughts on SL.. thanks

All companies experience replacements.. Some due premium differences, some for other reasons. Before an agent can replace your business, they have to find it. The prospects replying to TV leads are probably not the same that are serial repliers to DM.. Do not let this concern be the deciding factor in your decision. SL has some drawbacks (in my opinion) but they also have some positive points (in my opinion).

 

[Rearden]

C'mon Greg.. Late to the party ☺

 

[BibH]

3 of my sales last week were replacements . 2 of them were less than 30 days old and I Gave them 20-30% more coverage . If I can't give them at least $2 k more coverage and it's over 2 years old I leave alone and try to sell additional . So many agents clean sheeting tobacco and other ailments . Many agents on here in the past have said 40-50% of their business is replacement.Direct express is rock solid business as only a few CO's take it so tough to replace

 

[theinsuranceman]

All companies experience replacements.. Some due premium differences, some for other reasons. Before an agent can replace your business, they have to find it. The prospects replying to TV leads are probably not the same that are serial repliers to DM.. Do not let this concern be the deciding factor in your decision. SL has some drawbacks (in my opinion) but they also have some positive points (in my opinion).

Well said. All carriers have positives and negatives. All sales opportunities have positives and negatives. Life's experiences are positive and negative.

 

[theinsuranceman]

C'mon Greg.. Late to the party ☺

Lol. I've been at another party today. It's called a recruiting party. Spent all Sat afternoon fielding calls from my recruiting ads. Maybe next time.

 

[Life Hawk]

I read that an agent can always replace a LH or SL policy bec of the higher rates they usually charge.
My question:
How often does this happen? Assuming the policyholder initiates contact somehow?

I think it is a two part question, because it is dependent upon the carrier and the 2nd agent.

Far too often left out out of the conversation are these new agents that leave much to be desired when it comes to building trust in the initial sale.

A word of advice, if you don't want your sales to be replaced, spend time in the the sales process making sure your client understands they get you along with the policy... they can't replace you regardless how much cheaper they can get a new policy.

 

[theinsuranceman]

I think it is a two part question, because it is dependent upon the carrier and the 2nd agent.

Far too often left out out of the conversation are these new agents that leave much to be desired when it comes to building trust in the initial sale.

A word of advice, if you don't want your sales to be replaced, spend time in the the sales process making sure your client understands they get you along with the policy... they can't replace you regardless how much cheaper they can get a new policy.

That's true. And the extra value of Legacy's membership makes it that much more difficult to replace.

 

[BibH]

Lol .Im laughing . The people we deal with don't know your name once you hang the phone up . I assure you when I see your policy's I'll replace 95% of them when the policy's less than 3 years and I give them 30% more coverage . Why are you on this board ? Everyone on here knows exactly what a clown company SL is . Your not changing anyone's opinion . People on this board are independent agents for a reason . They give their clients the best product . Sl and LH have no choice and cram modified policy's down at least 25% of their customers throats that many could get level elsewhere.

 

[theinsuranceman]

Lol .Im laughing . The people we deal with don't know your name once you hang the phone up . I assure you when I see your policy's I'll replace 95% of them when the policy's less than 3 years and I give them 30% more coverage . Why are you on this board ? Everyone on here knows exactly what a clown company SL is . Your not changing anyone's opinion . People on this board are independent agents for a reason . They give their clients the best product . Sl and LH have no choice and cram modified policy's down at least 25% of their customers throats that many could get level elsewhere.

Just because the people don't remember your name doesn't mean they don't remember my name. When you leave a good impression with folks they remember you much easier. I can see why the people forget your name so easily.....lol.

If policies were replaced at a 95% rate the carriers would have changed their business model years ago. You made a pretty foolish statement don't you agree? lol

SL is growing between 40% to 60% each month of 2020 compared to 12 months earlier. That means they're slowly taking over market share and getting bigger and stronger. I don't think that many carriers are growing at this rate, do you? And this is with covid. People are starting to recognize the TV commercials. Why don't your carriers generate TV commercials for their agents? They're the best FE leads known to man.

On the other hand I see some of the other carriers either tightening underwriting, raising premiums, trying to figure out telesales, or exiting the industry. There's been a few the last few years. They're getting eaten up by brokers using adverse selection. Plus a surprising few are run by CEO's, etc who have never even sold a FE policy and are more of a bean counter than someone who understands the nuances of their market.

If the carriers who have exited the FE arena the last 5 years were growing like SL they would have never been forced to leave. Wouldn't you agree?

People who are always complaining and showing their ignorance like you are just plain losers. You never see winners complain and gripe like you and a few others. Spend some time thinking about that. And yes, I'm impressed by you....lol. Now get back to your video games...lol.

 

[noah]

Lol .Im laughing . The people we deal with don't know your name once you hang the phone up . I assure you when I see your policy's I'll replace 95% of them when the policy's less than 3 years and I give them 30% more coverage . Why are you on this board ? Everyone on here knows exactly what a clown company SL is . Your not changing anyone's opinion . People on this board are independent agents for a reason . They give their clients the best product . Sl and LH have no choice and cram modified policy's down at least 25% of their customers throats that many could get level elsewhere.

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