I just read Sbli eliminating credit cards after 7/28
- Thread starter DonP
- Start date
- 18,988
That is accurate. No more DE with SBLI after this week.
- Thread starter
- #3
That’s because the stupid ass’s don’t have true ss billing .Thats financial suicide . Every company who’s tried credit cards without ss billing fails miserably.
- 3,990
Where did you guys see this?
- 18,988
That's certainly some of it. But they have far more problems than that. This is a product designed for phone sales and chief designer encourages no DE anyway. If not prohibits it.
Some people at the company claimed to do true SSB. The main person that designed it says no. They weren't even on the same page on that. Almost impossible to service clients and fix draft issues.
Once they let field agents use it they were only using it mostly for DE. Besides billing problems with DE there's a certain person that has the DE. That's more of a long term problem than how it's billed.
It was a flash in the pan company from day one. Anyone blind sided by this just hasn't been around the FE block.
- 18,988
There were internet rumblings for a couple weeks. Confirmed yesterday by SBLI that the drop dead date for DE is July 28th.
And possible it might not affect every IMO? That stuff happens too. It does affect mine.
- 3,990
I still haven’t seen anything about this.
And just because a Carrier decides to stop taking card business does not mean as a flash in the pan product.
And just because a Carrier decides to stop taking card business does not mean as a flash in the pan product.
- 18,988
True. But this was, and is, a flash in the pan product.
They have far more signs of trouble than just not properly handling DE payments. They advanced on approval. Including on DE. That's a sure sign of buying business. And it's buying business from agents that sees that as a good thing.
I never signed an advance agreement with them but the first one I wrote was DE and I was advanced on it 2 weeks before the first scheduled payment. That was the first red flag. I immediately changed to changed to as earned but it took them over a month to get it changed. I was advanced on 2 or 3 more DE payers before it was stopped. I immediately told Scott and Travis that they better get a handle on that. That could cost an IMO $1000's.
They weren't even sending out policies until a couple weeks ago. Limited billing dates that they couldn't even get right. 5 billing dates in a month and you have trouble with that? Com'on man!
This had all the markings of a flash in the pan from the start and it appears they were.
When companies try to buy business vs earning business it's always bad news for long term success. I saw Americo start giving non chargebackable app bonuses vs fixing the product. I saw RNA do something similar.
One company now is paying 130% to anyone that can fog a mirror plus giving lead bonuses instead of actually making the product sellable.
- 915
Yes, DE business is going away on Friday the 28th. It was never intended to launch with DE business and we were surprised when it did. We said from the very beginning to not expect DE/CC to be accepted for long.
I had an hour long Zoom with Jim Morgan, SBLI's President yesterday to address the top priorities for this product. This product isn't going anywhere. They love the business - it has many benefits for them to keep it long term. It's a hedge against their traditional term business/capital requirements and are working closely with reinsurance on mortality data to adjust underwriting/pricing when needed. So far, so good.
They're in talks with a known TPA to take over their billing that does true social security billing with carriers many of us write. We said even if they need to raise prices, this should be the #1 priority.
They're very aware of the issues and are working to fix them. A well known and respected CIO starts on Monday that is taking charge to remedy the shortcomings.
It's a very competitive product and lots of agencies are leading with it using EFT only. It will only get better from here.
I had an hour long Zoom with Jim Morgan, SBLI's President yesterday to address the top priorities for this product. This product isn't going anywhere. They love the business - it has many benefits for them to keep it long term. It's a hedge against their traditional term business/capital requirements and are working closely with reinsurance on mortality data to adjust underwriting/pricing when needed. So far, so good.
They're in talks with a known TPA to take over their billing that does true social security billing with carriers many of us write. We said even if they need to raise prices, this should be the #1 priority.
They're very aware of the issues and are working to fix them. A well known and respected CIO starts on Monday that is taking charge to remedy the shortcomings.
It's a very competitive product and lots of agencies are leading with it using EFT only. It will only get better from here.
- 3,990
Hoping to qualify foe mexico as an agency ourselves!
